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The Public Key Infrastructure (PKI) market will grow by USD 10.33 Billion from 2024-2028, driven by AI and stringent data protection regulations, transforming the market – Technavio

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NEW YORK, Oct. 23, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Public Key Infrastructure (PKI) Market  size is estimated to grow by USD 10.33 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  28.94%  during the forecast period. Stringent regulations for data protection is driving market growth, with a trend towards growing use of HSMS to strengthen PKI security. However, interoperability issues associated with PKI  poses a challenge – Key market players include Ascertia, CETIS dd, DigiCert Inc., eMudhra Ltd., Encryption Consulting LLC, Enigma Bridge, Entrust Corp., Futurex, GlobalSign Ltd., Hewlett Packard Enterprise Co, Keyfactor, PKI Solutions Inc., Realia Technologies SL, Sectigo Ltd., Securemetric Berhad, Securosys SA, SSL.com, Technology Nexus Secured Business Solutions AB, Thales Group, Unisys Corp., and Wisekey International Holding AG.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (BFSI, Government and defense, IT and telecom, and Others), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Ascertia, CETIS dd, DigiCert Inc., eMudhra Ltd., Encryption Consulting LLC, Enigma Bridge, Entrust Corp., Futurex, GlobalSign Ltd., Hewlett Packard Enterprise Co, Keyfactor, PKI Solutions Inc., Realia Technologies SL, Sectigo Ltd., Securemetric Berhad, Securosys SA, SSL.com, Technology Nexus Secured Business Solutions AB, Thales Group, Unisys Corp., and Wisekey International Holding AG

Key Market Trends Fueling Growth

PKI vendors provide hardware security modules (HSMs) as an addition to their PKI solutions to enhance encryption key security. HSMs are specialized computing devices that protect and manage encryption keys for strong authentication and crypto processing. HSMs perform essential tasks such as random number generation, asymmetric and symmetric key generation, and securely store and hide private keys. The BFSI sector’s increasing demand for digital payments has fueled the continuous growth of HSMs’ usage. Vendors are exploring new ways to integrate HSMs into PKI solutions, expanding their capabilities. The need for more secure and advanced security solutions that are compatible with future business requirements is driving the PKI market’s growth, with the demand for HSMs expected to escalate. 

The Public Key Infrastructure (PKI) market is experiencing significant growth, particularly in the Services segment. Cloud adoption is driving the demand for cloud-based PKI services, including digital signature services, which offer cost savings and operational efficiencies in a cloud environment. PKI solutions provide essential infrastructure for access control, compliance with regulations like GDPR and HIPAA, and data security in both on-premises and cloud environments. Businesses value PKI services for securing sensitive data, digital identities, and digital transactions through encryption and authentication. In a remote work era, PKI solutions ensure trust in digital communications and help organizations meet regulatory requirements. Integration challenges remain, but the expertise of PKI providers can help organizations overcome these hurdles and ensure cybersecurity for their infrastructure and digital business processes. 

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Market Challenges

In today’s business landscape, enterprises are increasingly relying on the Internet for their operations, leading to a heightened risk of cyberattacks. To mitigate this risk, Public Key Infrastructure (PKI) has become an essential security solution. PKI offers various security services, including encryption, authentication, authorization, integrity protection, and confidentiality protection. However, interoperability issues are hindering the wider adoption of PKI. These issues occur at both the component and application levels. Component-level interoperability deals with interactions between systems directly supporting or utilizing PKI solutions, which can be inter- or intra-domain. Inter-domain interoperability requires cooperation among multiple administrative domains of different organizations. Application-level interoperability concerns compatibility among PKI solutions on peer-to-peer networks, regardless of the application providers or infrastructure components. Technical issues related to certificates, algorithms, and protocols can also arise. To ensure seamless interoperability, vendors must implement common protocols, certificate formats, and message formats. Similar algorithms must be used for authentication, encryption, and data sharing between PKIs. CA certificates must be compatible with all systems. Each domain must adhere to regulations, policies, and standards set by government bodies. To fully tap into the potential of the global PKI market and fuel its growth, PKI software and solution providers must collaborate and focus on developing compatible PKI solutions. This will help overcome interoperability challenges and address the evolving needs of businesses.

