Public Key Infrastructure Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (Hardware, Solution, Services), By Deployment Mode (On-premise, Cloud), By Organization Size (Large Enterprise, Small & Medium Enterprise), By Vertical (BFSI, Government & Defense, IT & Telecom, Retail, Healthcare, Manufacturing, Others), By Region, and By Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 5.51 Billion
CAGR (2026-2031)	22.17%
Fastest Growing Segment	Cloud
Largest Market	North America
Market Size (2031)	USD 18.32 Billion

Market Overview

The Global Public Key Infrastructure Market will grow from USD 5.51 Billion in 2025 to USD 18.32 Billion by 2031 at a 22.17% CAGR. Public Key Infrastructure comprises the roles, policies, hardware, software, and procedures required to create, manage, distribute, use, store, and revoke digital certificates and manage public-key encryption. The market is primarily driven by the escalating necessity for secure digital authentication across enterprise environments and the rapid expansion of the Internet of Things which demands robust device identification measures. Furthermore, rigorous global data protection regulations are compelling organizations to adopt stronger cryptographic frameworks to safeguard sensitive communications and ensure compliance.

One significant challenge impeding market expansion is the operational complexity involved in managing the lifecycle of an exponentially increasing volume of digital certificates, which often leads to visibility gaps and security vulnerabilities. This management difficulty frequently results in human error or oversight regarding credential validity. According to the Identity Defined Security Alliance, in 2024, 90% of organizations experienced at least one identity-related incident in the past year, underscoring the severe risks and difficulties associated with maintaining adequate identity security protocols.

Key Market Drivers

The escalating frequency of sophisticated cyberattacks and data breaches is a primary force propelling the adoption of Public Key Infrastructure. As threat actors utilize advanced methods to intercept communications and compromise networks, organizations are compelled to implement encryption and digital signatures to preserve data integrity and confidentiality. This urgency is financially motivated as well as operational, as companies seek to minimize the substantial monetary losses associated with security incidents. According to IBM, July 2024, in the 'Cost of a Data Breach Report 2024', the global average cost of a data breach reached USD 4.88 million, marking a 10% increase from the prior year. Consequently, enterprises are integrating PKI into their core security strategies to establish trust and mitigate the financial and reputational damages associated with these security failures.

The rapid proliferation of the Internet of Things and connected devices further necessitates the expansion of PKI frameworks to manage identity at scale. Unlike human users, networked devices require automated, non-transferable digital certificates to authenticate connections and encrypt transmitted data. The volume of these non-human entities is creating a massive management burden that traditional manual methods cannot handle. According to Keyfactor, May 2024, in the '2024 State of Machine Identity Management' report, the average organization now manages nearly 260,000 machine identities, highlighting the explosive growth of device-based credentials. To cope with this expansion, companies are deploying automated PKI solutions to ensure every endpoint remains secure. According to Thales, in 2024, 93% of IT professionals acknowledged that security threats are increasing in volume or severity, reinforcing the critical need for robust infrastructure to support this widening digital ecosystem.

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Key Market Challenges

The primary challenge hampering the growth of the Global Public Key Infrastructure Market is the profound operational complexity associated with managing the lifecycle of digital certificates. As organizations aggressively expand their digital footprints through the Internet of Things and cloud services, the volume of machine identities has exploded, creating an unmanageable burden for IT teams relying on manual tracking methods. This complexity creates significant visibility gaps, where organizations lose track of certificate locations and expiration dates, directly leading to critical service outages and security breaches.

Consequently, this inability to effectively orchestrate cryptographic assets acts as a bottleneck for market adoption. Companies are hesitant to scale their PKI implementations when they lack the resources to maintain their existing infrastructure securely. This issue is exacerbated by a shortage of qualified personnel capable of navigating these complex environments. According to ISACA, in 2024, 53% of digital trust professionals identified the lack of staff skills and training as the top obstacle to achieving digital trustworthiness. This skills deficit, combined with operational opacity, increases the likelihood of human error, thereby stalling the broader integration of advanced PKI solutions essential for market expansion.

Key Market Trends

The Global Public Key Infrastructure Market is increasingly defined by the Transition to Post-Quantum Cryptography (PQC) Standards as organizations anticipate the obsolescence of current encryption methods. With quantum computers poised to break traditional algorithms like RSA and ECC, enterprises are prioritizing crypto-agility to counter the risk of adversaries capturing encrypted data today for future decryption. This defensive strategy addresses the 'harvest now, decrypt later' threat, which has become a primary catalyst for upgrading cryptographic frameworks to ensure long-term data confidentiality. According to Thales, March 2024, in the '2024 Data Threat Report', 68% of security professionals identified 'Harvest Now, Decrypt Later' attacks as their leading concern regarding quantum computing, driving the urgent push toward quantum-resistant solutions.

