by 
SSL or Secure Sockets Layer certificates allow owners of websites and internet applications to encrypt and validate communication between their digital assets and users. These digitally signed SSL certificates establish an unbreakable chain of trust and ensure that all data exchanged between the two parties remains private and tamper-proof. SSL plays a crucial role in keeping online transactions secure and personal information private. With the rapid digitization across sectors, protecting digital identities and fostering trust in online platforms has gained paramount importance. Merchants, retailers, banks and other organizations utilize SSL to build confidence for secure online payments as well as safeguard sensitive documentation exchanged over public networks.
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: One of the key trends in the SSL certificate market is the increased demand for extended validation (EV) SSL certificates. EV SSL certificates provide the highest level of assurance and include a stringent vetting process to verify the legal identity and operational existence of the website owner. EV status is displayed through a green address bar and organization information which boosts user confidence. With growing cases of phishing and impersonation attacks, EV SSL helps organizations establish themselves as authentic and trustworthy entities online. Another major trend is the rise of newer certificate types catering to emerging technologies.For instance, wildcard, unified communication and code signing certificates are gaining traction with the advancement of cloud, IoT and software development respectively. These specialized SSL variants effectively secure modern applications and platforms.
Porter’s Analysis
Threat of new entrants: Low-medium. New entrants must obtain adequate capital and develop trustworthy reputations to withstand competition from established players.
Bargaining power of buyers: Medium. Buyers have moderate bargaining power due to presence of numerous providers. However, switching costs involved deter frequent changes.
Bargaining power of suppliers: Low. SSL Certificate Market has several suppliers and individual buyers do not rely on a single supplier.
Threat of new substitutes: Low. No viable substitute for SSL certificates presently exists to secure website connections and enhance consumer trust.
Competitive rivalry: High. Key players compete on pricing, features, brand reputation and customer support to boost market share.
Key players operating in the SSL Certificate Market are DigiCert Inc., GlobalSign, Sectigo Limited, GoDaddy Inc., Entrust Datacard. Major players are focused on technological advancements, new product launches, partnerships and mergers & acquisitions to strengthen their foothold. For instance, in 2022, Sectigo acquired ZeroSSL to complement its digital brand integrity platform.
Key Takeaways
The global SSL Certificate Market is expected to witness high growth. North America currently dominates the market owing to robust security infrastructure and stringent data protection laws. Growth in the region is attributed to rising adoption of advanced technologies among enterprises to secure online transactions and sensitive customer data.
Europe market is growing at a brisk pace led by nations such as the UK, Germany, and France. Increasing e-commerce activities and stringent privacy regulations have stimulated demand for SSL certificates across large enterprises and small businesses. Asia Pacific region is emerging as a lucrative market driven by rapid digital transformation of industries in developing economies like India and China. Rising internet penetration and government initiatives to promote online services are fueling regional expansion.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
