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The secure sockets layer (SSL) certification market size is estimated to grow by USD 11.9 billion at a CAGR of 27.17% between 2023 and 2028. The SSL certification market is undergoing substantial growth, propelled by key factors driving demand. Heightened awareness among users about online security is a primary driver, prompting increased adoption of SSL certificates to safeguard digital communications. Moreover, the rising incidents of data breaches and theft emphasize the critical role of SSL certificates in securing sensitive information. Regulatory requirements, including GDPR and PCI-DSS, further amplify the need for SSL implementation to ensure compliance and protect customer data. These factors collectively contribute to the expanding SSL certification market, as businesses prioritize secure digital transactions and data protection measures in an increasingly interconnected and vulnerable digital landscape.
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The market plays a pivotal role in safeguarding sensitive information such as credit card numbers, banking information, and passwords transmitted over the Internet. Leveraging cryptographic protocols and cloud-based technologies, SSL certifications ensure secure communication between users' devices and the website's server. By encrypting data exchanged, SSL prevents unauthorized access to personal details and payment data, mitigating potential cyber threats posed by malicious actors. Website owners, web service hosts, and certificate authorities collaborate to implement SSL certificates, enhancing the security posture of online platforms against cybersecurity breaches. With the proliferation of wireless networks, SSL certifications become imperative to protect WPA keys and fortify firewalls against infiltration by criminals and military entities alike. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing awareness about encryption among end-users is notably driving market growth. Google is supporting the growth of the market under discussion by flagging websites that are not secure, i.e., unencrypted sites. Unencrypted sites will be marked in red in the URL over the padlock to warn users that the site is not secure. Encrypted sites are indicated with hypertext transfer protocol (HTTP) in their URL, which basically secures layers over the usual HTTP web protocol. This will help end-users to distinguish between the protected site and unprotected sites before submitting any valuable information, such as credit card information, over the website.
Many organizations are supporting the campaign named Encrypt All The Things to push the use of more encrypted sites, which is helping to spread awareness about abandoning the less secured HTTP protocol and adopting HTTPS. This awareness among end-users about encrypted and unencrypted sites will push organizations to use SSL certification for their sites to ensure the secure transaction of data, which, in turn, will drive the global SSL certification market during the forecast period.
The growing number of online transactions is the key trend in the market. An increase in online transactions has led offline retailers to move toward the e-commerce platform. To perform any transaction on an e-commerce platform, users must share their personal and financial information, such as name, contact number, and credit card details. To secure customer confidential data, it has become mandatory for e-commerce platform providers to use SSL certificates.
Mobile wallets are also gaining traction as users have the flexibility to access their banking anytime and anywhere. Therefore, mobile wallet providers must use SSL certificates for safe transactions and maintain customer confidentiality. This growing acceptance of mobile wallets and e-commerce will help in increasing the growth of the global SSL certification market.
The use of self-signed certificates is the major challenge impeding market growth. Self-signed certificates are the type of SSL certificates that are usually signed by the same entity whose identity it certifies. Many browsers do not support this certificate; hence, they show an error message when any user visits self-signed certificate-verified websites. In that error message, the browser gives an option to the user to go back to the search page or continue with the same website. These certificates are unregulated, so even if the website is compromised, it will appear to the end user as secured.
A self-signed certificate must be used while testing servers. The use of self-signed certificates is likely to affect the revenue of the global SSL certificate market and is challenging for CAs. Such factors are expected to hinder the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aruba Spa - The company offer solutions for secure socket layers that ensure that the site is accessible with the secure HTTPS protocol, providing encryption of all data and displaying the padlock symbol in the browser address, under the brand name of Aruba.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the domain validation segment will be significant during the forecast period. It is an initial level of the certificate, which is basically used by SMEs because it is cost-effective and is easily available with minimum validation. This is the only certificate that is provided by just validating the domain. Due to this, there is high acceptance among end-users like SMEs despite its limitation of minimum security as compared to other certificates.
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The domain validation segment was the largest and was valued at USD 1.52 billion in 2018. Domain validation (DV) is a cost-effective certificate among the three SSL certificates. This certificate has a minimum level of protection because before issuing this certificate, DV only checks if the applicant has the right to use the domain name. No other validation or verification is done in order to verify the authenticity of the owner of that domain. Due to minimum validation, cybercriminals can also get this type of certificate.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The SSL certification market in North America is growing due to the increasing use of IoT and cloud computing technology coupled with flourishing web-based businesses in the BFSI and e-commerce industries. Instances of cyber-attacks have also increased in this region, which is forcing enterprises to adopt SSL certification, thereby driving the SSL certification market to grow in North America. This region has many individuals and home enterprises, among which SSL certification is now gaining traction due to the looming threat of cyberattacks.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market serves as the bedrock of online security, protecting sensitive data like personal information, email addresses, and mobile app usage. With the prevalence of mobile-friendly websites, SSL certificates from trusted authorities like IdenTrust and Let's Encrypt ensure secure connections through various types such as DV, EV, and OV SSL certificates. Government agencies, healthcare providers, and online banking institutions rely on SSL to meet compliance requirements and uphold credibility in the digital ecosystem. As telemedicine and remote working surge, SSL certificates facilitate safe online interactions while elevating confidence in public services. Enhanced offerings like Wildcard and Multi-Domain Certificates and Automated Certificate Management streamline the implementation process, alleviating certificate management burdens and addressing cyber security concerns in wired and IT & Telecom networks alike.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.17% |
Market Growth 2024-2028 |
USD 11.9 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.99 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, UK, China, Canada, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alibaba Group Holding Ltd., AlphaSSL, Aruba Spa, ASSA ABLOY AB, Asseco Poland SA, Comodo Security Solutions Inc., DigiCert Inc., Entrust Corp., GlobalSign Ltd., GoDaddy Inc., Internet Security Research Group, Secom Co. Ltd., Sectigo Ltd., Singapore Telecommunications Ltd., SSL.com, Stack Holdings GmbH, SwissSign AG, Taiwan CA Inc., Tencent Holdings Ltd., and Web.com Group Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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