July 12, 2024
SSL Certificate Market

Global SSL Certificate Market Is Estimated To Witness High Growth Owing To Rising Concerns Regarding Cybersecurity

The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
SSL certificates provide secure communication between web servers and browsers, ensuring data integrity and authentication. These certificates are essential for websites that handle sensitive information, such as financial transactions or personal data. The increasing number of cybersecurity threats and the growing reliance on e-commerce platforms have increased the demand for SSL certificates. Moreover, SSL certificates help in building trust among website visitors and improving search engine ranking, further driving their adoption.

Market Dynamics:
The SSL certificate market is driven by two primary factors. Firstly, the increasing concern regarding cybersecurity, and the need for secure data transmission, is boosting the demand for SSL certificates. With the rising number of cyberattacks and data breaches, organizations are increasing their investment in security measures, including SSL certificates. Secondly, the growing popularity of e-commerce platforms is fueling the demand for SSL certificates as they ensure secure online transactions and protect sensitive customer information. The global growth of e-commerce and the increasing consumer preference for online shopping are expected to drive the SSL certificate market over the forecast period.

SWOT Analysis:

Strength: The SSL certificate market is experiencing steady growth with a CAGR of 12%, indicating a stable and expanding market. Digital security concerns and the need for secure transactions online are driving the demand for SSL certificates. Key players in the market include DigiCert Inc., GlobalSign, and Comodo CA (now Sectigo).

Weakness: Despite the market growth, there are a few weaknesses that need to be addressed. First, the SSL certificate market is highly competitive, making it challenging for smaller players to gain market share. Second, there is a lack of awareness among some businesses about the importance and benefits of SSL certificates, impeding market growth.

Opportunity: The growing number of online transactions and the increasing concern for data privacy and security present significant opportunities for the SSL certificate market. Additionally, the rise of e-commerce platforms and the increasing adoption of cloud computing and IoT devices create a larger pool of potential customers for SSL certificates.

Threats: The SSL certificate market faces several threats that could hinder its growth. One prominent threat is the increasing sophistication of cyber threats and the emergence of new and advanced hacking techniques. Another threat is the stringent regulations and compliances imposed by governmental bodies, which may increase the costs and complexity of obtaining and managing SSL certificates.

Key Takeaways:

The Global SSL Certificate Market Demand is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period from 2023 to 2030, primarily driven by the increasing demand for digital security and secure online transactions.

Regionally, North America is anticipated to be the fastest-growing and dominating region in the SSL certificate market. The region’s strong digital infrastructure, widespread e-commerce adoption, and stringent data protection regulations contribute to its growth and dominance.

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 players offer a wide range of SSL certificate solutions and compete in terms of pricing, features, and customer support.

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