Global Public Key Infrastructure (PKI) Market Grows at a CAGR of 21.05%

Introduction

A key aspect driving the growth of the global public key infrastructure (PKI) market is the accelerating digital transformation across industries such as banking, healthcare, education, and government. As businesses transition to digital platforms, ensuring the security of online identities, communications, and transactions becomes increasingly vital, making PKI a foundational element of cybersecurity. Another major growth driver is the widespread implementation of remote and hybrid work models, which demand secure access to corporate networks. PKI facilitates this through robust authentication and encrypted communication, supporting secure remote operations.

Moreover, the growing use of digital documents and electronic signatures—particularly in legal, regulatory, and financial sectors, has amplified the need for certificate-based authentication and non-repudiation. This is further contributing to the rising demand for PKI solutions. Additionally, organizations are placing greater emphasis on securing DevOps environments through code signing and software validation, solidifying PKI's importance in IT security frameworks. These developments highlight the increasing significance of PKI as businesses strive to enhance trust and data privacy in digital ecosystems.

Market Dynamics

Growing cybersecurity threats drive the global market

The quick pace of digital transformation across various industries has considerably widened the cyberattack surface, making cybersecurity a top priority for organizations. To safeguard data, authenticate users, and manage digital identities, many are increasingly turning to Public Key Infrastructure (PKI). This technology is especially vital for protecting sensitive information in critical sectors such as banking, healthcare, and government.

• Check Point Research reports that in 2024, organizations faced an average of 1,876 cyberattacks per week worldwide, a 75% increase from the previous year. Furthermore, Cybersecurity Ventures estimates that global cybercrime damages will surge to $10.5 trillion annually by 2025, up from $9.5 trillion in 2024, reflecting an approximate 15% yearly growth rate.

As cyber threats become more advanced, the need for secure cryptographic frameworks like PKI is expected to grow substantially on a global scale.

Expansion of smart cities and 5G infrastructure create tremendous opportunities

The rapid development of smart cities and the widespread rollout of 5G infrastructure are driving major growth opportunities for the global public key infrastructure (PKI) market. As these technologies create increasingly connected ecosystems, the need for secure device authentication, encrypted communications, and robust identity management is rising sharply.

• By 2024, around 1,000 smart city initiatives were active worldwide, including approximately 200 fully operational smart cities, a 15–20% increase since 2022. Furthermore, Ericsson projects that 5G coverage will extend to over 75% of the global population by 2027, significantly boosting the number of connected devices that require secure authentication.

In response to these trends, there is a growing demand for scalable PKI systems capable of managing vast numbers of digital certificates. Providers that offer automated, cloud-native, and lightweight PKI solutions are strategically positioned to meet the evolving security needs of this dynamic digital environment.

Regional Analysis

North America dominates the global public key infrastructure (PKI) market due to its advanced digital infrastructure, stringent cybersecurity regulations, and high adoption of cloud technologies. The United States, in particular, has seen a surge in PKI implementation driven by federal mandates like the Federal Risk and Authorization Management Program (FedRAMP) and the Cybersecurity Maturity Model Certification (CMMC) for defense contractors.

Additionally, sectors like healthcare and finance are deploying PKI to meet HIPAA and PCI-DSS compliance requirements. For example, major healthcare systems like Kaiser Permanente are leveraging PKI for secure patient data exchange and remote authentication. The rise of connected devices and edge computing in Canada is also prompting investments in PKI-based IoT security frameworks. Moreover, the presence of key players like DigiCert, Entrust, and Sectigo in this region is further fueling technological advancements and service adoption.

Key Highlights

• The global public key infrastructure (PKI) market size was valued at 6.13 billion in 2024 and is estimated to grow from USD 7.42 billion in 2025 to reach USD 34.21 billion by 2033, growing at a CAGR of 21.05% during the forecast period (2025–2033).
• The global public key infrastructure (PKI) market is segmented by components into hardware security modules (HSMs), solutions, and services. The solutions segment held the largest market share.
• By deployment mode, it is classified into on-premise and cloud-based. The on-premise segment dominated the market.
• Based on organization size, the market is divided into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment held the largest market share.
• By application, it is segmented into web browsing security, email security, secure communication, and authentication. The web browsing security segment held a dominant share of the global market.
• By industry vertical, the market includes BFSI, IT & telecom, government & defense, media and entertainment, retail, healthcare, manufacturing, education, automotive, and others. The BFSI segment dominated the market.
• North America is the highest shareholder in the global market.

Competitive Players

1. DigiCert Inc.
2. Entrust Corporation
3. GlobalSign
4. Sectigo
5. IBM Corporation
6. Microsoft Corporation
7. Nexus Group
8. Comodo CA Limited
9. PrimeKey Solutions AB
10. Venafi, Inc.

Recent Developments

• In March 2025, PKI Solutions has rolled out PKI Spotlight version 27.2.0, featuring a robust set of new capabilities, significant improvements, and crucial bug fixes aimed at elevating PKI monitoring and security. This latest release includes support for Multi-Vendor HSM Monitoring, SAML-based Single Sign-On (SSO) integration, and various enhancements designed to optimize PKI performance and operations.

Segmentation

1. By Component
   1. Hardware Security Modules (HSMs)
   2. Solutions
   3. Services
2. By Deployment Mode
   1. On-Premise
   2. Cloud-Based
3. By Organization Size:
   1. Small and Medium-Sized Enterprises (SMEs)
   2. Large Enterprises
4. By Application
   1. Web Browsing Security
   2. Email Security
   3. Secure Communication
   4. Authentication
5. By Industry Vertical
   1. BFSI
   2. IT & Telecom
   3. Government & Defense
   4. Media and Entertainment
   5. Retail
   6. Healthcare
   7. Manufacturing
   8. Education
   9. Automotive
   10. Others
6. By Regions
   1. North America
   2. Europe
   3. Asia-Pacific
   4. Latin America
   5. The Middle East and Africa