The global market for digital certificates and public key infrastructure is highly consolidated in nature, finds a research report by Transparency Market Research (TMR). With the recent acquisitions of small companies by giants ones, the market is likely to undergo more consolidation over the next few years.
In 2016, more than 76% of the overall market was held by the top four players in this market, namely, Verisign Inc., Comodo, GoDaddy Group, and Entrust Datacrad Corp. These companies are expected to upgrade service quality and diversify their value added services on a regular basis, which is anticipated to further increase the competition within the market in the years to come, states the research report.
According to TMR, the opportunity in the global digital certificates and public key infrastructure market was US$1.95 bn in 2016. Thanks to the innovations in the technology and the widening application base, the market is likely to expand at a remarkable CAGR of 23.60% during the period from 2017 to 2025 and attain a value of US$12.90 bn by the end of the period of the forecast. Among the type of solutions provided in this market, software solutions have been more popular and are anticipated to remain leading throughout the forecast period, reports the study.
In this research report, the BFSI, real state, education and research, healthcare and life sciences, human resources, legal, manufacturing, and the government and defense sectors have been considered as the key application areas of digital certificates and public key infrastructure across the world. As per the study, the demand for digital certificates has been stronger in the BFSI sector compared to other application areas. The scenario is anticipated to remain the same in the years to come, thanks to the growing awareness among consumers about these solutions, resulting in their increased adoption for safe and reliable transactions across the world.
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The report also analyzes this market on the basis of its presence across various regions, i.e., North America, Asia Pacific, Europe, the Middle East and Africa, and South America. With a revenue of US$678.8 mn, North America led the overall market in 2016. The regional market is expected to remain dominant throughout the forecast period, thanks to the presence of the key market players, such as Comodo and Verisign, and giant browser makers, such as Google and Apple, in this region.
Enhanced Operational Efficiency at Decreased Costs to Benefit Market
â€œSince digital certificates and public key infrastructure solutions help collect signatures without signing or printing a physical document, thereby decreasing the cycle time lapsed in signature gathering and, consequently, making the enterprises more agile, their demand has been increased substantially,â€ says the author of this study. These solutions also help enterprises in reducing the cost for storing signatures on paper, leading to a decreased operational cost.
The increasing knowledge about these benefits among consumers is reflecting positively on the marketâ€™s growth. The future of this market also looks thriving. However, it may face challenges from the lack of awareness and technical incompetency over the next few years, states the research report.