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The SSL certificate market enables encryption of data and its secure transmission over the internet. SSL certificates authenticate websites and ensure safe transmission of sensitive data like payment details from customers to merchants. There has been an increasing awareness regarding digital privacy and security among internet users which has driven higher adoption of HTTPS protocol that utilizes SSL certificates to establish an encrypted link between a web server and web browser.
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 major trends contributing to the growth of the SSL certificate market is the increasing adoption of “HTTPS Everywhere” by various app browsers, search engines and operating systems. HTTPS protocol switches HTTP connections to more secure HTTPS to prevent snooping and man-in-the-middle attacks. Major tech giants like Google, Apple and Mozilla have also announced that they will give better search ranking and other privileges to websites that implement HTTPS. This has motivated many businesses to invest in SSL certificates to ensure their website content is encrypted and transmitted securely over the internet. As more companies recognize the importance of digital security and privacy, the demand for SSL certificates is expected to rise significantly during the forecast period.
SWOT Analysis
Strength: SSL certificates allow websites to establish a secure connection with browsers and users, increasing trust and preventing tampering of transmitted data.
Weakness: Small businesses may find SSL certificates too expensive initially. Lack of awareness around how SSL protects websites also remains an issue.
Opportunity: Growing number of internet users and greater focus on data security is driving demand for SSL certificates. Widespread adoption of HTTPS also creates scope for increased usage.
Threats: Free alternatives like Let’s Encrypt offer basic SSL security at no cost, posing pricing challenges. Large tech firms providing digital services also present competition.
Key players operating in the SSL certificate market are DigiCert Inc., GlobalSign, Sectigo Limited, 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 maintained its leadership position in 2023 with over 18% market share. However, GlobalSign, Sectigo and GoDaddy also captured sizable portions of the SSL certificate demand through effective marketing and product innovations.
Key Takeaways
The global SSL Certificate Market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises-
North America currently dominates the SSL certificate market with over 30% share in 2023, driven by strong regulations and emphasis on data security. However, Asia Pacific is projected to expand at the fastest pace during the forecast period due to a large internet user base and increasing digital transactions in countries like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
