by The 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 Overview:
SSL certificates are important for websites as they encrypt the communication between a browser and a website. It also validates the identity of a website. SSL certificates are used by many websites to protect sensitive information such as credit cards, passwords etc. The main types of SSL certificates are domain validated (DV), organization validated (OV) and extended validation (EV). DV certificates are the most basic type that only validates domain ownership. OV certificates provide additional validation for business registration. EV certificates provide the highest level of validation by meeting very strict guidelines.
Market Dynamics:
The SSL certificate market is primarily driven by the growing demand for secure websites amid rising online transactions. According to research, people are 31% more likely to make a purchase on a website with an SSL certificate. With pandemic forcing people indoors, online transactions have increased exponentially over the past years. Additionally, search engines such as Google give higher ranking and improve SEO to websites with SSL certificates which is also fueling the market growth. Some other factors contributing to market growth include rising adoption of cloud based services, growing e-commerce industry and implementation of stringent industry regulations mandating use of SSL certificate on websites handling sensitive data. The entry of new players is expected to make SSL certificates more affordable which can drive further market expansion.
Segment Analysis
The SSL certificate market is segmented based on organization size, certificate type, end user and region. The organization size segment is further divided into large enterprises and small and medium enterprises. Among these, the small and medium enterprises sub segment dominates the market as SSL certificates provide advanced security to websites and web applications at affordable prices which is important for small businesses.
PEST Analysis
Political: Governments across the world have enforced strict data privacy regulations like GDPR which has increased the demand for SSL certificates that encrypt web traffic and protect sensitive data.
Economic: As online shopping and digital payments gain popularity, there is an increasing need for secure online transactions which drives the need for SSL certificate.
Social: Increased internet and smartphone users have enhanced digital activities like social media, online banking etc which has fueled the demand for web security and privacy.
Technological: Advancements in encryption protocols and development of new digital certificate standards like EVSSL has propelled the SSL certificate market.
Key Takeaways
The global Global SSL Certificate Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing online transactions and stringent data privacy laws. The Asia Pacific region is expected to witness the fastest growth in the market owing to rising internet users and growing e-commerce industry in the region.
Regional analysis
The Asia Pacific region dominates the SSL certificate market and is expected to grow at the fastest pace during the forecast period. Countries like China, India and Japan have seen tremendous growth in their online business and retail industries which has boosted the demand for web security solutions in the region.
Key players
Key players operating in the SSL Certificate market are DigiCert Inc., GlobalSign, Comodo CA (now Sectigo), 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. and GlobalSign capture majority of the market share due to their international presence and broader product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
