The global digital certificates and public key infrastructure market is riding high on the back of operational efficacy of digital certifications. Digital certificates are gradually replacing their paper-based counterparts and this shift is translating into reduced cost, improved safety and security, and increased efficiency. According to a new report by Transparency Market Research (TMR), the opportunity in the worldwide digital certificates and public key infrastructure market will rise at a remarkable CAGR of 23.60% from 2017 to 2025. The market valuation is foretold to increase from US$1.95 bn in 2016 to a staggering amount of US$12.90 bn by the end of the forecast period.
Over the coming years, the expansion in biometrics and the increasing uptake of cloud-based software and block-chain technologies will support the growth of the worldwide digital certificates and public key infrastructure market. However, the lack of technical competence associated with digital certificates may create some hindrance in the near future.
Nonetheless, the surge in the use of digital documents, such as Word Docs, Excel Sheets, and PDFs, will create new opportunities for market players in the long run, balancing the impact of restraints. The integration of machine-learning and other IoT technologies in digital certificates will also aid the global digital certificates and public key infrastructure market over the next few years, notes the research study.
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The research report also presents a comprehensive analysis of the global digital certificates and public key infrastructure market based on regions. Europe, the Middle East and Africa, Latin America, Asia Pacific, and North America are considered as the key regional markets for digital certificates and public key infrastructure across the world. North America led the global market in 2016 with overall revenue of US$678.8 mn. The increasing integration of IoT technologies in digital certificates and public key infrastructure has been boosting this regional market.
Researchers expect North America digital certificates and public key infrastructure market to remain on top over the next few years. The presence of leading market participants, such as Comodo and Verisign, and IT giants, such as Google and Apple, is likely to boost the growth of this regional market in the coming years. Among others, Europe is witnessing a relatively faster growth pace, thanks to the increasing number of certificate authorities in this region. The U.K., France, and Germany are the main domestic markets for digital certificates and public key infrastructure in Europe, states the research report.
Leading Companies to Focus on Acquiring Smaller Players
The global digital certificates and public key infrastructure market demonstrates a highly consolidated business landscape. In 2016, the top four players held a share of more than 76% in this market. Thanks to their service quality, these players, namely, Comodo, Verisign Inc., Entrust Datacrad Corp., and GoDaddy Group, have established a strong presence in the global market. These companies are concentrating on continued upgradation of their regular services and frequent diversification of their value-added service portfolio. This, in turn, is increasing the competition within global market.
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Going forward, the leading players are likely to shift their focus towards strategic alliances and acquisition of local companies and startups in the near future. This trend is expected to bring in more consolidation in the market over the next few years, reports the research study.
The review is based on a report by Transparency Market Research, titled “Digital Certificates and Public Key Infrastructure Market (Solution – Hardware and Software; Deployment Model – Cloud-Based and On-Premise; Application – BFSI, Real Estate, Education and Research, Healthcare and Life Sciences, Human Resources, Legal, Manufacturing, Government, and Defense) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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