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eFFECTOR Therapeutics Reports Second Quarter 2023 Financial Results and Provides Corporate Update

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2 months ago

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Positive data update from Phase 2 expansion cohort evaluating zotatifin combined with fulvestrant and abemaciclib (ZFA triplet) in estrogen receptor-positive (ER+) metastatic breast cancer (mBC) presented at the American Society of Clinical Oncology (ASCO) Annual Meeting 2023

Continued progress in dose-escalation study with zotatifin in combination with fulvestrant in ER+ mBC,
with data anticipated in the second half of 2023

Raised $16.2 million in gross proceeds from two registered direct financings, extending cash runway into second quarter of 2024

SOLANA BEACH, Calif. and REDWOOD CITY, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) — eFFECTOR Therapeutics, Inc. (NASDAQ: EFTR), a leader in the development of selective translation regulator inhibitors (STRIs) for the treatment of cancer, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate update.

“It was another productive quarter for eFFECTOR as we made considerable progress on all fronts,” remarked Steve Worland, Ph.D., president and chief executive officer of eFFECTOR. “The data presented at ASCO was a significant milestone for the zotatifin program, with substantially greater activity observed with the ZFA triplet than we would have expected in such heavily pretreated patients with just fulvestrant and abemaciclib. While still immature, we are encouraged by the emerging PFS data for the ZFA triplet and look forward to disclosing mature PFS data along with further dose escalation data later this year. We are now focusing on defining our registrational path for zotatifin in ER+ mBC and believe that the drug can be positioned as a second line therapy in multiple patient segments, with and without defined resistance mutations.”

“The randomized Phase 2b KICKSTART clinical trial of tomivosertib combined with pembrolizumab for the treatment of non-small cell lung cancer (NSCLC) continues to progress, with an anticipated data readout in the second half of 2023,” continued Dr. Worland. “In addition, we are thrilled to welcome Dr. Gary Chiang back to eFFECTOR as the Vice President of Translational Science, as we continue to build up internal expertise to support both tomivosertib and zotatifin development programs. Lastly, we bolstered our balance sheet by raising over $16.0 million during the quarter, which now extends our cash runway into the second quarter of 2024.”

Pipeline Highlights

Tomivosertib (eFT508): eFFECTOR’s wholly owned, highly selective MNK inhibitor designed to enhance anti-tumor immune activity by activating T cells, delaying their exhaustion, and expanding the pool of central memory T cells:

  • Enrollment continues in Phase 2b KICKSTART trial in NSCLC. eFFECTOR’s KICKSTART trial is continuing to enroll patients with PD-L1 expression ≥50% who will receive tomivosertib or placebo in combination with pembrolizumab as their initial therapy for metastatic disease. Topline data are anticipated in the second half of 2023.

Zotatifin (eFT226): eFFECTOR’s wholly-owned, potent and selective inhibitor of mRNA helicase eIF4A designed to downregulate expression of key oncoproteins and cell cycle proteins that drive tumor growth and resistance:

  • Positive clinical data for ZFA triplet in ER+ breast cancer was presented at ASCO Annual Meeting 2023 in June, with partial responses seen in 26% of patients. New interim data were presented on the fully enrolled expansion cohort of patients (n=20) who received the ZFA triplet with zotatifin dosed at 0.07 mg/kg on Days 1 and 8 of 21-day cycles. Patients were heavily pre-treated, having received a median of four prior lines of therapy for metastatic disease. Five out of 19 (26%) RECIST-evaluable patients achieved a partial response (PR), including four confirmed and one unconfirmed. All five patients who achieved a PR had previously progressed on prior CDK4/6 and fulvestrant treatments, and all five had received one or more prior lines of chemotherapy. Efficacy results exceeded our expectations for fulvestrant and abemaciclib (FA doublet) in such heavily pre-treated patients after CDK4/6, endocrine and/or chemotherapies. The ZFA triplet was generally well tolerated, with three patients discontinuing due to adverse events (AEs) of any cause, and the large majority of AEs being Grade 1 or 2. Mature PFS data from the ZFA cohort is anticipated in the second half of 2023.
  • On track to report topline data from dose escalation in the second half of 2023. Favorable safety results generated to date have allowed resumption of dose escalation to determine the recommended Phase 2 dose of zotatifin combined with fulvestrant (ZF doublet). Topline data from dose escalation are anticipated in the second half of 2023.
  • Collaboration with Stanford Medicine on investigator-initiated randomized Phase 2 study in patients with ER+ breast cancer. This trial, being led by Jennifer Caswell-Jin, M.D., Assistant Professor of Medicine at Stanford Medicine, is bringing to the clinic the science of integrative subgroups of breast cancer, building on work done by Christian Curtis, Ph.D., Professor of Medicine, Genetics, and Biomedical Data Science, and Director of Artificial Intelligence and Cancer Genomics at Stanford Medicine. Zotatifin will be tested in specific genomically-defined subgroups, including standard risk patients as well as high-risk patients carrying specific markers predictive of relapse.

