| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 7.42 Billion |
| Market Size (2030) | USD 19.49 Billion |
| CAGR (2025 - 2030) | 21.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Public Key Infrastructure (PKI) Market Analysis
The Public Key Infrastructure Market size is estimated at USD 7.42 billion in 2025, and is expected to reach USD 19.49 billion by 2030, at a CAGR of 21.3% during the forecast period (2025-2030).
- Several key factors drive the Public Key Infrastructure (PKI) market, underscoring the escalating demand for secure communication, data protection, and adherence to regulatory standards across diverse industries. With businesses and governments leaning more on digital platforms, PKI emerges as a pivotal player in safeguarding sensitive information and upholding data integrity and confidentiality.
- The rising frequency and sophistication of cyberattacks, including ransomware and phishing, amplify the demand for secure communication protocols. Leveraging public-key cryptography, PKI provides robust mechanisms for data transmission security and user-device authenticity verification, solidifying its status as a cornerstone of contemporary cybersecurity strategies.
- As organizations embrace cloud services and digital transitions, the need for protective solutions in these realms intensifies. Cloud computing's demands—securing communications, safeguarding data storage, and authenticating users across distributed systems—fuel the growing reliance on PKI. In December 2024, Amazon Web Services (AWS) is making significant strides in the ASEAN region, propelled by surging demand for cloud computing and AI, alongside investments in local infrastructure and skill enhancement. The tech giant has inaugurated its cloud region in Malaysia, with Bangkok's region set to debut early next year. Additionally, a Local Zone in Hanoi has been unveiled, linking it to the primary region in Singapore. Given the heightened vulnerability of cloud-based applications to cyber threats, PKI solutions play a vital role. By ensuring secure authentication and data encryption, PKI guarantees that interactions between cloud services, applications, and users remain confidential and impervious to tampering.
- The surge in online transactions and the e-commerce boom underscore the necessity for robust identity management and stringent data protection. PKI fortifies these transactions through encryption for payment protection, digital certificates for user authentication, and digital signatures for contract validation. As the global e-commerce landscape expands, the significance of PKI solutions in safeguarding financial transactions and customer data becomes increasingly paramount.
- Small and medium-sized businesses (SMBs) and budget-constrained organizations often find themselves hindered by the complexities of PKI systems. The initial investments in hardware, software, and training can be steep. Additionally, routine maintenance expenses, like certificate renewals and updates, can stretch resources thin, particularly in entities lacking dedicated IT security teams.
Public Key Infrastructure (PKI) Market Trends
BFSI is Expected to Witness Remarkable Growth
- The Public Key Infrastructure (PKI) market is set to experience significant growth within the Banking, Financial Services, and Insurance (BFSI) sector. This surge is driven by the sector's increasing dependence on secure digital transactions, data privacy, and adherence to regulatory compliance. The BFSI sector operates under stringent regulations, emphasizing data protection, security, and privacy.
- Key regulations, including the General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), Anti-Money Laundering (AML), and Know Your Customer (KYC), mandate financial institutions to protect customer data and uphold the integrity of financial transactions. PKI serves as the backbone, enabling compliance with these rigorous regulations by ensuring data confidentiality, integrity, and non-repudiation.
- The landscape of the BFSI industry is undergoing a transformation, driven by the surge in digital banking, mobile payments, and online financial services. As consumers increasingly turn to mobile banking apps, digital wallets, and online platforms, the imperative for secure digital communication and identity verification intensifies. The proliferation of mobile and digital wallets further propels market growth. For example, in November 2024, Mastercard unveiled 'Mastercard Pay Local', a global initiative that bridges consumers and merchants. This service allows Mastercard holders to link their credit or debit cards to local digital wallets, facilitating seamless shopping without the need for a prepaid account setup or top-up.
- As e-commerce and online transactions flourish, the BFSI sector grapples with security challenges tied to digital payments, such as fraud, data breaches, and payment interception. To foster trust and safeguard payment information, there's a pressing need for secure payment gateways and transaction verification systems. PKI emerges as a pivotal player, fortifying online payment systems, e-commerce transactions, and digital wallets. It does so by encrypting payment details, validating transactions with digital signatures, and ensuring authorized participation through authentication certificates.
