Artificial Intelligence
authID Reports Financial and Operating Results for the Second Quarter Ended June 30, 2023
DENVER, Aug. 10, 2023 (GLOBE NEWSWIRE) — authID® [Nasdaq: AUID] a leading provider of secure identity verification and authentication solutions today reported financial and operating results for the second quarter and six months ended June 30, 2023.
“In the second quarter, the authID team executed a successful fund raise, debt capitalization, and cost-savings plan that helped improve our balance sheet, allowing us to focus on our mission to eliminate authentication fraud and deliver 100% Zero Trust Identity Protection,” said CEO Rhon Daguro.
“We also secured new contracts with several customers including ABM, a Fortune 500 company with over 100,000 employees. These customer wins validate strong market demand and fit for our identity verification and authentication products and represent the highest total gross BARR in sales that authID has achieved in a single quarter to date,” continued Daguro. “The authID team continues to be laser focused on achieving strong market momentum by delivering the faster, frictionless, and accurate user identity solutions on which highly secure enterprises and digital commerce will be built.”
Financial Results for the Second Quarter Ended June 30, 2023
The following highlights comprise results from continuing operations.
- Total revenue for the three months ended June 30, 2023 was $0.04 million, compared with total revenue of $0.07 million for the three months ended June 30, 2022. For the six months ended June 30, 2023, total revenue was $0.07 million, compared with total revenue for the six months ended June 30, 2022 of $0.2 million. The reduction was primarily attributed to revenue from a legacy authentication product that was discontinued in April 2022.
- Operating expenses for the three months ended June 30, 2023 declined to $2.8 million, compared with $6.0 million for the comparable period in 2022. For the six-month period in 2023, operating expenses declined to $7.2 million, compared with $11.2 million for the same period last year. The reduced expenditure reflects the Company’s cost-saving measures resulting in lower headcount costs and lower third-party vendor costs.
- Loss for the three months ended June 30, 2023 was $10.9 million, of which non-cash charges were $9.2 million, compared with a loss of $6.4 million of which non-cash charges were $3.3 million, for the comparable period in 2022. For the six-month period in 2023, Loss was $16.1 million, of which non-cash and one-time severance charges were $12.2 million, compared with a loss of $11.5 million of which non-cash and one-time severance charges were $5.6 million, for the same period last year.
- Net loss per share for the three months ended June 30, 2023 was $2.15, compared with $2.06 for the three months ended June 30, 2022. For the six months ended June 30, 2023, net loss per share was $3.91, compared with $3.80 for the same period last year.
- Adjusted EBITDA loss improved to $1.7 million for the quarter ended June 30, 2023, compared with an Adjusted EBITDA loss of $3.0 million for the quarter ended June 30, 2022. For the six months ended June 30, 2023, Adjusted EBITDA loss was $3.9 million, compared with an Adjusted EBITDA loss of $5.9 million, for the same period last year, primarily due to cost savings from the restructuring plan executed in the first quarter of 2023.
- In May, the Company secured $8.2 million dollars in financing before expenses that included the offset of principal and accrued interest and cancellation of a $0.9 million dollar note entered into with Stephen Garchik in March 2023. The Company also improved its balance sheet and reduced cash requirements by capitalizing convertible debt totaling approximately $8.9 million dollars and exchanging it for shares of common stock.
- Subsequent to the period, in July the Company completed a complete a 1-for-8 reverse stock split of its common stock. The impact of this change in capital structure has been retroactively applied to all periods presented herein.
- The financing, debt restructure, and reverse stock split enabled the Company to regain compliance with Nasdaq listing rules.
Please refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure).
Operational Highlights for the Second Quarter of 2023
- Signed an agreement with ABM, one of the world’s largest providers of facility services and solutions, with over 100,000 employees, to deploy authID’s identity authentication solutions to optimize facilities’ operations and secure employee access across shared devices. authID’s strong biometric authentication services will allow ABM to deploy next-generation security, while delivering a cost-effective and intuitive user authentication experience to critical workforce applications.
- Continued to onboard new FinServ customers with the deployment of our biometric identity and document verification services to streamline customer onboarding and weed out imposters for a U.S. financial institution.
- Signed an agreement with an international recruitment platform who need our services to verify identity of new hires and automate document collection, in order to deliver trusted candidates to their corporate customers.
- Through US channel partners, added several enterprise customers to reduce identity fraud in digital customer onboarding.
- In July, appointed Greg Manship, Dale Daguro, and Jeff Scheidel as Vice Presidents of Sales who will bring their deep understanding of the identity market and impressive track records of developing high-performing sales teams to capitalize on the strong demand for secure and reliable biometric authentication solutions.
- On August 3rd, announced the appointment of Ed Sellitto as CFO. Sellitto will succeed Annie Pham effective August 15, 2023. Ed brings over fifteen years of experience in revenue optimization and financial operations roles supporting high-growth B2B, SaaS organizations to build and optimize their go-to-market operations.