Business Highlights

  • $16.2 million in gross proceeds raised from two registered direct financings, extending cash runway into second quarter of 2024. eFFECTOR completed two registered direct financings during the second quarter of 2023. The first financing closed on May 31, 2023, and included the sale of an aggregate of 11,450,382 shares of common stock (or common stock equivalents in lieu thereof), at a purchase price of $0.655 per share (or common stock equivalent in lieu thereof), and unregistered warrants to purchase up to an aggregate of 11,450,382 shares of common stock with an exercise price of $0.53 per share. The second financing closed on June 8, 2023, and included the sale of an aggregate of 7,764,445 shares of common stock (or common stock equivalents in lieu thereof), at a purchase price of $1.125 per share (or common stock equivalent in lieu thereof), and unregistered warrants to purchase up to an aggregate of 7,764,445 shares of common stock with an exercise price of $1.00 per share. With the completion of the two financings, eFFECTOR has extended the previously anticipated cash runway from first quarter of 2024 into the second quarter of 2024.
  • eFFECTOR hired Gary Chiang, Ph.D., as Vice President of Translational Science. eFFECTOR welcomes back Gary Chiang, Ph.D., as Vice President of Translational Science. Dr. Chiang brings over 20 years of experience in drug discovery and cancer research. He most recently served as Executive Director, Head of Biology at Erasca, Inc., and previously held the position of Executive Director, Cancer Biology at eFFECTOR, where he led pre-clinical and translational efforts on the tomivosertib and eIF4E programs. Prior to eFFECTOR, Dr. Chiang was Senior Group Leader, Oncology Discovery at AbbVie. Earlier in his career, Dr. Chiang was a research assistant professor at the Sanford-Burnham Medical Research Institute following a NIH-NRSA postdoctoral fellowship. He completed his Ph.D. in Biology at the University of California, San Diego / Salk Institute for Biological Studies and he received his B.S. with distinction in Biochemistry from the University of Illinois at Urbana-Champaign.

Second Quarter 2023 Financial Results

Cash Position and Guidance: eFFECTOR had cash, cash equivalents, and short-term investments totaling $25.0 million as of June 30, 2023, compared to $19.0 million as of March 31, 2023. eFFECTOR completed two registered direct financings during the second quarter of 2023, with aggregate gross proceeds totaling $16.2 million. eFFECTOR anticipates that its current cash, cash equivalents and short-term investments will be sufficient to fund operations into the second quarter of 2024.

Research and Development (R&D) Expenses: R&D expenses were $4.9 million for the quarter ended June 30, 2023, compared to $6.9 million for the same quarter of 2022. This decrease for the quarter was due to lower external development expenses primarily associated with the timing of clinical trial activities and manufacturing related activities for both the tomivosertib and zotatifin programs. R&D expenses included approximately $0.5 million and $0.7 million of non-cash stock compensation expense in the quarters ended June 30, 2023 and 2022, respectively.

General and Administrative (G&A) Expenses: G&A expenses were $3.0 million for each of the quarters ended June 30, 2023 and 2022. Employee related costs increased by approximately $0.2 million for the three months ended June 30, 2023 compared to the same period in 2022, due to higher non-cash stock compensation and bonus expense, along with a $0.2 million increase in legal and patent costs, offset by a reduction of $0.4 million in relation to D&O insurance for the three months ended June 30, 2023 compared to the same period in 2022. G&A expenses included approximately $0.7 million and $0.6 million of non-cash stock compensation expense in the quarters ended June 30, 2023 and 2022, respectively.

Other Income (Expense): Other expense was $0.5 million for the quarter ended June 30, 2023 and other income for the quarter ended June 30, 2022 was $1.0 million. Other expense in the quarter ended June 30, 2023 consisted primarily of interest expense associated with the company’s term loans, which was partially offset by interest income. Other income in the quarter ended June 30, 2022 consisted primarily of income related to the change in fair value of the company’s earn-out liability for the period, partially offset by interest expense associated with the company’s term loans. The fair value of the share earn-out liability of $1.4 million at March 31, 2022 was remeasured at $0.1 million as of June 30, 2022 and $6 thousand as of June 30, 2023.

