Public Key Infrastructure Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Public Key Infrastructure Market is projected to expand significantly, rising from USD 5.51 Billion in 2025 to USD 18.32 Billion by 2031, registering a CAGR of 22.17%. Public Key Infrastructure encompasses the essential policies, hardware, software, and roles needed to create, manage, and revoke digital certificates and encryption keys. This growth is primarily fueled by the increasing requirement for secure digital authentication within enterprises and the rapid proliferation of the Internet of Things, which necessitates strong device identification. Additionally, stringent global data protection laws are driving organizations to implement robust cryptographic frameworks to protect sensitive information and ensure regulatory compliance.

One significant hurdle restricting market growth is the operational complexity associated with managing the lifecycle of a rapidly growing number of digital certificates, which frequently results in visibility blind spots and security vulnerabilities. This complexity often leads to human error or oversight regarding the validity of credentials. According to the Identity Defined Security Alliance, 90% of organizations encountered at least one identity-related incident in the past year as of 2024, underscoring the significant risks and challenges organizations face in maintaining effective identity security protocols.

Market Drivers

The rising incidence of sophisticated cyberattacks and data breaches serves as a major catalyst for the adoption of Public Key Infrastructure. As malicious actors employ advanced techniques to intercept communications and compromise networks, organizations are forced to deploy encryption and digital signatures to ensure data integrity and confidentiality. This shift is driven by both operational needs and financial necessity, as businesses aim to reduce the significant costs linked to security incidents. According to IBM's 'Cost of a Data Breach Report 2024' released in July 2024, the global average cost of a data breach rose to USD 4.88 million, a 10% increase from the previous year, prompting enterprises to embed PKI into their security strategies to minimize financial and reputational harm.

Furthermore, the explosive growth of the Internet of Things and connected devices demands the expansion of PKI frameworks to handle identity management at scale. Unlike human users, networked devices rely on automated, non-transferable digital certificates for authentication and data encryption. The sheer volume of these non-human entities creates a management challenge that manual methods cannot sustain. According to Keyfactor's '2024 State of Machine Identity Management' report from May 2024, the average organization now oversees nearly 260,000 machine identities. To address this, companies are implementing automated PKI solutions to secure every endpoint, a necessity reinforced by Thales in 2024, where 93% of IT professionals noted an increase in the volume or severity of security threats.

Market Challenges

The primary obstacle hindering the growth of the Global Public Key Infrastructure Market is the severe operational complexity involved in managing the lifecycle of digital certificates. As organizations rapidly expand their digital presence through cloud services and the Internet of Things, the number of machine identities has surged, overwhelming IT teams that rely on manual tracking processes. This complexity results in significant visibility gaps, causing organizations to lose track of certificate locations and expiration dates, which directly contributes to critical service outages and security breaches.

This difficulty in effectively orchestrating cryptographic assets acts as a significant bottleneck for market adoption, as companies are reluctant to scale their PKI deployments without the resources to secure their existing infrastructure. The problem is further aggravated by a shortage of qualified personnel capable of managing these intricate environments. According to ISACA, in 2024, 53% of digital trust professionals cited a lack of staff skills and training as the primary barrier to achieving digital trustworthiness. This skills gap, coupled with operational opacity, raises the risk of human error and slows the broader integration of advanced PKI solutions required for market expansion.

Market Trends

The Global Public Key Infrastructure Market is increasingly characterized by the transition toward Post-Quantum Cryptography (PQC) standards as organizations prepare for the potential obsolescence of existing encryption methods. With the capability of quantum computers to compromise traditional algorithms like RSA and ECC, enterprises are prioritizing crypto-agility to mitigate the risk of adversaries capturing encrypted data today for future decryption. This defensive approach targets the 'harvest now, decrypt later' threat, which has become a major driver for upgrading cryptographic frameworks. According to the '2024 Data Threat Report' by Thales in March 2024, 68% of security professionals cited 'Harvest Now, Decrypt Later' attacks as their top concern regarding quantum computing, prompting an urgent shift toward quantum-resistant solutions.

Simultaneously, the integration of PKI into Zero Trust Security Architectures is transforming deployments by moving away from perimeter-based defenses to continuous identity verification. In this framework, digital certificates serve as critical trust anchors to authenticate every user and device, ensuring access is granted based on verified identity rather than location. This model demands scalable PKI systems that support dynamic, identity-centric environments with constant, automated verification. According to Entrust's '2024 State of Zero Trust & Encryption Study' released in May 2024, 61% of organizations have implemented a Zero Trust strategy to some extent, highlighting the strong momentum behind this architectural shift that is broadening the scope of PKI infrastructure.

Key Players Profiled in the Public Key Infrastructure Market

• Thales
• Entrust Datacard
• DigiCert
• GlobalSign
• Let's Encrypt
• GoDaddy
• Cloudflare
• Amazon Web Services
• Microsoft Azure
• Google Cloud Platform

Report Scope

In this report, the Global Public Key Infrastructure Market has been segmented into the following categories:

Public Key Infrastructure Market, by Component:

• Hardware
• Solution
• Services

Public Key Infrastructure Market, by Deployment Mode:

• On-premise
• Cloud

Public Key Infrastructure Market, by Organization Size:

• Large Enterprise
• Small & Medium Enterprise

Public Key Infrastructure Market, by Vertical:

• BFSI
• Government & Defense
• IT & Telecom
• Retail
• Healthcare
• Manufacturing
• Others

Public Key Infrastructure Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Public Key Infrastructure Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.