Future of PKI in IoT: Market Poised to Hit $5 Billion by 2030

A new report from ABI Research forecasts that the Public Key Infrastructure (PKI) market for the Internet of Things (IoT) will reach $5 billion globally by 2030. This surge is driven by evolving cybersecurity regulations, sector-specific standards, and large-scale national and international IoT initiatives, all of which emphasize the need for strong identity and access management solutions.

As IoT devices continue to proliferate, the demand for secure communication between these devices and their connected systems grows. PKI, a well-established digital trust mechanism, is evolving to meet the unique security needs of increasingly diverse IoT ecosystems.

A Shift Toward Scalable, Automated PKI Solutions

According to Aisling Dawson, Industry Analyst at ABI Research, the PKI landscape for IoT is shifting away from traditional, centralized models toward scalable, web-based trust networks. “With the complex nature of IoT environments, adaptable PKI solutions are on the rise, offering greater integration for IoT devices. This trend is further strengthened by increasing automation in the PKI space, including automated certificate issuance, renewal, revocation, and device decommissioning. Artificial intelligence (AI) and machine learning (ML) are set to enhance IoT cryptographic management, addressing concerns around post-quantum security,” Dawson explains.

Industry Leaders Back PKI for IoT Security 

Key players in the PKI industry, including Keyfactor, Venafi, Utimaco, and Digicert, are expanding their digital trust solutions into the IoT sector. Major providers such as Entrust and Globalsign are also developing IoT-specific PKI solutions, intensifying competition within the market. Meanwhile, container-based Certificate Lifecycle Management and embedded PKI are gaining traction across industries, aligning with the growing reliance on cloud-based and containerized data storage.

Sectors such as automotive, manufacturing, and healthcare are expected to drive substantial PKI-IoT revenue growth, particularly as quantum-resistant cryptographic solutions become a priority between now and 2030. Companies like Sectigo and AppViewX are focusing on enhancing certificate adaptability, while firms specializing in quantum-safe technology, such as SEALSQ and Kudelski, are incorporating post-quantum cryptographic algorithms into their PKI-IoT offerings.

PKI’s Evolution: A Necessity, Not an Option

Despite its strong potential to secure IoT devices, PKI is not a one-size-fits-all solution. “PKI must continue evolving to address the specific needs of IoT systems and avoid becoming just another marketing buzzword. While PKI’s cryptographic foundations enable quantum-resistant certificates, the fundamental limitations of IoT devices—such as storage and computational power—pose challenges for post-quantum cryptographic implementation. Rigorous testing of post-quantum PKI within IoT ecosystems will be crucial. Companies that prioritize this early on will gain a strategic edge as PKI becomes an integral component of IoT security,” Dawson concludes.