Gemalto (Netherlands), Nexus Group (Sweden), Verisign (US), Entrust Datacard (US), DigiCert (US), Futurex (US), Comodo (US), GlobalSign (UK), WISeKey (Switzerland), SSL.com (US), ACTALIS (Italy), HARICA (Greece), Securemetric (Malaysia), ENIGMA (Poland), and eMudhra (India).Public Key Infrastructure Market by Component (Solution and Services (Professional and Managed)), Deployment Type, Organization Size, Vertical (BFSI, Telecom and IT, Healthcare and Life Sciences), and Region - Global Forecast to 2024
The global Public Key Infrastructure (PKI) Market size is expected to grow from USD 1.7 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. Major driving factors for the market include an exponential rise and sophistication of cyberattacks, and identity and data thefts.
IT and Telecom sector segment to grow at the highest CAGR during the forecast period
The applications used in the IT and telecom sector are becoming prime targets for the cybercriminals to access sensitive data. The data stored by the industry vertical might be related to a small project or may be of organizations’ importance. In the era of cyber warfare between the IT and telecom organizations, it is very important to maintain data integrity. Therefore, the IT and telecom organizations are increasingly adopting PKI solutions and services.
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Managed services to grow at the highest CAGR during the forecast period
An increase in the number of customers demanding for managed services across the globe are expected to result in a higher growth of these services.. The professional services segment is further segmented into consulting services, training and education, and support and maintenance. The managed services segment is expected to grow at a higher CAGR, due to the growing need for emergency response management services.
Major vendors of PKI include Gemalto (Netherlands), Nexus Group (Sweden), Verisign (US), Entrust Datacard (US), DigiCert (US), Futurex (US), Comodo (US), GlobalSign (UK), WISeKey (Switzerland), SSL.com (US), ACTALIS (Italy), HARICA (Greece), Securemetric (Malaysia), ENIGMA (Poland), and eMudhra (India). The players have adopted various growth strategies, such as new product launches and partnerships, agreements, and collaborations, to enhance their presence in the global PKI market. Partnerships and new product launches have been the most widely adopted strategies by major players from 2017 to 2019, and have helped them innovate their offerings and broaden their customer base.
Gemalto (Netherlands), is one of the leading players in the PKI market. The company is focused on leveraging its existing brand image and has developed its offerings in the current global PKI market. The strategic intent of the company is to tap the hardware-based security market space under its Hardware Security Modules (HSMs) category. The company invests in Research and Development (R&D) activities to develop and improve the products and solutions offered in the PKI market space. The products and solutions help prevent suspicious activities. In June 2018, Gemalto introduced the virtualized network encryption platform for customers to address their changing data-security needs. The company also follows inorganic growth strategies, such as partnerships and acquisitions, to expand its market reach. For instance, in June 2018, Gemalto partnered with Entrust Datacard, an identity and secure transaction technology provider. Gemalto offers a trusted, cloud-based platform for integrating identity management and data protection solutions with IoT devices and services. The company acquired various digital certificate companies; for example, Gemalto acquired SafeNet, a gloal leader in data protection and software monetization.
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Nexus Group is a major player who offers PKI solutions to the enterprises of all sizes. The company’s PKI portfolio consists of 4 different categories, namely, PKI certificate management, PKI middleware, mobile workforce, and IoT security. These solutions are offered as a part of Nexus Group’ Smart ID solution as both a standalone product and service. The company is majorly focused on increasing its market boundaries by enhancing and offering its product portfolios to potential markets, such as Europe and Asia Pacific (APAC). The company is one of the leading players in securing digital documents. Its recent inorganic growth strategies, such as partnerships, expansions, and fundraising, would drive its growth to meet the increasing demand for effective electronic security solutions across the globe. New partnerships would help the company acquire new customers and markets, which would help expand its current customer base and revenue size. For instance, in November 2018, Nexus Group partnered with Verimi, an identity platform provider, to offer better digital identities and strong authentication solutions. In addition to this, the company has a global network of highly qualified partners who run its indirect sales model.
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