Public Key Infrastructure Trends and Predictions for 2024

Over the past year, several developments in the cybersecurity and Public Key Infrastructure (PKI) sectors have forced organizations to assess and revise their security posture.

Discussions on certificate validity periods, new laws, growing cyber threats facilitated by artificial intelligence, and actual instances of the catastrophic consequences that security incidents may have on IT teams and organizations in the current digital environment are all included in these events.

The public key infrastructure forecasts for 2024–2031 are an extensive and in-depth analysis of the industry’s dimensions, shares, profits, and various categories and the factors driving its trends, growth, and progress.

PKI was anticipated to be worth USD 4770.43 million in 2022, and according to the latest statistics, it is expected to rise at a compound annual growth rate, or CAGR, of 17.52% until it reaches USD 12569.39 million by 2028.

The most recent study on the Public Key Infrastructure (PKI) Market examines the product landscapes, expenses, competitive landscape, company tactics of emerging industry players, and regional reach.

This article will go over how the things that are serving as triggers affect what could happen in the coming year.

Rebuilding Digital Trust in the Future with Post-Quantum Computing

Quantum computing research and advancements are continuing, but mainly in the background. Although they will likely make little strides in the coming year, businesses are becoming more conscious of the threat of quantum computing.

Post-quantum computing is the response to the need to develop cryptographic algorithms resistant to attacks from the threat of quantum computers. The security of digital certificates in the face of quantum breakthroughs has been challenged, and it might still be too early to tell.

Whatever your point of view, there will be new, unanticipated risks and obstacles associated with quantum computing. Hackers using quantum computers might compromise systems that depend on trust if new public essential cryptography standards aren’t made.

Given that the discussion around quantum computing will likely continue well into 2024, your certificates will stay secure no matter how the industry changes.

Use of Digital Certificates is Growing, and Certificate Lifespans May Drop Yet Again

Over the last ten years, certificate lifespans have decreased from six years to the present one year (397 days). However, if historical patterns are any guide, certificate validity durations will probably continue to decrease.

Early this year, a proposal to shorten SSL/TLS certificate lifespans surfaced, sparking new discussions in the PKI market and cybersecurity sector.

The idea aims to minimize the possibility of possible breaches and eliminate certificate-based website vulnerabilities. However, in the process, it also adds more certificates to the list that IT teams must monitor and manage, a trend extending beyond SSL/TLS.

Organizations can use a flexible cryptographic tool; digital certificates secure endpoints, devices, and users. This might be applied to security infrastructures to prevent unauthorized parties from accessing corporate networks and systems.

Recommended: Digital Certificate vs Digital Signature: 10 Key Difference

Digital certificates have many applications, from the Internet of Things (IoT) to programming code. These applications are constantly expanding. However, this also increases the difficulty and burden that IT staff must bear while juggling various organizational needs.

AI’s Advancement

We need to discuss artificial intelligence (AI), the year’s top technical breakthrough, and the expected industry trends.

While AI has been there for a while and gradually gained knowledge and sophistication, its use took off early this year when the ChatGPT platform was created. As a result, AI dominated internet talks. Organizations saw mixed reactions to artificial intelligence (AI) as the technology gained traction, and its advantages and disadvantages became clear over the years.

Artificial Intelligence (AI) is no longer a fancy dream; it is quickly establishing itself in contemporary technology, offering the chance to redefine possibilities and potentially increase production and efficiency in businesses. The impact and role of AI in the cybersecurity and PKI markets have been the subject of conflicting reports.

While some have shown how AI has made it harder to identify and prevent assaults such as phishing and corporate email compromise, others have discovered that AI may speed up fixing security flaws and distributing updates.

The average cost of a data breach has increased by 15% since 2020; thus, the role AI will play in the PKI and cybersecurity industries in the future is still being determined. However, as AI technology develops, we should keep an eye on this field.

Taking Use of Big Data’s Potential

An enormous volume of data is gathered and processed; hence, a scalable security solution is required. With an adaptable approach that keeps up with the increasing amounts of data and personal information businesses manage, data security is based on data protection.

Businesses could acquire much from big and private data regarding insights, analytics, and customer information. By adopting data-centric security solutions, businesses can safely use big data and personal information without risk of data breaches, unauthorized access, and privacy concerns.

The use of this approach is to foster creativity and cultivate a climate of trust among partners, stakeholders, and customers.

The public critical infrastructure (PKI) market will be further propelled by these reasons throughout the estimated period.

Blockchain-PKI Fusion Trending Soon

Blockchain is a decentralized database or distributed ledger, that was developed as the core component of Bitcoin. It comprises data blocks joined by cryptographic hashes to form a chain, enabling secure information sharing within a corporate network.

Several hypotheses have been established to demonstrate how blockchain technology may be utilized to provide built-in certificate transparency and employ PKI to protect digital communications.

You might say that PKI and blockchain technology have been coexisting until recently, but as time has passed, is there a chance that the two may eventually incorporate?

Who are the World’s Most Significant Manufacturers of Public Critical Infrastructure (PKI)?

Gemalto

Entrust Datacard

GlobalSign

DigiCert

Comodo

ACTALIS

Verisign

eMudhra

HARISSA

ENIGMA

Futurex

WISeKey

Securemetric

Nexus Group

Final Words

Rapid developments in the market are being driven by the industry’s ongoing expansion. Modern businesses rely considerably on technological improvements, which are now considered fundamental and cause everyday oscillations in the economy.

Organizations need to comprehend these market dynamics to come up with more successful strategies. Proactive planning is made easier with a thoughtful strategy, which also gives you a competitive advantage.

We at Certera offer all essentials for your organizations to keep t safe, secure and proactive.

– Talk to Our Cyber Security Experts