- Financial services are increasingly embracing blockchain technology and smart contracts, especially in domains like trade finance, insurance, and cross-border payments. These innovations demand secure, transparent, and tamper-proof transactions, underpinned by robust cryptographic foundations. Here, PKI is instrumental in bolstering the security of blockchain and smart contract systems.
- The BFSI sector is progressively transitioning to cloud solutions, drawn by promises of flexibility, scalability, and cost savings. Yet, this shift brings forth challenges; cloud environments, while beneficial, necessitate stringent security measures to safeguard sensitive financial data and applications. Given the heightened risks of data breaches and unauthorized access in distributed cloud services, PKI becomes paramount. As the industry leans more towards hybrid and multi-cloud setups, the adoption of PKI is poised to surge, ensuring robust security across these platforms.
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Asia Pacific is Expected to Witness a High Market Growth Rate
- The Public Key Infrastructure (PKI) market in the Asia Pacific (APAC) region is poised for substantial growth. This surge can be attributed to factors such as the acceleration of digital transformation, escalating cyber threats, evolving regulatory landscapes, and an increasing demand for secure digital transactions and robust data protection. The region's burgeoning digital economy, coupled with high internet penetration and widespread online service adoption across sectors like banking, e-commerce, healthcare, and government, has made it a prime target for cyberattacks. Incidents such as data breaches, identity theft, and ransomware attacks are becoming alarmingly frequent.
- According to a 2023 report by the NGO Prahar, India experienced over 79 million cyberattacks, a 15% increase from the previous year, ranking it third globally in attack frequency. The momentum continued into 2024, with the nation recording over 500 million incidents in just the first quarter. By the second quarter of 2024, cyberattacks had surged by 46% compared to the same timeframe in 2023. Projections indicate that by 2033, India could face nearly 1 trillion cyberattacks annually, with estimates soaring to 17 trillion by 2047. Such increased cyberattacks in India drive demand for the PKI.
- As one of the largest and fastest-growing markets for e-commerce and digital payments, the APAC region prioritizes the security of online transactions. The rise of mobile payments, digital wallets, and cross-border e-commerce platforms underscores this urgency. In May 2024, Google introduced its Wallet app in India, allowing users to conveniently store and access digital documents like boarding passes and loyalty cards. PKI plays a pivotal role in ensuring transaction integrity, data confidentiality, and authentication within online payment systems. With the surge in digital transactions, the demand for secure payment gateways and transaction systems is correspondingly rising.
- The APAC region is witnessing a swift adoption of cloud computing, with businesses gravitating towards cloud platforms for their scalability, flexibility, and cost benefits. Yet, this transition brings forth security challenges, particularly concerning data privacy, identity management, and access control. PKI solutions emerge as vital tools for fortifying cloud environments, offering essential management of digital certificates and encryption. As the cloud adoption trend continues to gain momentum in APAC, so too will the uptake of cloud-based PKI solutions.
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Public Key Infrastructure (PKI) Industry Overview
The public key infrastructure (PKI) Market is highly fragmented, with global and local conglomerates and specialized players operating across various segments. while several large multinational companies dominate specific high-value segments, numerous regional and niche players contribute to the overall competition, making the market highly diverse. this fragmentation is driven by the demand for public key infrastructure (PKI) components across a wide range of end-user verticals, allowing both large and small companies to coexist and thrive in the market.
Leading companies in the public key infrastructure (PKI) Market include Amazon Web Services, Inc., AppViewX, DigiCert, Inc., eMudhra Limited, ENIGMA Information Protection Systems, Entrust Corporation, FutureX, GlobalSign, Google LLC, HID Global Corporation, Microsoft Corporation, and Others. These companies have established strong brand recognition and extensive global operations, enabling them to command significant market share. Their strengths lie in innovation, broad product portfolios, and strong distribution networks. These leaders often engage in strategic acquisitions and partnerships to maintain their competitive edge and expand their market reach.
