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SSL certificates allow commercial and government websites to conduct secured and encrypted connections by ensuring that the communication between the client’s browser and the server is private. SSL certificates provide safety, security and privacy for online payment transactions and personal information exchanges. The increasing concerns regarding cyber threats and data privacy drives the adoption of SSL certificates.
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 key trends:
The increasing demand for secure network connectivity from various end use industries such as IT & telecom, retail, BFSI etc. is a major driver of the SSL certificate market growth. Implementation of advanced web security measures such as HTTPS, encryption, authentication etc. is driving the adoption of SSL certificates. Also, the rising demand of SSL certificates from small and medium enterprises to secure their websites is contributing to the market growth. With the rapid digitalization post covid pandemic, the e-commerce industry worldwide has witnessed significant growth. This has created massive demand for SSL certificates to ensure secure online transactions and privacy policies on websites and web applications. Furthermore, growing awareness about data privacy and risks of cyber threats is compelling organizations to strengthen their website security with SSL certificates, thus propelling the market growth over the forecast period.
Segment Analysis
The global SSL Certificate market is segmented based on product type, application, organization size, and region. The product type segment of SSL certificates is further classified into domain validated (DV), organization validated (OV), and extended validation (EV). The extended validation (EV) segment currently dominates the market. EV certificates provide the highest level of confirmation of a websites identity and trust. They provide extra reassurance to users that they are visiting the correct website by displaying a green address bar with the organization name instead of domain name in all major browsers.
Key players:
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. DigiCert Inc., GlobalSign and Sectigo Limited are currently dominating the market due to their strong product portfolio and global presence.
Regional analysis:
North America currently dominates the SSL Certificate market, accounting for the largest market share. This is attributed to strong spending on security related IT infrastructure in the region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period driven by increasing digitalization and e-commerce activities in countries such as China and India.
Key Takeaways
The global SSL Certificate Market is expected to witness high growth over the forecast period of 2023 to 2030.
The SSL Certificate market is expected to grow rapidly during the forecast period driven by increasing demand for advanced security solutions from various industry verticals such as BFSI, e-commerce, IT & Telecom to protect their websites and online transactions. Major players are focusing on developing advanced SSL certificates with additional layers of security and authentication to verify customer identity. They are also expanding their presence globally through partnerships and mergers & acquisitions to strengthen their market position. The demand is expected to further increase with growth in mobile commerce and business digitization activities worldwide.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