Net Loss: Net loss was $8.4 million, or $0.17 per basic and diluted share, for the quarter ended June 30, 2023, as compared to $6.9 million, or $0.17 per basic and diluted share, for the same quarter of 2022.

About eFFECTOR Therapeutics
eFFECTOR is a clinical-stage biopharmaceutical company pioneering the development of a new class of oncology drugs referred to as STRIs. eFFECTOR’s STRI product candidates target the eIF4F complex and its activating kinase, mitogen-activated protein kinase interacting kinase (MNK). The eIF4F complex is a central node where two of the most frequently mutated signaling pathways in cancer, the PI3K-AKT and RAS-MEK pathways, converge to activate the translation of select mRNA into proteins that are frequent culprits in key disease-driving processes. Each of eFFECTOR’s product candidates is designed to act on a single protein that drives the expression of a network of functionally related proteins, including oncoproteins and immunosuppressive proteins in T cells, that together control tumor growth, survival and immune evasion. eFFECTOR’s lead product candidate, tomivosertib, is a MNK inhibitor currently being evaluated in KICKSTART, a randomized, double-blind, placebo-controlled Phase 2b trial of tomivosertib in combination with pembrolizumab in patients with metastatic non-small cell lung cancer (NSCLC). Zotatifin, eFFECTOR’s inhibitor of eIF4A, is currently being evaluated in Phase 2a expansion cohorts in certain biomarker-positive solid tumors, including ER+ breast cancer and KRAS-mutant NSCLC. eFFECTOR has a global collaboration with Pfizer to develop inhibitors of a third target, eIF4E.

Forward-Looking Statements
eFFECTOR cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: the future clinical development of our product candidates, including expectations on enrollment and the timing of reporting data from ongoing clinical trials; the planned expanded development of zotatifin and the timing thereof; the potential therapeutic benefits of our product candidates; and the sufficiency of our capital resources to fund operations into the second quarter of 2024 and allow clinical data readouts and the expansion of our clinical development programs. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: interim results of a clinical trial are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data and more patient data become available; potential delays in the commencement, enrollment and completion of clinical trials; our dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the results of preclinical studies and early clinical trials are not necessarily predictive of future results; the success of our clinical trials and preclinical studies for our product candidates is uncertain; we may use our capital resources sooner than expected and they may be insufficient to allow clinical trial readouts; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; our ability to obtain and maintain intellectual property protection for our product candidates; any future impacts to our business resulting from inflation or the conflict between Russia and Ukraine or other geopolitical developments outside our control; and other risks described in our prior filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

eFFECTOR Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
 
  June 30, 2023   December 31, 2022
Assets (Unaudited)    
Current assets:      
Cash and cash equivalents $ 14,714     $ 8,708  
Short-term investments   10,305       17,602  
Prepaid expenses and other current assets   956       1,704  
Total current assets   25,975       28,014  
Property and equipment, net   216       241  
Operating lease right-of-use assets   83       111  
Other assets   615       711  
Total assets $ 26,889     $ 29,077  
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $ 1,451     $ 1,486  
Accrued expenses   1,923       3,368  
Current term loans, net   19,216       19,061  
Accrued final payment on term loans, current   1,100       1,100  
Lease liabilities, current portion   69       60  
Total current liabilities   23,759       25,075  
Other accrued liabilities, non-current   484       —  
Earn-out liability   6       6  
Non-current warrant liability   40       40  
Non-current lease liabilities   25       60  
Total liabilities   24,314       25,181  
Stockholders’ equity:      
Preferred stock   —       —  
Common stock   6       4  
Additional paid-in capital   164,512       147,476  
Accumulated other comprehensive income (loss)   1       (18 )
Accumulated deficit   (161,944 )     (143,566 )
Total stockholders’ equity   2,575       3,896  
Total liabilities and stockholders’ equity $ 26,889     $ 29,077  
eFFECTOR Therapeutics, Inc.
Condensed Consolidated Statement of Operations and Comprehensive loss
(Unaudited)
(in thousands, except share and per share data)
 