PKI providers are increasingly integrating their solutions with emerging technologies, including blockchain, cloud computing, IoT, and AI/ML (Artificial Intelligence/Machine Learning). For example, PKI solutions are being embedded into IoT devices to secure communications and are also being utilized in cloud environments to bolster security for applications and data storage. Furthermore, PKI players are rolling out more robust authentication methods, such as multi-factor authentication (MFA), biometrics, and advanced digital signature protocols. By merging PKI with added security features like biometrics and mobile-based authentication, providers are striving to elevate the security of digital transactions.
Public Key Infrastructure (PKI) Market Leaders
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Microsoft Corporation
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HID Global Corporation
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Amazon Web Services, Inc.
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Google LLC
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Entrust Corporation
- *Disclaimer: Major Players sorted in no particular order
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Public Key Infrastructure (PKI) Market News
- August 2024: Eviden launched the CardOS Security Token. This new solution addresses organizations' increasing demand for secure, passwordless authentication. Built on the CardOS USB V5.6 platform, the innovative token features both USB and contactless communication interfaces. This design allows it to integrate seamlessly into IT environments, especially with mobile devices, tablets, and notebooks lacking internal smart card readers. Furthermore, this state-of-the-art USB token solution is tailored for Public Key Infrastructure (PKI) and FIDO2 applications.
- May 2024: AppViewX has unveiled AVX ONE, the most sophisticated and fully integrated SaaS-based Certificate Lifecycle Management (CLM) platform. AVX ONE caters to diverse teams, including PKI, IAM, security, DevOps, cloud, and application sectors. The platform offers enterprise-level visibility, automation, and control over certificates and keys. Additionally, it facilitates governance, remediation, and crypto-agility, helping to mitigate threats, avert outages, and gear up for Post-Quantum Cryptography.
Public Key Infrastructure (PKI) Industry Segmentation
Public Key Infrastructure (PKI) serves as a framework for managing digital keys and certificates, facilitating secure communication and authentication across networks. By leveraging public-key cryptography, PKI safeguards data confidentiality, integrity, and authenticity.
The study tracks the revenue accrued through the sale of public key infrastructure (PKI) by various players across the globe. It also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The public key infrastructure (PKI) Market is segmented by component (hardware security modules (HSM), solutions, services), deployment (on-premises and cloud), enterprise size (small & medium enterprises (SMEs) and large enterprises), end-user (BFSI, it & telecom, government & defense, media and entertainment, retail, healthcare, manufacturing, education, automotive, and others), and geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The market sizes and forecasts regarding value (USD) for all the above segments are provided.
| By Component | Hardware Security Modules (HSM) |
| Solutions | |
| Services | |
| By Deployment | On-premises |
| Cloud | |
| By Enterprise Size | Small & Medium Enterprises (SMEs) |
| Large Enterprises | |
| By End-user | BFSI |
| IT & Telecom | |
| Government & Defense | |
| Media and Entertainment | |
| Retail | |
| Healthcare | |
| Manufacturing | |
| Education | |
| Automotive | |
| Others | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Middle East and Africa | |
| Latin America |
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Public Key Infrastructure (PKI) Market Research FAQs
How big is the Public Key Infrastructure Market?
The Public Key Infrastructure Market size is expected to reach USD 7.42 billion in 2025 and grow at a CAGR of 21.30% to reach USD 19.49 billion by 2030.
What is the current Public Key Infrastructure Market size?
In 2025, the Public Key Infrastructure Market size is expected to reach USD 7.42 billion.
Who are the key players in Public Key Infrastructure Market?
Microsoft Corporation, HID Global Corporation, Amazon Web Services, Inc., Google LLC and Entrust Corporation are the major companies operating in the Public Key Infrastructure Market.
Which is the fastest growing region in Public Key Infrastructure Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Public Key Infrastructure Market?
In 2025, the North America accounts for the largest market share in Public Key Infrastructure Market.
What years does this Public Key Infrastructure Market cover, and what was the market size in 2024?
In 2024, the Public Key Infrastructure Market size was estimated at USD 5.84 billion. The report covers the Public Key Infrastructure Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Public Key Infrastructure Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Public Key Infrastructure (PKI) Industry Report
Statistics for the 2025 Public Key Infrastructure (PKI) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Public Key Infrastructure (PKI) analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
