The Public Key Infrastructure (PKI) market is poised for substantial growth, with revenue projected to reach $14.9 billion by 2030, according to a new forecast from ABI Research.
This surge is primarily driven by the increasing complexity of enterprise systems, the proliferation of device and nonhuman identities, and the widespread adoption of cloud, hybrid, and multicloud strategies.
As enterprise systems become more interconnected, organisations across various industries are increasingly relying on PKI to secure their systems and assets.
"PKI sits under the hood of various cryptographic services, serving as an effective and scalable solution for securing identities, user and device authentication, and both intra and intercommunication across enterprise systems," said Aisling Dawson, industry analyst at ABI Research.
She added, "Its role across industry markets is expected to surge, with revenue tripling over the next five years as regulatory and compliance requirements tighten in preparation for cryptographically relevant quantum computers."
While North America is expected to continue leading in PKI revenue, rapid digitalisation in the Asia-Pacific region is set to expedite market growth and narrow the regional gap.
Regional factors continue to influence PKI revenue trends, emphasising the need for vendors to develop PKI strategies tailored to specific verticals and regions.
In Europe, data residency and sovereignty regimes are expected to boost demand for hardware-based offerings, while Latin America presents strong revenue opportunities for national and government PKI solutions, particularly in digital and electronic identification.
The growing reliance on IoT and other connected devices globally is positioning device security and authentication as the most dynamic growth area within PKI application segments, while enterprise and web PKI are projected to experience steady growth as the decade concludes.
"Rising appetite for investment in solutions that support increased cryptoagility, such as PKI, will only persist as the threat of quantum computing advances," Dawson stated.
She also noted the importance of internal influences on the PKI ecosystem, including the growing convergence between PKI and certificate lifecycle management (CLM) offerings and the need for pluggability, flexibility, and interoperability in PKI services and solutions.