  Three Months Ended June 30,   Six Months Ended June 30,
    2023       2022       2023       2022  
Grant revenue $ –     $ 2,011     $ –     $ 2,011  
Operating expenses:              
Research and development   4,881       6,919       11,490       10,031  
General and administrative   2,974       2,973       5,901       6,409  
Total operating expenses   7,855       9,892       17,391       16,440  
Operating loss   (7,855 )     (7,881 )     (17,391 )     (14,429 )
Other income (expense)              
Interest income   227       64       453       88  
Interest expense   (722 )     (505 )     (1,411 )     (983 )
Other income (expense), net   (14 )     123       (29 )     (563 )
Change in fair value of earn-out liability   —       1,284       —       12,041  
Other income (expense)   (509 )     966       (987 )     10,583  
Net loss   (8,364 )     (6,915 )     (18,378 )     (3,846 )
Other comprehensive income (loss)   —       (32 )     19       (82 )
Comprehensive loss $ (8,364 )   $ (6,947 )   $ (18,359 )   $ (3,928 )
               
Net loss per share, basic and diluted $ (0.17 )   $ (0.17 )   $ (0.41 )   $ (0.09 )
Weighted-average common shares outstanding, basic and diluted   47,828,631       41,118,727       44,930,987       40,984,273  
               

Contacts:

Investors:   Media:
Christopher M. Calabrese
Managing Director
LifeSci Advisors
917-680-5608
[email protected]		 Kevin Gardner
Managing Director
LifeSci Advisors
617-283-2856
[email protected]		 Mike Tattory
Account Supervisor
LifeSci Communications
609-802-6265
[email protected]

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Hohem Shines at IFA and IBC Exhibitions with Innovative AI Tracking Stabilizers

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September 30, 2023

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SHENZHEN, China, Sept. 30, 2023 /PRNewswire/ — Recently, Hohem, a trailblazer in the gimbal market, showcased its innovation at two renowned international exhibitions – the IFA exhibition in Berlin from September 3 to September 5, and the IBC exhibition in Amsterdam from September 15 to September 18. These exhibitions are significant platforms for industry players to present their latest innovations and connect with enthusiasts.

The IFA exhibition, a global hub for consumer electronics, saw Hohem presenting a range of sought-after smartphone gimbal and camera stabilizers, such as iSteady M6 and iSteady MT2. The magnetic AI tracker is much to the delight of photography enthusiasts. With this sensor, users can enjoy a smooth AI tracking experience without the need for an app or Bluetooth connection. By simply facing the AI sensor and making gestures, iSteady MT2 and iSteady M6 swiftly and accurately tracks the subject, capturing facial and body movements even in challenging scenarios.
At IFA, Hohem shared the stage with industry giants like DJI, Zhiyun, Huawei and Apple, underlining its position amidst renowned brands in the smart imaging arena. The booth design, characterized by a blend of deep black and vibrant orange, was a visual treat, adding a touch of sophistication and modernity.
Following IFA, Hohem participated in the IBC exhibition, a prestigious event in the broadcasting industry. The booth, mirroring the design theme from IFA, presented Hohem’s innovative applications of smart imaging technology in broadcasting. This event also featured industry stalwarts like Canon, Sony and Nikon, further enriching the discourse on broadcasting technology and imaging. Furthermore, the Hohem MIC-01 Wireless Microphone has received recognition and acknowledgment from industry competitors, establishing Hohem as a key player in the gimbal market.
In the coming days, Hohem will continue to uphold its brand mission of “Create a more straightforward way of recording memorable moments with tech” and introduce more user-friendly and efficient smart imaging devices. Hohem aspires to earn the trust and admiration of consumers globally, emerging as a go-to brand in the smart imaging landscape.
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Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®