Public Key Infrastructure (PKI) is a vital component of digital security, enabling secure data transmission and user authentication through digital certificates. However, implementing and managing PKI comes with challenges. Security standards must be met, such as those set by Entrust Datacard and DigiCert. The ecosystem is expanding with cloud service adoption and digital transformation initiatives, leading to regulatory compliance standards for e-commerce transactions and sensitive critical data. Key management difficulties and scalability issues can be costly. Upfront expenditures for PKI implementation and standardization can be high. Technological changes, including virtualization, workplace mobility, and cloud storage, add complexity. Cyber threats, quantum computing threats, and identity modifications require continuous updates and user verification. Pragmatic solutions include ManageEngine, Symantec, CloudSOC, and CASB for identity and access management, application administration, and data security control. IAM systems, sign-in, signup, and user management processes are crucial for user reliability and user verification. Production costs, connectivity, and technical innovations like IAM systems and CASBs can help mitigate challenges. Regulatory compliance, technological changes, and cyber threats demand ongoing attention. Ultimately, PKI is essential for data security in today’s digital landscape.

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Segment Overview 

This public key infrastructure (pki) market report extensively covers market segmentation by

End-user 1.1 BFSI1.2 Government and defense1.3 IT and telecom1.4 OthersDeployment 2.1 On-premises2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 BFSI-  The BFSI industry’s shift towards digitalization has necessitated a focus on securing digital communications and data. Public Key Infrastructure (PKI) plays a crucial role in this regard, providing digital certificates, encryption keys, and identity management systems. With the increasing importance of data in financial services, from managing transactions to automating risk management, the demand for security solutions. PKI’s ability to protect data during transmission and storage makes it an essential component of the BFSI sector. As the industry continues to digitalize and customer expectations evolve, the need for PKI solutions will persistently grow. Consequently, the BFSI segment of the global PKI market is poised for significant expansion.

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Research Analysis

Public Key Infrastructure (PKI) is a security solution that enables the creation, management, distribution, and revocation of digital certificates for securing sensitive data, digital identities, and digital transactions. Encryption, authentication, digital signature, and data privacy regulations are key components of PKI. With the increasing adoption of cloud services, digital transformation initiatives, and e-commerce transactions, the demand for PKI solutions. However, the threat landscape is evolving, with cyber threats, quantum computing threats, and regulatory compliance standards posing significant challenges. Technical innovations such as virtualization, workplace mobility, cloud storage, IAM systems, and mobile devices require PKI solutions to ensure data security. PKI plays a crucial role in safeguarding enterprise data and protecting against cyber attacks.

Market Research Overview

Public Key Infrastructure (PKI) is a critical component of digital security, enabling the protection of sensitive data, digital identities, and secure digital transactions. PKI relies on encryption, authentication, digital signatures, and digital certificates to ensure data privacy and security. With the increasing adoption of digital transformation initiatives, cloud service adoption, and regulatory compliance standards, the need for PKI is more crucial than ever. Data privacy regulations such as GDPR and HIPAA mandate the use of PKI for securing sensitive data. The remote work trend, Internet of Things (IoT), and cybersecurity threats PKI implementation to ensure trust and security. However, challenges such as implementation and integration, upfront expenditures, key management difficulties, scalability issues, and regulatory compliance persist. PKI solutions provide data security for e-commerce transactions, enterprise data, mobile devices, IAM systems, and cloud environments. Technological changes, such as virtualization, workplace mobility, cloud storage, and quantum computing threats, necessitate continuous innovation in PKI. Expertise, infrastructure, and cost savings are essential considerations in PKI implementation. Services segment, including digital signature services and PKI services, and on-premises segment offer solutions to address the diverse needs of organizations. PKI solutions enable secure sign-in, signup, user management processes, user verification, and data security control. Cloud-based services, such as CloudSOC and CASB, offer shadow IT solutions to mitigate security risks. In summary, PKI plays a vital role in securing digital identities, transactions, and sensitive data. Despite challenges, PKI solutions continue to evolve to address the ever-changing digital security landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userBFSIGovernment And DefenseIT And TelecomOthersDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Vinted Secures TPG-Led Secondary Investment at Valuation of €5B, Reflecting Profitable Growth

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October 24, 2024

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Secondary share sale of €340 million to a group of new investors, including TPG and Hedosophia, recognises employee contribution to Vinted becoming a leader in Europe.The transaction values Vinted at €5 billion and brings in new investors for the next phase of growth. In 2023, Vinted delivered 61% revenue growth and reached profitability, while investing for the future.

LONDON, Oct. 24, 2024 /PRNewswire/ — Vinted, Europe’s leading second-hand C2C marketplace focused on fashion, has closed a secondary share sale of €340 million at a valuation of €5 billion. 

The transaction, led by TPG (NASDAQ: TPG), a leading global alternative asset manager, validates Vinted’s opportunity and progress in developing and growing the second-hand market globally. It also diversifies the company’s investor base with new expertise and rewards its employees and early investors for their contributions to Vinted’s success. 