About authID Inc.
At authID (Nasdaq: AUID), We Are Digital Identity®. authID provides secure identity verification and authentication through Verified™, an easy-to-integrate strong authentication platform. Verified combines document-based identity verification with strong FIDO2 passwordless device authentication and cloud facial biometrics to deliver identity-first cybersecurity for both workforce and consumer applications. Powered by sophisticated biometric and artificial intelligence technologies, authID establishes trusted digital identities, binds an identity to provisioned devices, and eliminates the risks of passwords to deliver the faster, frictionless, and accurate user identity solutions demanded by today’s digital ecosystem. For more information, go to www.authID.ai.
authID Media Contact
Graham N. Arad
General Counsel
[email protected]
Forward-Looking Statements
This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the Company’s ability to attract and retain customers; successful implementation of the services to be provided under new customer contracts; the Company’s ability to compete effectively; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the war in Ukraine, inflationary pressures, increases in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2022 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.
Non-GAAP Financial Information.
The Company provides certain non-GAAP financial measures in this statement. Please note that certain definitions of these non-GAAP financial measures have changed as compared to the non-GAAP financial measures reported in previous periods. Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, as well as BARR and ARR provide useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors, and other interested parties in the evaluation of comparable companies. BARR and ARR are presented because management believes they provide additional information with respect to the trends in the performance of our fundamental business activities. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management. These non-GAAP key business indicators, which include Adjusted EBITDA, BARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.
We define Adjusted EBITDA as GAAP net loss adjusted to exclude: (1) interest expense, (2) interest income, (3) income tax expense, (4) depreciation and amortization, (5) stock-based compensation expense and (6) loss on debt extinguishment, conversion expense on exchange of Convertible Notes, and certain other items management believes affect the comparability of operating results. Please see Table 1 below for a reconciliation of Adjusted EBITDA – continuing operations to net loss – continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.
TABLE 1
Reconciliation of Loss from Continuing Operations to Adjusted EBITDA Continuing Operations.
| For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Loss from continuing operations | $ | (10,900,320 | ) | $ | (6,366,520 | ) | $ | (16,120,559 | ) | $ | (11,466,525 | ) | ||||
| Addback: | ||||||||||||||||
| Interest expense, net | 282,109 | 459,262 | 1,082,182 | 493,904 | ||||||||||||
| Other income | (1,160 | ) | – | (1,160 | ) | (3,240 | ) | |||||||||
| Loss on debt extinguishment | 380,741 | – | 380,741 | – | ||||||||||||
| Conversion expense | 7,476,000 | – | 7,476,000 | – | ||||||||||||
| Severance cost | – | – | 811,041 | 150,000 | ||||||||||||
| Depreciation and amortization | 76,019 | 244,448 | 152,036 | 460,833 | ||||||||||||
| Taxes | 3,255 | 7,316 | 3,255 | 8,100 | ||||||||||||
| Non-cash recruiting fees | (54,000 | ) | – | 438,000 | – | |||||||||||
| Stock compensation | 1,055,690 | 2,632,118 | 1,895,711 | 4,499,107 | ||||||||||||
| Adjusted EBITDA continuing operations (Non-GAAP) | $ | (1,681,666 | ) | $ | (3,023,376 | ) | $ | (3,882,753 | ) | $ | (5,857,821 | ) | ||||
The company defines Booked Annual Recurring Revenue or BARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned under contracted orders, looking out eighteen months from the date of signing of each customer contract. The net amount of BARR reflects the deduction of the BARR of contracts previously included in reported BARR, which were subject to attrition during the quarter. The gross amount of BARR from contracts signed in the second quarter of 2023 was $239,000 and the net amount of BARR was $221,000 (after attrition), compared to $32,000 signed in the second quarter of 2022.
The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue derived from sales of our Verified products during the last three months of the relevant period (in this case the three months ended June 2023) as determined in accordance with GAAP, multiplied by 4. The amount of ARR as of June 30, 2023 is approximately $144,000, compared to approximately $118,000 as of June 30, 2022.
BARR may be distinguished from ARR, as BARR does not take into account the time to implement any contract for Verified, nor for any ramp in adoption, or seasonality of usage of the Verified products. BARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:
- BARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as BARR or ARR at any time.
- BARR and ARR are to be considered “forward looking statements” and subject to the same risks, as other such statements (see note on “Forward Looking Statements” above).
- BARR & ARR only include revenues from sale of our Verified products and not other revenues.
