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 Overview:
SSL certificate refers to Secure Sockets Layer certificates that enable encryption of critical information like credit card details, login credentials, personal information as it travels between a web server and a browser over SSL or TLS connections. These certificates validate the identity of a web server and enable encryption of communications between a web server and user’s browser. SSL certificates are core to enabling HTTPS websites and connections and protecting against man-in-the-middle attacks. They are essential for e-commerce and financial websites where protecting sensitive data is important.
Market key trends:
One of the key trends driving growth in the SSL certificate market is the increasing adoption of cloud-based applications and services. With more businesses moving their infrastructure and applications to cloud platforms, the need to securely transmit data and ensure privacy is increasing. As cloud applications involve accessing sensitive data and services remotely over the internet, SSL certificates provide encryption and identity validation which is critical. Their use enhances security and privacy for cloud users. Rising digital connectivity across industries and growing concerns around data breaches are alsopropelling the demand for SSL certificates to secure websites and online transactions.
Porter’s Analysis
Threat of new entrants: Low entry barriers in SSL certificate market allow new players to enter the market easily. However, established players have strong customer base and network effects that provide competitive advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity. However, switching costs associated with changing SSL certificate vendors increases switching barriers.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of alternatives in the market. Certificate Authorities do not generate significant revenues from a single buyer.
Threat of new substitutes: Alternatives like self-signed certificates pose minimal threat currently. However, evolving encryption standards can become substitutes in long run.
Competitive rivalry: Presence of few large vendors and several small players lead to high competition. Players differentiate based on products, services, reputation and pricing to gain higher market share.
Key Takeaways
The Global SSL Certificate Market Size is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period of 2023 to 2030, due to increasing demand for web encryption and authentication. The market size is estimated to reach US$ 187 Mn in 2023.
Regional analysis: North America dominates the global SSL certificate market currently due to high internet penetration and presence of leading certificate providers in the region. Asia Pacific is expected to witness fastest growth over the forecast period led by growing e-commerce industry in countries like China and India.
Key players: Key players operating in the SSL Certificate market are DigiCert Inc., GlobalSign, Comodo CA (now Sectigo), GoDaddy Inc., Entrust Datacard. DigiCert Inc. and Comodo CA currently hold majority market share.
*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, chemical and materials, defense and aerospace, consumer goods, etc.