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.
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.
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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.
Key and innovative vendors in the PKI 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).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the PKI market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
Thales Group, founded in 2000 and headquartered in La Defense, France, is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company and has operations in more than 56 countries. Thales entered the digital security business after the acquisition of Gemalto, an international security company. The company is a key player in the aerospace and defense industry. It develops and delivers a range of airborne, naval, and land systems for commercial aviation, defense, and homeland security sectors. It is a public limited company listed on the Euronext Paris Stock Exchange with the ticker symbol, HO. The company operates through aerospace, transport, defense and security, and other segments. It is a global organization with operations in all continents. It caters to five markets: defense and security, digital identity and security, aerospace, space, and transport. The company designs technology solutions and delivers services through three business segments: aerospace, transport, and defense and security. According to the company, more than 30,000 organizations already rely on Thales Group’s solutions to verify the identities of people and things, grant access to digital services, analyze vast quantities of information, and encrypt data. With 80,000 employees, Thales Group has offices across the globe, including North America, Europe, APAC, Latin America, and MEA. Its offerings in the PKI market include - PKI and Credential Management, PKI Security: Encryption Key Management & Authentication, and Cybels PKI as a Service (PKIaaS).
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Entrust Datacard, founded in 1969, is headquartered in Minnesota, US. The company offers a broad portfolio of both hardware and software security solutions. It operates through two segments: Entrust and Datacard. Its portfolio comprises solutions for PKI, secure socket layer certificates, MFA, ePassports, fraud detection, digital certificates, and mobile authentication. It has 34 offices across the globe. The company specializes in secure ID solutions, PKI, digital certifications and signatures, and identity-based security. Entrust Datacard delivers identity and secure transaction technologies for financial, government, education, healthcare, and retail verticals. Entrust Datacard sells its products and services to computer hardware vendors and enterprise customers in more than 150 countries, either directly or through resellers and distributors.
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