The SSL Certificate Market is Estimated To Witness High Growth Owing To Rising Adoption of Encryption Standard Technology


The 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 Overview:
SSL certificates are digital certificates that authenticate the identity of a website and encrypt the communication between a server and a web browser. They help establish an encrypted link between a web server and a browser. This ensures that all data passed between the web server and browsers remain private and integral. SSL certificates play a crucial role in protecting confidential information and online transactions from cyber threats.

Market key trends:
One of the major trends contributing to the growth of SSL certificate market is the rising adoption of encryption standard technology. Transport Layer Security (TLS) version 1.3 is the latest and most secure version of TLS that provides secure communication over the internet. As compared to TLS versions 1.0–1.2, TLS 1.3 offers improvements in security, performance and flexibility. It aims to improve on earlier versions by reducinground-trips, preventing attacks and improving protections for random numbers. Growing awareness about benefits of TLS 1.3 standard is driving many websites and organizations to upgrade to this latest encryption protocol. This in turn is expected to fuel the demand for SSL certificates compatible with TLS 1.3 standard during the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and technical expertise required to operate and SSL certificate business pose low barriers to entry. However, large customers prefer well-established certificate authorities for trust and reliability.

Bargaining power of buyers: Buyers have high bargaining power due to availability of a large number of certificate authorities in the market offering similar products and services. They can negotiate on price and drive competition.

Bargaining power of suppliers: Certificate authorities face moderate bargaining power from suppliers of certification services and technologies as switching costs are relatively low. However, established relationships provide some power.

Threat of new substitutes: Threat from substitutes is moderate as new technologies like elliptic curve cryptography and quantum-resistant signatures can render traditional SSL certificates obsolete over the long run.

Competitive rivalry: Intense due to presence of many global and regional players competing on pricing, features, and customer service.

SWOT Analysis

Strengths: Growing demand for web security and encryption. Strong brand recognition of major players.

Weaknesses: High customer acquisition and retention costs. Rising vulnerability of traditional SSL to new technologies.

Opportunities: Emerging technologies providing opportunities for product innovations. Untapped growth regions like Asia Pacific and Middle East & Africa.

Threats: Regulation changes affecting business models. Increased competition from open source solutions.

Key Takeaways

The global Global SSL Certificate Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for secure data transmission and websites online across industries. North America dominated the market in 2022 due to stringent regulations and advanced IT infrastructure.

Regionally, Asia Pacific is expected to grow at the fastest pace due to rapid digitalization and establishment of new businesses requiring web security. China, India, and other Southeast Asian countries are expected to drive high demand.

Key players operating in the SSL certificate market are 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, Buypass AS. Major players are focusing on partnerships, acquisitions, and new product launches catering to business as well as consumer segments.

Read More: https://www.rapidwebwire.com/ssl-certificate-market-demand-growth-and-regional-outlook-by-2030/

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