According to the recent research report titled ‘Public Key Infrastructure (PKI) Market Size By Component, 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 (PKI) market is anticipated to grow substantially over 2021-2027.
 

Rising proliferation of IoT devices, growing adoption of cloud computing platforms across SMEs, and increasing number of cyberattacks are the key factors stimulating global public key infrastructure (PKI) market growth.
 

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Moreover, growing trend of bring your own device (BYOD), swelling apprehensions regarding securing enterprise Intellectual Property assets, and strict norms on cybersecurity as well as data privacy compliances are enhancing overall market outlook.
 

For those unaware, PKI, or public key infrastructure, is one of the most used types of internet encryption, and it encompasses everything needed to set up and manage public key encryptions. It is widely used for protecting traffic across the public internet and integrated into every online browser. PKI products can also be used by businesses to secure internal communication and access to linked devices.
 

With respect to component type, professional service seized 70% of global public key infrastructure (PKI) market share in 2020 and is projected to expand continuously throughout the study period, primarily due to mounting demand for PKI consulting services.
 

Based on application spectrum, government & defense segment is predicted to hold 5% revenue share of overall market over the forecast period, attributable to increasing number of cyber security threats, with key targets being government institutions.
 

Meanwhile, manufacturing segment is anticipated to bolster at 15% CAGR through 2027, owing to growing integration of IoT devices, connected technologies, robotics, and industrial automation in manufacturing facilities.
 

Geographically, Latin America public key infrastructure (PKI) industry is projected to expand at 20% CAGR through 2027, owing to rising penetration of smart utilities like smart water meters and energy meters.
 

Meanwhile, Middle East & Africa market will experience a growth rate of 15% over the analysis period, creditable to favorable government initiatives to boost smart city projects. 
 

Major firms swaying global public key infrastructure (PKI) market dynamics are WISeKey International Holding Ltd., Verisign Inc., SSL Inc., SIGNiX Inc., SecureMetric Technology, Technology Nexus Secured Business Solutions AB, Microsoft Corporation, IBM Corporation, GlobalSign Ltd., Gemalto (Thales Group), Futurex LP, Entrust Corporation, Enigma Systemy Ochrony Informacji Sp. z o. o., eMudhra Limited, DocuSign Inc., DigiCert Inc., Comodo CA Ltd., Assa Abloy Group (HID Global), Ascertia Ltd., and Actalis S.p.A.