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SSL certificates help encrypt web traffic and protect sensitive information from unauthorized access over HTTPS connections.They play a vital role in establishing trust between browsers and websites. The rising concerns over cyber threats and data breaches have increased the significance of SSL certificates. Additionally, leading web browsers have started indicating non-encrypted connections as “not secure”, promoting more organizations to obtain SSL certificates. E-commerce websites widely use SSL to protect financial and personal details during online transactions. The growing volume of online transactions and payments has boosted the requirement for SSL among merchants and payment gateways. Furthermore, various government regulations and compliance standards necessitate the use of SSL on specific types of websites, such as ones dealing with healthcare and financial data.
The global SSL Certificate Market is estimated to be valued at US$ 187 Mn in 2024 and is expected to exhibit a CAGR of 0.1% 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 gaining traction in the SSL certificate market is the increasing prominence of organization validated (OV) and extended validation (EV) certificates. These high assurance certificates verify the legal identity of an organization and help establish strong user trust. As phishing and spoofing attacks continue rising, there has been considerable growth in the demand for OV and EV certificates that provide the highest level of identity verification. SSL providers are also diversifying their product portfolio and offering specialized certificate types tailored for specific industry domains. For example, certificates for IoT devices, code signing, and S/MIME are emerging as new revenue streams. The market is witnessing significant technology advancements as well with the introductions of newer SSL standards like TLS 1.3 for enhancing privacy and security. Overall, the focus on certificate trust and authentication is likely to drive significant opportunities in the SSL certificate industry over the coming years.
Porter’s Analysis
Threat of new entrants: New players will find it difficult to enter this market as it requires high initial investments and established players already have strong brand recognition.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many certificate authorities in the market providing similar products.
Bargaining power of buyers: Buyers have high bargaining power as they can choose from various certificate providers. They can negotiate on price and certification requirements.
Threat of new substitutes: There is a low threat of substitution as SSL certificates fulfill a unique need for website encryption and authentication.
Competitive rivalry: The market is highly competitive with many global and regional players competing on factors like price, certification options, and customer support.
Key Takeaways
The global SSL Certificate market is expected to witness high growth over the forecast period. The global SSL Certificate Market is estimated to be valued at US$ 187 Mn in 2024 and is expected to exhibit a CAGR of 0.1% over the forecast period 2023 to 2030.
North America currently dominates the market due to stringent regulations regarding data privacy. The region has seen increasing demand for SSL certificates from industries such as BFSI, healthcare, and e-commerce. Europe holds a significant share in the SSL Certificate market. The increasing number of cyber-attacks across countries such as the UK, Germany, and France has accelerated the demand for website encryption through SSL certificates in the region. The European Commission’s General Data Protection Regulation has further boosted adoption.
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. Players are focusing on new product launches and partnerships to expand their offerings and geographical footprint. For instance, GlobalSign launched an IoT certificate to cater to the connectivity and security needs of IoT devices.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
