The SSL certificate market comprises encryption certificates that enable an encrypted link between a server and a browser, thereby allowing for safe transmission of sensitive information. SSL certificates help establish a secure and encrypted link for conducting financial transactions, accessing private accounts, and transferring confidential data online. The growing need for securing online transactions and protecting sensitive data has driven the demand for 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 0.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key factors augmenting the growth of the SSL certificate market is the increasing instances of cybercrimes and security threats. Cybercriminals are consistently developing sophisticated techniques to steal critical information and conduct fraudulent activities. As organizations across all industries handle large volumes of sensitive customer and financial data online daily, the need for advanced cybersecurity solutions is growing. SSL certificates provide encrypted links and secure online communication, thereby helping companies protect their websites and applications from various hacking attempts. With growing regulatory mandates regarding data privacy and security, the demand for SSL certificates from both public and private sectors is expected to rise considerably over the coming years. This would propel the SSL certificate market growth during the forecast period.
SWOT Analysis
Strength: SSL certificates are essential for establishing HTTPS connections and encrypting sensitive data transmitted between websites and browsers. This ensures strong security and privacy of user data.
Weakness: Small businesses may find SSL certificates expensive to purchase and renew annually. Time consuming process of certificate issuance and renewal.
Opportunity: Rise in e-commerce transactions boosting demand for SSL certificates to protect online payments. Growing cloud adoption increasing need for SSL certificates to secure cloud applications and websites.
Threats: Free SSL certificates from providers like Let’s Encrypt increasing competition. Hackers developing new techniques to exploit security vulnerabilities of SSL certificates.
Key Takeaways
The global SSL certificate market is expected to witness high growth. The global SSL Certificate Market is estimated to be valued at US$ 187 Mn in 2023 and is expected to exhibit a CAGR of 0.1% over the forecast period 2023 to 2030.
Regional analysis comprises North America dominates the SSL certificate market currently due to high internet penetration and presence of many key players. Asia Pacific expected to grow at fastest pace owing to rising online transactions in countries like India and China.
Key players related content comprises
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 dominates the market with wide product portfolio for SSL certificates. Sectigo and GlobalSign are other leading vendors focusing on advanced security solutions for enterprise websites.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
