SSL Certificate Market Size to Hit USD 413.5 Mn by 2030

Wednesday, May 15, 2024 at 3:56pm UTC

Burlingame, May 15, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, 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 2023-2030, as highlighted in a new report published by Coherent Market Insights. SSL or Secure Sockets Layer certificates are digital certificates that establish an encrypted link between a web server and a browser. They verify secure connections for websites, authenticating users and protecting sensitive information.

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Market Dynamics:

The SSL certificate market is expected to witness significant growth over the forecast period. This can be primarily attributed to the increasing adoption of online services and rising demand for secure connections. According to Census statistic, e-commerce sales worldwide amounted to $4.2 trillion in 2021. The growth of e-commerce and increasing internet penetration has fueled the demand for SSL certificates to encrypt sensitive information and create trusted brand identity for websites. In addition, rising concerns over data security and privacy has prompted both businesses and users to adopt SSL certificates to prevent cyber threats. Stringent regulatory compliances regarding website security has further propelled the adoption of SSL certificates.

SSL Certificate Market Report Coverage

Report CoverageDetails
Market Revenue in 2023$187 million
Estimated Value by 2030$413.5 million
Growth RatePoised to grow at a CAGR of 12%
Historical Data2018–2021
Forecast Period2023–2030
Forecast UnitsValue (USD Million/Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Certificate Type, By Validation Level, By Subscription Duration, By Validation Process, By Encryption Strength, By Organization Size, By End User, By Industry Vertical
Geographies CoveredNorth America, Europe, Asia Pacific, and Rest of World
Growth Drivers• Data Security Concerns

• Regulatory Compliance

• Search Engine Rankings

• User Trust and Confidence
Restraints & Challenges• Complex Implementation Process

• Certificate Management Burden

• Cost Considerations

Market Trends:

Extended validation certificates are considered as gold standard for SSL certification as they provide highest level of trust and security. EV certificates undergo extensive verification process of legal entities and organization details before issuance.They help businesses establish identity, credibility and trust among customers. Growth of e-commerce and demand for personalized and secure online experience has augmented the demand for EV certificates.

Wildcard certificates provide domain name flexibility and enable securing multiple subdomains under single certificate at lower cost. They are ideal for dynamic website content and subdomains. Growing trend of website customization and personalization has fueled the adoption of wildcard SSL certificates. In addition, unified communication certificates that secure SIP domains/IP addresses for services like Microsoft Skype for Business, web conferencing etc are gaining traction with growing adoption of cloud-based VOIP and UC solutions.

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Market Opportunities:

By component, the certificate types segment is expected to be dominated by SSL Certificates segment during the forecast period. SSL certificates help websites establish a secure, encrypted link between browsers and web servers, allowing for secure data transmission. They are widely used by e-commerce websites for secure transmission of payment details. The segment is expected to grow at a CAGR of 13% during 2023-2030.

By organization size, the large enterprises segment is anticipated to hold the largest market share over the forecast period. Large enterprises are actively adopting digital transformation and requiring SSL certificates for their many commercial websites and web applications that involve transmission of sensitive customer or business information. This segment is projected to grow at a CAGR of 11% during the forecast period.

Recent Developments:

In Jun 2022, Entrust, one of the global leaders in trusted identities, payments, and data protection, announced the acquisition of Netherlands-based Evidos, an innovative leader in cloud-based electronic signatures and identity verification solutions. The acquisition advances Entrust as a global player in the fast-growing market for trusted electronic signatures, a key element of digital transformation. The acquisition combines Evidos cloud-based electronic signature workflow solutions with secure certificate-based digital signature solutions from Entrust.

In May 2022, Digital signature certificate provider eMudhra Ltd, one of India's largest certifying authorities, announced that it had raised INR 124 crore (15.2 million) from anchor investors ahead of its initial public offering. Aditya Birla Sun Life Mutual Fund (MF), Motilal Oswal MF, Nippon India MF, SBI MF, Baring Private Equity India, Hornbill Orchid India Fund, Pinebridge India Equity Fund, and Abakkus Growth Fund are among the investors that participated in the anchor book.

Key Market Takeaways

The global SSL certificate market size was valued at USD 187 million in 2023 and is anticipated to witness a CAGR of 12% during the forecast period. Rapid growth of e-commerce and increasing security concerns are expected to drive adoption of SSL certificates.

On the basis of certificate type, the code signing certificates segment is expected to hold a dominant position, owing to wide requirement of these certificates for authentication of software/application developers.

By organization size, the large enterprises segment is expected to hold a dominant position over the forecast period, due to high digital transformation spending and security requirements of large enterprises.

Regionally, North America is expected to hold a dominant position over the forecast period, due to advanced digital infrastructure and presence of major SSL vendors in the region.

Key players operating in the SSL certificate market include DigiCert, Inc., Sectigo Limited, Thawte Consulting (Symantec Limited), GeoTrust Inc., Comodo CA Limited, Entrust Datacard Corporation, and GlobalSign. These players are focusing on new product launches and partnerships for business expansion.

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Detailed Segmentation:

By Certificate Type:

  • Domain Validated (DV) Certificates
  • Organization Validated (OV) Certificates
  • Extended Validation (EV) Certificates                                                                                                                                    

By Validation Level:

  • Single Domain SSL Certificates
  • Multi-Domain SSL Certificates (SAN Certificates)
  • Wildcard SSL Certificates

By Subscription Duration:

  • 1-Year
  • 2-Year
  • More than 2 year

By Validation Process:

  • Manual Validation
  • Automated Validation
  • DNS Validation
  • Email Validation                                                                                                                                                         

By Encryption Strength:

  • 128-bit SSL Encryption
  • 256-bit SSL Encryption

By Organization Size:

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

By End User:

  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)                          

By Industry Vertical:

  • Financial Services
  • Healthcare
  • Government
  • E-commerce
  • Education
  • Media and Entertainment
  • Others                                                                                    

By Region:

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

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