According to the research report titled, ‘Public Key Infrastructure (PKI) Market Size By Component (Solution, Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global public key infrastructure market is projected to witness substantial growth between 2021-2027.
 

Increasing trend of Bring Your Own Devices (BYOD) among companies, growing penetration of IoT devices in various sectors, and rising adoption of cloud platforms among SMEs are key factors spurring global public key infrastructure market expansion.
 

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For the unversed, public key infrastructure is an internet encryption solution that includes everything used for managing and establishing public key encryptions. It is widely integrated across web browsers to secure traffic. Enterprises can also use this infrastructure to secure access to connected devices and protect their internal communication.
 

The report also cites that growing concerns pertaining to securing IP assets of enterprises, surging number of cyber-attacks, and stringent cybersecurity regulations will aid industry growth. On the other hand, resource intensive nature, and limited awareness about PKI solutions are poised to act as challenges in this business sphere.
 

Based on component, global public key infrastructure industry is divided into services (managed services, professional services), and solutions.  Among these, the professional services segment held 70% of the industry share in the past year and is anticipated to expand between 2021-2027 due to surging need for PKI consulting services.
 

Speaking of deployment model, the market sphere is bifurcated into cloud, and on-premise. As per organization size, the business space is fragmented into large enterprises, and SMEs.
 

Moving on to application scope, the industry is segmented into BFSI, IT & telecom, healthcare, manufacturing, retail, education, government & defense, and others. Among these, the manufacturing sector is speculated to grow at 15% CAGR through 2027. Growing integration of connected technologies, IoT devices, industrial automation, and robotics can be credited for this expansion.
 

Meanwhile government & defense sector is estimated to hold 5% of the global public key infrastructure market share by 2027 owing to rising cyber security threats faced by government institutions.
 

Regionally speaking, the market share held by Latin America is anticipated to grow at 20% CAGR between 2021-2027 owing to rising penetration of energy meters, smart water meters and other advanced utilities.
 

Meanwhile, Middle East & Africa public key infrastructure market is slated to expand at 15% CAGR over the analysis timeframe due to launch of smart city projects and their speedy completion as a result of supportive government policies.

Key players profiled in global public key infrastructure market report are International Business Machines (IBM) Corporation, Microsoft Corporation, Verisign Inc., DigiCert Inc., Futurex LP, Entrust Corporation, DocuSign Inc., Gemalto N.V., GlobalSign, and Assa Abloy AB.