TPG Tech Adjacencies (TTAD), TPG’s strategy dedicated to providing flexible capital solutions to the technology industry, is funding the investment. Other major investment funds including Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures also participated. All of Vinted’s existing institutional investors remain invested in the company.

In 2021, at the time of Vinted’s last fundraising round, the company had a pre-money valuation of €3.5 billion. Since then, Vinted has increased its gross merchandise value (GMV) by more than 3.5x and has become fully profitable. In 2023, the company delivered revenue growth of 61% and had a double-digit EBITDA margin.* Vinted has become the European leader in its field, encouraging people to adopt new consumption habits and today, more than a third (37%) of Vinted members say that second-hand makes up at least half of their wardrobe.**

This growth has been enabled by Vinted’s rigorous focus on ensuring its members get excellent value at the lowest possible cost. In the last year alone, Vinted marketplace expanded in existing markets, and launched into new markets including Finland, Greece and Croatia. The company also launched a new verification service to help members trade designer and luxury fashion items more safely. This feature is now live in 10 countries. 

In recent weeks, Vinted has begun the roll-out of a new category for electronics. And in parallel, the company has successfully expanded its shipping business in the Netherlands, Belgium, and France. Vinted’s payments business has acquired an EMI license and is working on solutions to improve how members transact on Vinted. 

Thomas Plantenga, CEO of Vinted, said: “We’re delighted to welcome new investors with the experience to support us through our next phase of growth, while continuing to benefit from the expertise of our long-term backers. TPG and our other new investors share our vision: to make second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success. 

We are incredibly proud to have built a product that our members love to use, and that has created a market for second-hand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.” 

Andy Doyle, Partner at TPG, said: “We’ve seen that consumers are increasingly choosing second-hand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people. Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population. We are excited to partner with Thomas and his team of world-class operators and to count Vinted among our growing portfolio of leading European tech businesses.”

Morgan Stanley & Co. International plc served as financial advisor and placement agent for the transaction. Taylor Wessing and Cooley provided legal advice to Vinted. 

*April 29, 2024 (Vinted delivers strong year of growth and reaches profitability, while investing for the future )

** According to Vinted’s Impact Report, released in June 2024

About Vinted

Vinted Marketplace is Europe’s leading international online C2C marketplace dedicated to second-hand fashion and more. With a mission to make second-hand the first choice worldwide, Vinted enables people to sell and buy second-hand clothes and lifestyle items from each other, helping give those items a second or even third life. 

Vinted was founded in 2008 in Lithuania and in 2019 became the country’s first Unicorn.

Today Vinted is still headquartered in Vilnius, with offices in Lithuania, Germany and the Netherlands, and over 2,000 employees. Its backers include Accel, EQT Growth, Insight Partners, Lightspeed Venture Partners and Sprints. 

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

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Plug and Play Launches Accelerator Program in Albania to Empower Entrepreneurs

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October 24, 2024

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TIRANA, Albania, Oct. 24, 2024 /PRNewswire/ — Plug and Play, a leading global innovation platform with over 60 locations worldwide, announces today the launch of a new program in Tirana, Albania. With the support of the Albanian-American Development Foundation, in collaboration with Municipality of Tirana, Pyramid of Tirana, and sponsored by IDEMIA Smart Identity (ISI), this initiative is set to foster innovation and entrepreneurship across Albania. As part of the program, Plug and Play will host an annual, early-stage, industry-agnostic accelerator program in Albania, as well as a Global Overseas Acceleration & Learning (GOAL) program in Silicon Valley, providing opportunities for local startups.

The new accelerator program empowers young entrepreneurs in Albania to achieve their entrepreneurial goals, significantly advancing the country’s startup ecosystem and enhancing the broader entrepreneurial landscape across the Balkans.

“The launch of this accelerator program is a testament to Albania’s growing role in the global entrepreneurial landscape,” said Michael D. Granoff, Chairman of the Board of Trustees, Albanian-American Development Foundation (AADF). “At AADF, we have always believed in the potential of Albanian talent to innovate and drive impactful change. By partnering with Plug and Play, we are ensuring that Albanian startups not only gain access to local resources but also a global network that will help them scale and thrive in the international market. This is an important moment for Albania’s startup ecosystem, and we are proud to support initiatives that foster entrepreneurship and innovation in this country.”

The accelerator program offers entrepreneurs the chance to work closely with expert mentors, gain access to corporate partners, and participate in specialized industry events and workshops. With Plug and Play’s global network, startups will benefit from international exposure and vital connections. Throughout the program in Albania, participants will receive comprehensive guidance on crucial elements of startup success, including pitch development, business growth strategies, networking, and building relationships with investors and corporate relations.

