February 25, 2024
SSL Certificate Market

Growing Demand for SSL Certificates to Drive the Global SSL Certificate Market

The global SSL certificate market is estimated to be valued at US$187 million in 2023 and is expected to exhibit a CAGR of 12% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
SSL certificates are essential in ensuring the security and integrity of data transmitted between a web server and a browser. They provide encryption and authentication, protecting sensitive information such as personal data, payment details, and login credentials from unauthorized access. With the increasing frequency of cyber threats and data breaches, the demand for SSL certificates is expected to grow significantly. SSL certificates offer several advantages, including establishing trust with customers, improving website rankings on search engines, and complying with data protection regulations. As more businesses and organizations recognize the importance of online security, the SSL certificate market is poised for substantial growth in the coming years.

Market key trends:

One of the key trends in the SSL certificate market is the rising adoption of HTTPS protocols. HTTPS ensures secure communication over a computer network, protecting the confidentiality and integrity of data exchanged between a browser and a website. With search engines such as Google giving preference to websites with HTTPS, organizations are increasingly migrating from HTTP to HTTPS to enhance their website’s security and improve search engine rankings. Additionally, the growing consumer awareness regarding online security and the increasing emphasis on data privacy regulations are driving the demand for SSL certificates. Moreover, the rise in e-commerce activities and online transactions further contribute to the market growth, as SSL certificates are crucial for secure online purchases and financial transactions. Overall, the increasing adoption of HTTPS protocols and the growing importance of data security are the key trends shaping the SSL certificate market.

Segment Analysis:

The SSL certificate market can be segmented based on type, organization size, end-user industry, and region. In terms of type, the market can be divided into Domain Validated (DV), Organization Validated (OV), and Extended Validation (EV) certificates. Among these, the DV certificates dominate the market due to their easy issuance process and lower cost compared to OV and EV certificates. The DV certificates are widely used by small and medium-sized enterprises (SMEs) and individual website owners who require basic encryption for their websites.

In terms of organization size, the market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. The SMEs segment is expected to dominate the market as they increasingly adopt SSL certificates to enhance the security of their online transactions and protect sensitive customer data. Moreover, the availability of cost-effective SSL certificate solutions specifically tailored for SMEs is further driving the growth of this segment.

Based on end-user industry, the market can be segmented into banking, financial services, and insurance (BFSI), IT and telecommunications, healthcare, government, e-commerce, and others. Among these, the BFSI segment is expected to dominate the market, primarily due to the high volume of online transactions in the banking and financial sectors and the need to secure sensitive customer information.

Key Takeaways:

The Global SSL Certificate Market Demand is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period (2023-2030). The increasing adoption of SSL certificates to secure online transactions and protect sensitive data is the primary driver fueling market growth. With the growing number of cyber threats and data breaches, organizations across various industries are investing in SSL certificates to ensure secure communication and build customer trust.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the SSL certificate market. The region is home to several key players offering SSL certificate solutions and has a high level of awareness and adoption of cybersecurity measures. The presence of highly regulated industries such as BFSI and healthcare further drives the demand for SSL certificates in the region.

Key players operating in the SSL certificate market include 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, and Buypass AS. These key players focus on strategic partnerships, product innovations, and acquisitions to strengthen their market presence and expand their customer base. They offer a wide range of SSL certificate solutions catering to the diverse needs of organizations across various industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it