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 Overview:
SSL certificates help secure websites and web applications by encrypting data transmitted between a visitor’s browser and a web server. SSL certificates protect online transactions and verify server identities while also building user trust through an intuitive web browser interface.
Market key trends:
The increasing adoption of e-commerce and online banking activities is fueling demand for SSL certificates. As these online activities involve transmission of sensitive data such as credit card and banking details, SSL certificates play a crucial role in encrypting the traffic and preventing cyber threats. The rising numbers of online transactions and digitization of services are prompting more organizations to install SSL certificates on their websites, thereby driving market growth over the forecast period.
SWOT Analysis
Strength: Extended validation SSL helps establish higher user trust.
Weakness: Extended validation certificates have higher costs compared to domain validated certificates.
Opportunity: Growing e-commerce industry is driving the need for securing online transactions through SSL certificates.
Threats: Increased risks of cyber threats and phishing attacks could undermine user trust on SSL certificates.
Key Takeaways
The Global SSL Certificate Market Size was valued at US$ 187 Mn in 2023 and is expected to reach US$ 415 Mn by 2030, expanding at a CAGR of 12% during the forecast period. The increased demand for secure connections and data privacy from growing online traffic is driving market growth.
Regional analysis
North America dominated the SSL certificate market in 2023, accounting for around 35% share. This is attributed to high rates of internet penetration and presence of major SSL vendors in the region. Asia Pacific is expected to witness the fastest growth during the forecast period, spurred by expanding e-commerce sector and rapid internet adoption in developing countries.
Key players analysis
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. Players are focusing on new product launches and partnerships with domain providers to expand their customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it