In addition to the local accelerator, the top 10 most promising startups from each batch will have the opportunity to join the GOAL program in Silicon Valley. This 10-week immersive experience at Plug and Play’s headquarters will allow them to scale their products on a global stage, accessing Silicon Valley’s renowned ecosystem of technology partners, corporate collaborators, and investors.

“This is a momentous occasion for Albania and for Plug and Play,” said Saeed Amidi, Founder and CEO of Plug and Play. “We are committed to bringing the best of our global network to Tirana, providing Albanian startups with the resources, mentorship, and connections they need to thrive on the world stage. Albania has incredible talent and potential, and we’re here to help unlock that.”

The program has also gained strong support from the Albanian government, which recognizes the importance of accelerator programs in driving economic growth and fostering innovation.

“This accelerator program marks a new chapter in Albania’s journey towards becoming a hub for innovation and entrepreneurship in the Balkans,” said Blendi Gonxhja, Minister of Economy, Culture, and Innovation, Albania. “We are excited to partner with Plug and Play and AADF to offer Albanian startups the opportunity to connect with global mentors, investors, and industry leaders. This initiative aligns perfectly with our vision of fostering economic growth through innovation, and we believe it will serve as a catalyst for both local and regional development, empowering young entrepreneurs to turn their ideas into successful businesses.”

This partnership represents a significant step forward for Albania’s entrepreneurial ecosystem. By leveraging the combined resources and expertise of Plug and Play, AADF, and the Albanian government, the program will offer startups the support needed to scale effectively and position Albania as a key player in the regional business and technology landscape.

To learn more about the initiative, contact us today: press@pnptc.com.

About Plug and Play:
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 60+ locations across 5 continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/. 

About AADF
The Albanian-American Development Foundation (AADF) is committed to supporting Albania’s sustainable development. Established in 2009 with the support of USAID and the U.S. government, AADF operates as a non-profit organization focused on driving impactful change.

Through strategic investments in education, leadership, technology, entrepreneurship, cultural heritage, and eco-tourism, AADF creates opportunities that empower communities across Albania. From revitalizing historic landmarks to fostering innovation and entrepreneurship, AADF is dedicated to advancing Albania’s social and economic progress and empowering its future leaders.

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press@pnptc.com

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Sociaaal Secures $4M from Braavo Capital to Fuel Gen Z App Growth and Expand their Portfolio

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NEW YORK, Oct. 24, 2024 /PRNewswire/ — Sociaaal, the fast-growing mobile app studio that specializes in building, buying, and publishing non-gaming apps for Gen Z, is pleased to announce it has secured $4 million in financing from Braavo Capital. The funding will be used to focus on expanding their publishing unit to further scale the business, acquire more apps, and enhance marketing for their existing portfolio.

Founded in 2022, Sociaaal has quickly become a market leader with a portfolio of 20 apps and over 34 million downloads. With a focus on rapid app development, data-driven strategies, and refined user acquisition capabilities, Sociaaal successfully launches and monetizes new apps in less than one month. The company capitalizes on Gen Z’s demand for apps that deliver quick but meaningful and fun interactions, with apps like Litstick, which offers short, engaging content in the form of prank stickers.

This round of funding from Braavo Capital positions Sociaaal for further expansion, with the goal of doubling their size within the next year. The company also has plans to expand beyond social and entertainment apps into new categories like self-improvement, productivity, and wellbeing, already demonstrated by products like its AI-powered Dreamwise app that allows users to record and analyze their dreams.

“We are impressed with Sociaaal’s growth and are thrilled to lead this financing round,” says Mark Loranger, CEO of Braavo Capital. “Braavo’s $4 million commitment demonstrates our belief in their team’s vision and ability to execute.”

Sociaaal CEO Patrick Stuart-Constant reiterated the sentiment, “Braavo has been an invaluable partner throughout Sociaaal’s growth journey, and was a natural fit for this round of financing. Their ability to quickly understand Sociaaal’s growth potential made them an ideal partner for this critical phase of expansion.”

About Sociaaal

Founded in 2022, Sociaaal is the fast-growing mobile app studio that specializes in building, buying, and publishing non-gaming apps for Gen Z . The company has leveraged its expertise in rapid iteration, AI, and data driven strategies to reach over 34 million installs across its portfolio of 20 apps.

About Braavo Capital

Established in 2015, Braavo is the leading funding partner for the world’s most successful app businesses. Having facilitated over $1 billion in financing and supported over 8000 apps since inception, Braavo offers a range of financing, from on-demand receivables to multi-million dollar bespoke credit facilities.

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