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September 29, 2023

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The “Global Digital Twin Market Size By Type, By Technology, By Industry, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Digital Twin Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 29, 2023 /PRNewswire/ — The Global Digital Twin Market is projected to grow at a CAGR of 38.1% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 7.2 Billion in 2022 and is expected to reach USD 133.7 Billion by the end of the forecast period.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=144337
Browse in-depth TOC on “Digital Twin Market”
202 – Pages
126 – Tables
37 – Figures
Global Digital Twin Market Sees Unprecedented Growth Amidst Pandemic Challenges
The global Digital Twin Market is experiencing remarkable growth, transforming industries and revolutionizing decision-making processes across the board. A Digital Twin, a virtual replication of physical entities or systems, is driving innovation and operational efficiency across healthcare, pharmaceuticals, automotive, transportation, and aerospace sectors.
Digital Twin Market Drivers and Industry Insights:
Amid the challenges posed by the COVID-19 pandemic, the healthcare and pharmaceutical sectors have embraced Digital Twin technology, leveraging its capabilities for drug experimentation, patient monitoring, and medication impact assessments. The energy & power sector is emerging as a significant driver of Digital Twin adoption, with the manufacturing industry optimizing operations through its integration.
Digital Twin Market Outlook and Future Prospects:
The global Digital Twin market’s outlook remains promising, driven by the imperative need for data-driven decision-making and enhanced operational efficiency. Through real-time data analysis and predictive modeling, Digital Twins enable organizations to anticipate and optimize the performance of products and processes throughout their lifecycle. The market’s growth is further propelled by ongoing advancements in technology, fostering a landscape of innovation and strategic collaborations.
North America stands at the forefront of the Digital Twin revolution, serving as a key innovation center and early adopter of Digital Twins and associated technologies. Major industry players, including General Electric (US), have significantly invested in the sector, underlining the region’s market leadership. Their contributions are shaping the industry’s future, driving research, and fostering advancements that will redefine how businesses operate in the digital age.
Digital Twin Market Key Players
The “Global Digital Twin Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Swim AI, Robert Bosch, Oracle, SAP, Ansys, Siemens AG, Microsoft Corporation, PTC, IBM, and General Electric.
The Digital Twin market represents a pivotal shift in how industries approach decision-making and operational efficiency. As we navigate the challenges brought forth by the pandemic, Digital Twins offer a beacon of innovation, enabling organizations to thrive in an increasingly digital world
To get market data, market insights, financial statements and a comprehensive analysis of the Global Digital Twin Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Digital Twin Market into Type, Technology, Industry, And Geography.
Digital Twin Market, by Typeo  System Digital Twin
o  Process Digital twin
o  Product Digital Twin
Digital Twin Market, by Technologyo  Big Data Analytics
o  5G
o  AR, VR, and MR
o  AI and ML
o  Blockchain
Digital Twin Market, by Industryo  Retail
o  Telecommunication
o  Agriculture
o  Healthcare
o  Automotive and Transportation
o  Others
Digital Twin Market, by Geographyo  North America
U.SCanadaMexicoo  Europe
GermanyFranceU.KRest of Europeo  Asia Pacific
ChinaJapanIndiaRest of Asia Pacifico  ROW
Middle East & AfricaLatin AmericaBrowse Related Reports:
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Digital Twin In Finance Market By Offering Type (Platforms And Solutions, Services), By Application Type (BFSI, Transport And Other Logistics, Healthcare, Manufacturing), By Geography, And Forecast
Digital Twin Technology Market By End-User (Manufacturing Process Planning and Product Design), By Application (Automotive, Aviation, Chemical, Healthcare), By Geography, And Forecast
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Visualize Digital Twin Market using Verified Market Intelligence:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
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Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.
We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.
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Public Key Infrastructure (PKI) Market worth $13.8 billion by 2028 – Exclusive Report by MarketsandMarkets™

