July 19, 2022 09:29 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, July 19, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Public Key Infrastructure Market Analysis by Solution (PIN Authentication, Enrollment Services, Inventory of Digital Identities, Secure Roaming, Self-Recovery, Self-Registration), Deployment (Cloud-Based, On-Premise), End-User (Aerospace and Defense, Health and Life Sciences, Human Resources, Manufacturing, Government, BFSI, Education, Retail, and Others) -Global Forecast to 2030” valuation is poised to reach USD 21.25 Billion by 2030, registering an 21.74% CAGR throughout the forecast period (2020–2030).
Public Key Infrastructure Market Overview
Public key infrastructure can be referred to as a security technology framework of cybersecurity and encryption, helping secure the communications between clients and servers. The global market for PKI has registered a massive rise in the growth rate in the last few years, given the growing trust of customers and online sealers and the growing malware and file-based attacks.
Public Key Infrastructure Market Report Scope:
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Public Key Infrastructure Market Drivers
The global market for public key infrastructure has recorded a significant growth rate in the last few years. Companies across the globe are constantly implementing various technologically advanced techniques such as cloud storage, virtualization, and enterprise mobility to increase business productivity. These developments have assisted companies in operating efficiently and in real-time, as the business data can be retrieved from virtual or cloud storage on mobile devices. On the other hand, access to such vital data on mobile devices raises the chances of security breaches. Furthermore, the growing number of cyberattacks and mobile device thefts has also boosted the concerns regarding the loss of critical data. The growing concerns among organizations regarding the data reach are the primary parameter boosting the growth of the global market for public key infrastructure.
The rising number of cases of COVID-19 across the globe has led to sending students and employees home to work remotely. With organizing moving to cloud storage, the global market for public key infrastructure has witnessed a significant growth rate in recent times. In addition, the significant rise in the adoption of the IoT trend across several industry verticals worldwide will likely offer several lucrative opportunities to the market players over the review timeframe.
Public Key Infrastructure Market Restraints
Several companies across the globe moved to private certification authorities or started using self-signed certificates to authenticate and secure internal IP addresses, applications, and servers that do not need public trust but still require the security offered by SSL encryption. The utilization of self-signed certificates is the primary market restraint restricting the growth of the global market for public key infrastructure. In addition, the lack of expertise and resources for implementing these systems is another major aspect likely to restrain the market’s growth over the assessment timeframe.
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Public Key Infrastructure Market Segments
Among all the end-use sectors, the government is anticipated to account for the maximum share across the global market for public key infrastructure over the assessment timeframe. The segment’s growth is credited mainly to the performance of various market sectors.
Among all the solutions, the self-registration segment is anticipated to register the highest growth over the assessment timeframe.
Based on deployment, the cloud-based deployment is anticipated to account for the largest revenue share over the review timeframe.
Public Key Infrastructure Market Regional Analysis
The global Public Key Infrastructure Market is analyzed across five major regions: North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa.
According to the MRFR research reports, the North American region is projected to account for the highest revenue share across the global market for public key infrastructure over the assessment timeframe. The central aspect causing an upsurge in the regional market’s growth is the elevated use of PKI solutions by the regional government. Furthermore, the presence of significant market leaders across the region is another primary parameter supporting regional market growth. The regional market is anticipated to register a robust CAGR of approximately 20.71% during the evaluation period.
The Asia-Pacific regional market is likely to grow substantially over the review timeframe. The growth of the regional market is credited to the presence of significant growth contributors such as China.
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COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. Unlike others, the global market for public key infrastructure witnessed substantial growth in recent times. Although in the early phase of the global pandemic, the market faced several unexpected challenges, such as loss of revenue and a fall in demand, it picked up the pace later. The pandemic had introduced several significant challenges, such as the imposition of travel restrictions and lockdowns across most regions worldwide.
The switch to online reliance for needs to want from the target audience to customers worldwide has begun building infrastructure to regulate the proper flow of communication and fulfill the data security and safety standards. The governments across the globe implemented partial or complete lockdowns, boosting the demand for PKI to meet customer demands. The online mediums need the target audience to fill up their details and build an interaction whenever they need help. Furthermore, the growing investment by governments is another significant aspect cytolyzing the market’s growth in recent years.
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Public Key Infrastructure Market Competitive Analysis
Dominant Key Players on Public Key Infrastructure Market Covered are:
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