Rise in applications of public key infrastructure and increase in number of cyber fraud attempts have boosted the growth of the global public key infrastructure market.
PORTLAND, Ore., Nov. 8, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Public Key Infrastructure Market By Component (Hardware Module, Solution, and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Enterprise), and Vertical (BFSI, Government and Defense, IT and Telecom, Retail, Healthcare, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global public key infrastructure industry was pegged at $1.40 billion in 2020, and is expected to reach $14.49 billion by 2030, growing at a CAGR of 26.5% from 2021 to 2030.
Major determinants of the market growth
Rise in applications of public key infrastructure and increase in number of cyber fraud attempts have boosted the growth of the global public key infrastructure market. However, high installation and maintenance costs and heavy network overhead and bandwidth requirements hinder the market growth. On the contrary, increased cyber-attacks during the Covid-19 pandemic and growing awareness about data privacy amongst users are expected to open new opportunities for the market players in the future.
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The services segment to manifest the highest CAGR through 2030
By component, the services segment is estimated to portray the highest CAGR of 28.7% during the forecast period, as they offer support for the right functioning of software solutions. However, the hardware security modules segment held the largest share in 2020, accounting for more than one-third of the global public key infrastructure market, owing to rise in the frequency and complexity of data security threats.
The cloud segment dominated the market
By deployment mode, the cloud segment held the largest share in 2020, contributing to around four-fifths of the global public key infrastructure industry, owing to paradigm shift in the deployment methods from on-premise to cloud-based models. However, the on-premise segment is expected to register the fastest CAGR of 28.7% from 2021 to 2030.
North America held the lion's share
By region, the market across North America held the largest share in 2020, accounting for more than two-fifths of the market, owing to increase in need to ensure continuous compliance of data security across the enterprise. However, the global public key infrastructure market across Asia-Pacific is expected to register the highest CAGR of 28.1% during the forecast period, owing to rise in adoption rate of public key infrastructure solutions and services, increase in trust on online seller and customers, and surge sin instance of malware and file-based attacks.
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