PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1891477
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1891477
The global public key infrastructure (PKI) market continues to expand rapidly as organizations worldwide prioritize secure communication, identity management, and data integrity across increasingly digital ecosystems. According to industry findings, the market was valued at USD 5.84 billion in 2024, is projected to rise to USD 6.76 billion in 2025, and is forecast to reach USD 24.37 billion by 2032, reflecting a robust CAGR of 20.1% during the forecast period. With 39.73% market share in 2024, North America remains the leading region, supported by advanced digitalization and high cybersecurity adoption rates.
PKI plays a foundational role in digital security by enabling encryption, authentication, certificate management, and secure electronic communication. PKI systems integrate hardware, software, policies, and protocols to manage public and private keys, ensuring safe data exchange across devices, applications, and users. As IoT ecosystems expand and AI technologies integrate into enterprise environments, PKI solutions are becoming indispensable for safeguarding digital trust.
A 2024 PKI & Digital Trust Report, surveying 1,200 respondents, confirmed rising PKI adoption driven by 48% mobile device usage, 46% AI integration, and 46% IoT deployment across organizations. These forces significantly elevate demand for scalable, automated, and cloud-compatible PKI solutions globally.
Impact of AI on PKI Adoption
Artificial Intelligence is reshaping how PKI systems are deployed and maintained. By enhancing certificate lifecycle management, automating renewals, identifying misconfigurations, and predicting vulnerabilities, AI strengthens organizational security. AI-driven insights also optimize encryption functions and mitigate human error-one of the leading factors behind security breaches. Despite these benefits, only 37% of companies currently use PKI to support AI and generative AI, highlighting vast growth potential for AI-integrated PKI deployments in future enterprise architectures.
Market Trends
The integration of IoT devices with PKI is a major trend driving adoption across manufacturing, healthcare, logistics, and smart city applications. As billions of IoT devices communicate across networks, PKI ensures secure authentication, encrypted data transmission, and protection from unauthorized access. For instance, in May 2024, DigiCert launched its "Device Trust Manager," an IoT-focused security solution that enables end-to-end encryption and certificate-based device authentication. These advancements support secure firmware updates, device permissions, and identity verification-making PKI a critical component of IoT security infrastructure.
Growth Drivers
The rapid adoption of cloud-based services is fueling PKI market expansion. Businesses increasingly rely on digital communications, remote connectivity, and cloud-hosted applications-necessitating strong encryption and certificate-based authentication mechanisms. PKI addresses these needs through secure identity validation, encrypted data transmission, and cloud-compatible security workflows.
Growing cyber threats further accelerate adoption. In 2022, 92% of organizations experienced cyberattacks, while 73% faced severe incidents, reinforcing the need for strong identity management and trust frameworks. PKI secures cloud-based data by preventing unauthorized access, enabling safe transactions, and providing digital signatures that guarantee data integrity.
Restraints
Despite strong growth potential, PKI implementation remains complex. Organizations face challenges integrating PKI with existing infrastructure, managing certificates, and ensuring compliance. Certificate expiration, device proliferation, and rapidly evolving security standards increase operational burdens for SecOps teams. These challenges limit PKI adoption among companies lacking specialized expertise.
Cloud deployment will record the highest CAGR due to its accessibility, scalability, and cost-effectiveness for SMEs. Meanwhile, on-premises PKI dominated in 2024 due to stricter data control requirements in BFSI, healthcare, and government sectors.
By enterprise type, SMEs are expected to grow fastest owing to rising security needs and limited IT resources. Large enterprises held the largest share in 2024 due to significant investments in digital identity frameworks.
Among applications, application performance management will lead growth, while network & security management maintained the largest share in 2024 due to the rising need for encrypted communication.
In 2024, the IT & telecom sector held the highest share, driven by digitalization, cloud usage, and high data volumes. Manufacturing, BFSI, and healthcare are also poised for strong demand due to rising cybersecurity risks.
North America recorded USD 2.32 billion in market value in 2024, supported by major PKI providers and mature IT infrastructure. Asia Pacific is expected to achieve the highest CAGR due to increasing cyberattacks and cloud adoption across China, India, Japan, and Australia. Europe is experiencing moderate but steady growth driven by regulatory compliance initiatives. The Middle East & Africa is emerging as the second-fastest-growing region, while South America shows accelerating adoption driven by digital transformation programs.
Conclusion
With growing digitalization, rising cyber threats, and expansion of IoT and AI technologies, the global PKI market is positioned for strong long-term growth-reaching USD 24.37 billion by 2032. As organizations increasingly rely on secure, automated, and cloud-based digital trust solutions, PKI will remain a foundational element of cybersecurity worldwide.
Segmentation By Deployment
By Enterprise Type
By Application
By Industry
By Region