Concurrently, the Integration of PKI into Zero Trust Security Architectures is redefining deployments by shifting reliance from perimeter defenses to continuous identity verification. In this model, digital certificates act as the essential trust anchors required to authenticate every user and device, ensuring that access to network resources is granted solely based on verified identity rather than physical location. This paradigm necessitates scalable PKI systems capable of supporting dynamic, identity-centric security environments where verification is constant and automated. According to Entrust, May 2024, in the '2024 State of Zero Trust & Encryption Study', 61% of organizations have adopted a Zero Trust strategy at some level, reflecting the substantial momentum behind this architectural evolution that is expanding the scope of PKI infrastructure.

Segmental Insights

The Cloud deployment segment is currently recognized as the fastest-growing category within the Global Public Key Infrastructure Market. This accelerated expansion is primarily driven by the escalating demand for scalable, cost-efficient security solutions that eliminate the heavy capital expenditure associated with on-premise hardware. As organizations increasingly prioritize digital transformation, the flexibility to secure remote workforces and expanding IoT ecosystems becomes critical. Furthermore, stringent compliance requirements from regulatory bodies, such as the National Institute of Standards and Technology, encourage enterprises to leverage managed cloud services, ensuring robust data protection and adherence to complex cryptographic standards without operational burdens.

Regional Insights

North America commands the leading position in the Global Public Key Infrastructure Market, primarily due to a rigorous cybersecurity regulatory environment and high digital adoption rates. The region’s market strength is bolstered by comprehensive standards established by the National Institute of Standards and Technology (NIST), which enforce strict encryption and authentication protocols across federal and commercial sectors. Additionally, the widespread implementation of cloud services and connected devices in the United States and Canada necessitates robust identity management frameworks. These factors, combined with a strong focus on data privacy, sustain North America’s dominance in the global landscape.

Recent Developments

• In January 2025, Sectigo completed the strategic acquisition of the public certificate authority business from Entrust. This significant transaction was designed to expand Sectigo's footprint in the certificate lifecycle management sector and strengthen its capabilities in securing both human and machine identities. The agreement allowed Entrust to redirect its focus toward its portfolio of cryptographic and data security solutions, while its public trust certificate customers were transitioned to Sectigo’s platform. This consolidation represented a major shift in the digital trust landscape, merging substantial industry expertise and assets to address the growing demand for automated certificate management.
• In August 2024, DigiCert entered into a definitive agreement to acquire Vercara, a provider of managed domain name system and distributed denial-of-service security services. This acquisition was intended to integrate Vercara’s specialized protective layers for web applications with DigiCert’s established public key infrastructure and digital trust offerings. The collaboration aimed to provide customers with a unified architecture for managing domain control validation and DNS configurations more efficiently. By combining these cloud-based security capabilities, DigiCert sought to deliver a comprehensive solution capable of defending against sophisticated cyber threats while maintaining high availability for vital online services.
• In May 2024, GMO GlobalSign unveiled the Certificate Automation Manager, a sophisticated solution that evolved from its previous Automated Enrollment Gateway product. This launch addressed the critical market need for robust automated certificate lifecycle management within complex enterprise environments. The updated platform offered advanced features for client authentication and secure email encryption, effectively reducing the manual administrative burden on IT departments. By introducing this enhanced toolset, the company aimed to help businesses mitigate risks associated with expired certificates and human error, ensuring continuous compliance with evolving security policies and stringent industry regulations.
• In March 2024, Keyfactor launched its Post Quantum Cryptography (PQC) Lab on the Microsoft Azure Marketplace to support organizations in their preparation for the quantum computing era. This new SaaS-based sandbox environment provided developers and security teams with the tools to generate and test quantum-resilient digital certificates safely. The initiative aimed to facilitate a seamless transition to post-quantum security standards by enabling users to assess the compatibility of their existing applications with emerging cryptographic algorithms. The release highlighted the company's commitment to delivering forward-looking public key infrastructure solutions that ensure cryptographic agility before new industry standards are finalized.

Key Market Players

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

By Component	By Deployment Mode	By Organization Size	By Vertical	By Region
Hardware Solution Services	On-premise Cloud	Large Enterprise Small & Medium Enterprise	BFSI Government & Defense IT & Telecom Retail Healthcare Manufacturing Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Public Key Infrastructure Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• 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
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE