Public Key Infrastructure Market – Overview:
According to a recent study report published by the Market Research Future, The global market of Public Key Infrastructure is booming and expected to gain prominence over the forecast period. The global Public Key Infrastructure market is prognosticated to acquire worth of USD ~ 1.99 Billion by the end of 2023 with at a whooping double digit CAGR over ~ 22.7% during forecast period 2017-2023.
Global Public Key Infrastructure Market – growing information security concerns coupled with explosive adoption of electronic communications expected to propel the market to a high CAGR
A public key infrastructure (PKI) are policies, roles, and procedures essential to manage, distribute, digital certificates and public-key encryption with an aim to secure the transfer of electronic information. PKIs are used for encryption, authentication, bootstrapping secure communication protocols, electronic signatures, and others.
The major players in the public key infrastructure system market are Verisign Inc. (U.S), Docusign Inc. (U.S), Comodo Group Inc. (U.S), GoDaddy Group Inc. (U.S), GMO GlobalSign Inc. (U.S), Gemalto N.V. (Netherlands), Comodo, Signix Inc.v (U.S), Identrust Inc. (U.S), Ascertia Company (U.S), Entrust Datacrad Corp. and others.
Verisign Inc., Comodo, GoDaddy Group, and Entrust Datacrad Corp. Are the dominat players accounting for more than 70 % of the market in 2016.
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The explosive growth and burgeoning demand for electronic communication generated from the growing range of network activities including e-commerce, internet banking and confidential email are the prime drivers of the market. The growing concerns over information security have necessitated identity proof of the parties involved in the communication so as to validate the authenticity of transferred information. The importance of PKI can be attested by the fact that public key infrastructure (PKI) generates the highest revenue to the e-signature market.
The attractive economics of electronic communications such as elimination of paper costs, and low operational cost are further drivers of the market. More ever the creation of antecedents such as the development of Internet of things is expected to provide future market equity for the global public key infrastructure market as IOT requires secure communication between mutually trusted devices.
The advent of the cloud has further stimulated the market owing to the fact that, documents can be signed digitally with the help of cloud hosted signing services, negating the need for onsite installation. The support provided to electronic communications exemplified by the passage of the Indian information technology act of 2000 and its subsequent additions and the adoption of electronic communication in social services such as citizen reach programs of numerous Governments are regulatory factors driving the growth.
The incompatibility among various protocols, lack of standardization, and the threat of open source and self-attested certificates such as web of trust is expected to deter the market.
To generate a detailed understanding of the market the global public key infrastructure market has been segmented on the basis of services, deployment, end -users and region.
Based on services, the market has been segmented into PIN authentication, enrollment services, secure roaming, self-recovery, self-registration, others.
Based on deployment, the market has been segmented into cloud-based, on-premise, others.
Based on end-user, the market has been segmented into Healthcare and Life Sciences, Human Resources, Manufacturing, Government and Defense, BFSI, Education and Research, Others.
Based on regions, the market has been segmented into North America, Europe, APAC, and rest of the World.
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- Training and education service providers
- Data integration service providers
- Banking and Insurance service providers
- Technology standards organizations
- Digital signature vendors
- Digital signature service providers
- Product manufacturers/ developers
- Consultancy firms/advisory firms
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
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