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September 29, 2023

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PKI will continue to be used by organisations for secure digital communications, identity management, and data protection in an increasingly linked and digitised world because to its flexibility to adapt to new technologies and security issues
CHICAGO, Sept. 29, 2023 /PRNewswire/ — The global Public Key Infrastructure Market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “Public Key Infrastructure (PKI) Market”
358 – Tables 56 – Figures300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2017-2028
Base year considered
2022
Forecast period
2023-2028
Forecast units
Value (USD) Million/Billion
Segments Covered
By offering, deployment mode, organization size, application, and vertical
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered
Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US)
The PKI market is being propelled by a convergence of factors in today’s digitally connected world. The escalating volume and complexity of cyberattacks have made robust security a paramount concern for organizations, prompting increased demand for PKI’s encryption, authentication, and digital signature capabilities. Secondly, regulatory compliance requirements, such as GDPR and HIPAA, mandate secure data handling and encryption, compelling organizations to adopt PKI solutions. The rise of digital transformation initiatives, remote work, and the Internet of Things further fuel the need for PKI to safeguard digital interactions, protect sensitive data, and establish trust in online transactions. As the digital landscape continues to expand and evolve, PKI remains the linchpin for ensuring cybersecurity, making it a pivotal driver in the cybersecurity market.
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By offering, the services segment to register the highest growth rate during the forecast period
The services segment of the PKI market is poised to register the highest growth rate during the forecast period, underlining the critical role of expert services in enabling organizations to harness the full potential of PKI solutions. Implementing and managing PKI can be complex, involving intricate cryptographic processes and security considerations. As cybersecurity threats evolve, organizations recognize the need for specialized expertise in securing digital identities and data. PKI service providers offer invaluable support, consultation, and implementation services to ensure a seamless and secure PKI deployment. Their role extends to customizing PKI solutions to align with the unique infrastructure of each organization, integrating PKI seamlessly into existing systems, and providing managed PKI services to streamline certificate management. Furthermore, PKI service providers play a vital role in ensuring compliance with stringent regulatory standards and industry best practices. Their training and support services empower organizations to maximize the benefits of PKI while maintaining the highest levels of security.
Based on vertical, the healthcare segment is to grow at the highest CAGR during the forecast period
The healthcare sector is poised to experience the highest compound annual growth rate within the PKI market during the forecast period, signaling a significant shift towards robust security and digital trust solutions. Several key factors contribute to this remarkable growth trajectory. The healthcare sector deals with highly sensitive patient data, making data security and patient privacy paramount concerns. PKI’s encryption and authentication capabilities provide a robust framework for safeguarding electronic health records, ensuring the integrity of medical data, and enabling secure sharing of patient information among healthcare providers. The COVID-19 pandemic has accelerated the adoption of telemedicine and remote healthcare services. The need for secure and trusted digital identities and communications has surged as the healthcare industry increasingly relies on digital platforms for remote consultations, diagnosis, and patient monitoring. PKI plays a pivotal role in enabling secure telehealth services, ensuring that patient data remains confidential and unaltered during remote interactions.
North America to hold the largest market share during the forecast period.
North America holds the largest market share during the forecast period in the PKI market, underscoring the region’s strong emphasis on cybersecurity, digital innovation, and regulatory compliance. North America is home to many enterprises, financial institutions, healthcare organizations, and government agencies, all of which rely heavily on robust cybersecurity solutions like PKI to protect sensitive data and ensure secure online transactions. The region’s recognition of PKI as a fundamental element of cybersecurity strategy drives its substantial market share. The United States, in particular, has a highly developed cybersecurity ecosystem, with numerous cybersecurity companies, research institutions, and government initiatives focused on enhancing digital security. This environment fosters innovation and adoption of advanced PKI solutions to address emerging threats.
Top Key Companies in Public Key Infrastructure (PKI) Market:
The major players in the Public Key Infrastructure Market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
Recent Developments
April 2023 – Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.April 2023 – Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless AuthenticationJanuary 2023 – A comprehensive digital trust system that combines public key infrastructure (PKI), certificate management, and certificate authority (CA) services was introduced by DigiCert. A significant product launch is Trust Lifecycle Manager, which is currently accessible as a component of the DigiCert ONE platform.February 2022 – To increase public trust in the cloud, Thales announced the continuation of its cooperation with Google Cloud. Organizations can confidently use the Google Cloud Platform (GCP) if the connection is stronger. The technique known as ubiquitous data encryption, which combines Thales’ Cypher Trust Cloud Key Manager and Google Cloud’s Confidential Computing, is activated. Customers can create and manage the encryption keys for data sent to Google Confidential Cloud Computing using the Thales Cypher Trust Data Security Gateway.Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=145372975
Public Key Infrastructure (PKI) Market Advantages:
Using cryptographic techniques to shield data from unauthorised access and manipulation, PKI offers a solid framework for protecting digital communications and transactions.Sensitive data is kept private and secure during transmission and storage because to PKI’s data encryption capabilities.Organisations are able to confirm the identity of users and devices before authorising access to sensitive resources thanks to PKI, which enables secure user and device authentication.Digital signatures can be created and verified with PKI, protecting the integrity and legitimacy of electronic documents and transactions.PKI offers non-repudiation, which makes it impossible for participants to claim they were not involved in a transaction because digital signatures serve as evidence of validity.Through techniques like S/MIME (encrypt/Multipurpose Internet Mail Extensions), PKI can encrypt email connections and protect the confidentiality and integrity of email information.Organisations can authorise access to systems and data based on certificate validation using PKI-based access controls, which provides an additional layer of protection.By issuing and managing digital certificates, PKI facilitates identity management by streamlining user access and account management.PKI offers a secure framework for data protection and identity verification, assisting organisations in adhering to legal and compliance standards.Report Objectives:
To define, describe, and forecast the Public Key Infrastructure Market based on segments based on offering, deployment mode, organization size, application, and vertical with regions covered.To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Public Key Infrastructure Market.To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Public Key Infrastructure Market.To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Public Key Infrastructure Market.To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market’s competitive landscape.To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.Browse Adjacent Market: Information Security Market Research Reports & Consulting
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