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The secure sockets layer (SSL) certification market is estimated to grow at a CAGR of 19.4% between 2022 and 2027. The size of the market is forecast to increase by USD 6,116.08 million. The growth of the market depends on several factors, including increasing awareness of end-users, increasing number of data thefts, and need to adhere to regulatory requirements.
This report extensively covers market segmentation by type (domain validation (DV), organization validation (OV), and extended validation (EV)), end-user (large enterprises and smes), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing awareness of end-users is notably driving the market growth, although factors such as the use of self-signed certificates may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Secure Sockets Layer (SSL) Certification Market Driver
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.
Significant Secure Sockets Layer (SSL) Certification Market Trend
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.
Major Secure Sockets Layer (SSL) Certification Market Challenge
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.
Key Secure Sockets Layer (SSL) Certification Market Customer Landscape
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 Secure Sockets Layer (SSL) Certification Market Customer Landscape
Vendors 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 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 valued at USD 1,284.56 million in 2017 and continued to grow until 2021. 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 43% 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 outbreak of COVID-19 propelled the demand for automation services and solutions such as SSL certification in North America. Moreover, organizations across the region are increasingly adopting cloud solutions due to their advantages, such as ease of deployment. A cloud-based SSL certification system enhances the security of the system and reduces the requirement for additional in-house infrastructure. Therefore, the regional market for SSL certification is expected to grow significantly during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Secure Sockets Layer (SSL) Certification Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.4% |
Market growth 2023-2027 |
USD 6,116.08 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
19.3 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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