- BARR & ARR do not include amounts we consider as non-recurring revenues (for example one-off implementation fees).
authID INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues: | ||||||||||||||||
| Verified software license | $ | 36,122 | $ | 51,409 | $ | 71,900 | $ | 86,902 | ||||||||
| Legacy authentication services | 1,020 | 15,000 | 3,098 | 144,559 | ||||||||||||
| Total revenues, net | 37,142 | 66,409 | 74,998 | 231,461 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| General and administrative | 1,924,203 | 4,026,382 | 5,200,394 | 7,669,366 | ||||||||||||
| Research and development | 796,295 | 1,695,521 | 1,902,109 | 3,069,023 | ||||||||||||
| Depreciation and amortization | 76,019 | 244,448 | 152,036 | 460,833 | ||||||||||||
| Total operating expenses | 2,796,517 | 5,966,351 | 7,254,539 | 11,199,222 | ||||||||||||
| Loss from continuing operations | (2,759,375 | ) | (5,899,942 | ) | (7,179,541 | ) | (10,967,761 | ) | ||||||||
| Other Expense: | ||||||||||||||||
| Other income | 1,160 | – | 1,160 | 3,240 | ||||||||||||
| Interest expense, net | (282,109 | ) | (459,262 | ) | (1,082,182 | ) | (493,904 | ) | ||||||||
| Loss on debt extinguishment | (380,741 | ) | – | (380,741 | ) | – | ||||||||||
| Conversion expense | (7,476,000 | ) | – | (7,476,000 | ) | – | ||||||||||
| Other expense, net | (8,137,690 | ) | (459,262 | ) | (8,937,763 | ) | (490,664 | ) | ||||||||
| Loss from continuing operations before income taxes | (10,897,065 | ) | (6,359,204 | ) | (16,117,304 | ) | (11,458,425 | ) | ||||||||
| Income tax expense | (3,255 | ) | (7,316 | ) | (3,255 | ) | (8,100 | ) | ||||||||
| Loss from continuing operations | (10,900,320 | ) | (6,366,520 | ) | (16,120,559 | ) | (11,466,525 | ) | ||||||||
| Gain (loss) from discontinued operations | 5,694 | (206,307 | ) | 3,439 | (407,030 | ) | ||||||||||
| Gain on sale of discontinued operations | 216,069 | – | 216,069 | – | ||||||||||||
| Total gain (loss) from discontinued operations | 221,763 | (206,307 | ) | 219,508 | (407,030 | ) | ||||||||||
| Net loss | $ | (10,678,557 | ) | $ | (6,572,827 | ) | $ | (15,901,051 | ) | $ | (11,873,555 | ) | ||||
| Net Income (Loss) Per Share – Basic and Diluted | ||||||||||||||||
| Continuing operations | $ | (2.15 | ) | $ | (2.06 | ) | $ | (3.91 | ) | $ | (3.80 | ) | ||||
| Discontinued operations | $ | 0.04 | $ | (0.07 | ) | $ | 0.05 | $ | (0.14 | ) | ||||||
| Weighted Average Shares Outstanding – Basic and Diluted: | 5,065,556 | 3,084,226 | 4,120,849 | 3,014,854 | ||||||||||||
authID INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 5,981,774 | $ | 3,237,106 | ||||
| Accounts receivable, net | 42,125 | 261,809 | ||||||
| Other current assets | 772,943 | 729,342 | ||||||
| Current assets held for sale | – | 118,459 | ||||||
| Total current assets | 6,796,842 | 4,346,716 | ||||||
| Other Assets | – | 250,383 | ||||||
| Intangible Assets, net | 414,223 | 566,259 | ||||||
| Goodwill | 4,183,232 | 4,183,232 | ||||||
| Non-current assets held for sale | – | 27,595 | ||||||
| Total assets | $ | 11,394,297 | $ | 9,374,185 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,230,707 | $ | 1,154,072 | ||||
| Deferred revenue | 59,107 | 81,318 | ||||||
| Current liabilities held for sale | – | 13,759 | ||||||
| Total current liabilities | 1,289,814 | 1,249,149 | ||||||
| Non-current Liabilities: | ||||||||
| Convertible debt | 216,194 | 7,841,500 | ||||||
| Accrued severance liability | 325,000 | – | ||||||
| Total liabilities | 1,831,008 | 9,090,649 | ||||||
| Commitments and Contingencies (Note 10) | ||||||||
| Stockholders’ Equity : | ||||||||
| Common stock, $0.0001 par value, 250,000,000 shares authorized; 7,874,962 and 3,179,789 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 786 | 318 | ||||||
| Additional paid in capital | 165,593,921 | 140,257,448 | ||||||
| Accumulated deficit | (156,031,210 | ) | (140,130,159 | ) | ||||
| Accumulated comprehensive (loss) income | (208 | ) | 155,929 | |||||
| Total stockholders’ equity | 9,563,289 | 283,536 | ||||||
| Total liabilities and stockholders’ equity | $ | 11,394,297 | $ | 9,374,185 | ||||
Artificial Intelligence
Hohem Shines at IFA and IBC Exhibitions with Innovative AI Tracking Stabilizers
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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Artificial Intelligence
Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
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.
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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
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Artificial Intelligence
Public Key Infrastructure (PKI) Market worth $13.8 billion by 2028 – Exclusive Report by MarketsandMarkets™
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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