CHICAGO, Sept. 3, 2021 /PRNewswire/ -- According to a new market research report "Public Key Infrastructure (PKI) Market by Component (HSM, Solutions, and Services), Deployment Mode (On-premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, Healthcare, IT and Telecom), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global PKI Market size is projected to grow from USD 3.9 billion in 2021 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period.
The major driving factors contributing to the high growth rate of the PKI Market include an increasing adoption rate of PKI solutions and services, the increasing trust on online sellers and customers, increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, surge in the adoption of IoT and cloud trends, and stringent mandatory regulations and compliances.
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By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the PKI in an organization. The PKI Market based on services is further classified into professional services and managed services. The services in the PKI Market become critical as they provide support for the proper functioning of software solutions. Various vendors in the market are focusing on delivering specialized services to help organizations with the smooth running of business processes. Professional services comprise training and consulting, and deployment and integration. On the other hand, managed services include support, maintenance, and infrastructure management. The demand for services in the PKI Market is expected to be growing in the coming years to support business objectives. The increasing need for planning, designing, and consulting of PKI solutions to fuel the demand for professional services.
Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period
The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyberattacks, such as ransomware and misinformation campaigns on healthcare organizations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the COVID-19 outbreak. Email phishing attacks have spiked due to COVID-19, more so, across the healthcare sector. Healthcare organizations face several challenges, such as maintaining the privacy of Electronic Health Records (EHRs) and meeting various compliances, set by HIPAA, which has helped the IT departments of the healthcare sector to upgrade and put manage security policies and procedures to PHI. With the adoption of technologies such as BYOD and centralized patient information, the vertical has become highly susceptible to cyber-attacks. The need to secure data retrieving process from clinical databases is expected to increase the deployment of PKI solutions. Nowadays, PKI as a Service gaining momentum in healthcare industry as it is reliable and cost-efficient solution.
North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering PKI solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the PKI Markets growth. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for deploying PKI and services.
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Key and innovative vendors in the Public Key Infrastructure Market include Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
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