Report : Middle East & Africa Public Key Infrastructure Market Forecast to 2030 - Regional Analysis - by Component [Solutions and Services (Professional Services and Managed Services)], Deployment (On-Premise and Cloud), Enterprise Size (SMEs and Large Enterprises), and End User (BFSI, Retail & E-commerce, Government & Defense, IT & Telecom, Manufacturing & Automotive, and Others)
At 15.5% CAGR, the Middle East & Africa Public Key Infrastructure Market is projected to be worth US$ 876.94 million by 2030, says Business Market Insights
According to Business Market Insights research, the Middle East & Africa public key infrastructure market was valued at US$ 276.81 million in 2022 and is expected to reach US$ 876.94 million by 2030, registering a CAGR of 15.5% from 2022 to 2030. Increasing cybersecurity threats across industries and increasing use of digital certificates in various applications are among the critical factors attributed to the Middle East & Africa public key infrastructure market expansion.
The cases of cyberattacks are rising in enterprises as well as government sectors across the globe. Business Market Insights analysis reported that the number of security incidents across each and every industry increased by 40% in 2017 from 2016. A rise in threats of cyber-attacks in different industries such as BFSI, healthcare, and others, along with growing government regulations are compelling organizations to invest heavily in digital security. Enterprises are becoming increasingly alert to cyber threats. Cybersecurity has already become a critical issue across business, industries, governments, and society; and is expected to continue being a massive issue in the coming years. In the last few years, cyberattacks have affected the ease of conducting business across many industries, including BFSI, healthcare, media & entertainment, and public industries. As per the World Economic Forum, cybersecurity has become a significant challenge for the private as well as public sectors. Such threats are rising the demand for advanced data security solutions, fueling the market growth.
Furthermore, in order to keep the data and device secure, public key infrastructure certificates are used. A public key is a coded value that has both private and public parts, and it enables information to be encrypted and decoded by object or person and operate as a digital certificate. Public key infrastructure certificates are issued by various certificate authorities that create and manage them. The creation of public key infrastructure certificate and its management can be conducted through a management company or in-house. X.509 digital certificates have gained traction in the past few years because they represent identity in a cross-platform. Digital certificates are gaining popularity as they do not need to be publicly trusted or purchased from GeoTrust, Symantec, DigiCert, and other "big box" certificate vendors; they can be issued by an organizations in-house public key infrastructure. Thus, the increasing cases of cybersecurity threats across industries boost the adoption of digital certificates, which drives the market for public key infrastructure.
On the contrary, lack of technically skilled professionals hampers the Middle East & Africa public key infrastructure market.
Based on component, the Middle East & Africa public key infrastructure market is segmented into solutions and services. The solutions segment held 79.3% share of Middle East & Africa public key infrastructure market in 2022, amassing US$ 219.58 million. It is projected to garner US$ 685.95 million by 2030 to expand at 15.3% CAGR during 2022-2030. The services segment is further sub segmented into professional services and managed services.
Based on deployment, the Middle East & Africa public key infrastructure market is segmented into on-premise and cloud. The on-premise segment held 63.3% share of Middle East & Africa public key infrastructure market in 2022, amassing US$ 175.08 million. It is projected to garner US$ 532.14 million by 2030 to expand at 14.9% CAGR during 2022-2030.
Based on enterprise size, the Middle East & Africa public key infrastructure market is segmented into SMEs and large enterprises. The large enterprises segment held 72.8% share of Middle East & Africa public key infrastructure market in 2022, amassing US$ 201.54 million. It is projected to garner US$ 615.25 million by 2030 to expand at 15.0% CAGR during 2022-2030.
Based on end user, the Middle East & Africa public key infrastructure market is segmented into BFSI, retail & e-commerce, government & defense, IT & telecom, manufacturing & automotive, and others. The BFSI segment held 33.0% share of Middle East & Africa public key infrastructure market in 2022, amassing US$ 91.25 million. It is projected to garner US$ 276.91 million by 2030 to expand at 14.9% CAGR during 2022-2030.
Based on country, the Middle East & Africa public key infrastructure market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 30.2% share of Middle East & Africa public key infrastructure market in 2022. It was assessed at US$ 83.62 million in 2022 and is likely to hit US$ 271.24 million by 2030, exhibiting a CAGR of 15.8% during 2022-2030.
Key players operating in the Middle East & Africa public key infrastructure market are Digicert Inc., eMudhra Limited, Entrust Corp, Fortinet Inc., GMO GlobalSign Ltd, and Thales SA, among others.
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