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Secure Sockets Layer (SSL) certificates encrypt the communication between web servers and web browsers to ensure secure transmission of confidential user information and payment details. SSL certificates are widely used by websites and applications to protect the sensitive information of their customers and establish trust by proving their authenticity and identity. The global SSL certificate market comprises certificate authorities that issue and manage SSL/TLS certificates for websites, domains, and services. Major players in the SSL certificate industry provide SSL certificates of varying levels for consumers and enterprise customers depending on their security and identity requirements.
The global SSL Certificate Market is estimated to be valued at US$ 187 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling growth of the SSL certificate market is the growing demand for secured websites and applications from consumers and enterprises. With increasing concerns regarding data security and privacy in the digital era, there is rising focus on deploying SSL/TLS certificates that encrypt transmissions of sensitive data and prevent cyber threats. SSL certificates help businesses protect confidential customer information and payment details during online transactions, thereby enhancing customer trust and brand loyalty. Furthermore, major search engines and browsers now highlight websites without SSL certificates negatively or block their content, prompting more website owners and application developers to adopt SSL certificates for better search engine visibility and user experience. These developments are expected to propel demand for SSL certificates over the forecast period.
Additionally, the proliferation of internet of things (IoT) devices and networks is another key factor expanding the need for SSL certificates. As more devices and machines get connected online, protecting communications and ensuring security of IoT infrastructure becomes imperative. Significant deployments of SSL/TLS certificates on IoT platforms can help prevent unauthorized access and hacking of connected devices. Growing IoT adoption across industries thus acts as a potential growth driver for the SSL certificate industry.
Segment Analysis
The global SSL certificate market can be segmented based on organization size, product type, verification, industry vertical, and region. The SMEs sub-segment dominates the market based on organization size as SSL certificates can help SMEs build trust among customers. The domain validated sub-segment holds the largest market share under product type as DV certificates offer basic identity validation and are more affordable than other certificate types.
PEST Analysis
Political: Data privacy laws are getting stricter globally which is driving the need for SSL certificates to ensure secure data transmission and compliance. Economic: With the growth of e-commerce and digital payments, there is an increase in online financial transactions which is promoting the demand for SSL certificates to protect sensitive data and build customer trust. Social: Rising internet and smartphone penetration is increasing online activities. Customers expect websites to be secure which is favoring the SSL certificate market growth. Technological: Advancements in encryption standards and protocols are prompting organizations to regularly upgrade their SSL certificates to defend against cyber threats.
Key players operating in the SSL Certificate market are DigiCert Inc., GlobalSign, Sectigo Limited, GoDaddy Inc., Entrust Datacard, Thawte, GeoTrust, Symantec (now part of DigiCert), RapidSSL, SSL.com, Network Solutions, Let’s Encrypt, IdenTrust, Trustwave Holdings, Buypass AS. Key players are focusing on developing new product features to fulfill compliance needs and expanding into emerging markets.
Key Takeaways
The global SSL Certificate Market is expected to witness high growth over the forecast period driven by increasing online transactions and stringent data privacy regulations.
Regional analysis: North America holds the largest share in the SSL certificate market owing to strict laws like GDPR and presence of major players in the US. Asia Pacific is expected to grow at the fastest pace with rising digitalization and e-commerce adoption in countries like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
