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  • Published On : Aug 2023
  • Code : CMI6155
  • Pages : 130
  • Formats :
      Excel and PDF
  • Industry : Smart Technologies

The global SSL Certificate market size was valued at US$ 187 million in 2023 and is expected to reach US$ 413.5 million by 2030, grow at a compound annual growth rate (CAGR) of 12% from 2023 to 2030

The SSL (Secure Sockets Layer) certificate market has emerged as a critical component in today's digital landscape, playing a pivotal role in ensuring online security and establishing trust between users and websites. SSL certificates are cryptographic protocols that encrypt data transmitted between a user's browser and a website's server, safeguarding sensitive information such as personal details, passwords, and payment data. With the escalating concerns surrounding cyber threats and data breaches, businesses and website owners are increasingly recognizing the necessity of SSL certificates to protect their online interactions and build credibility.

The SSL certificate market's growth trajectory is fueled by several factors. Firstly, the evolving regulatory landscape, including initiatives like GDPR, emphasizes data protection, propelling organizations to adopt SSL certificates to enhance their security posture and adhere to compliance requirements. Secondly, the growing preference for HTTPS (Hypertext Transfer Protocol Secure) connections by search engines like Google, which prioritizes secure websites in search rankings, drives the widespread adoption of SSL certificates. Additionally, heightened user awareness about online security instills trust in websites displaying SSL padlock icons, further encouraging businesses to invest in these certificates. 

SSL Certificate Market Regional Insights

  • North America: North America is the largest market for SSL Certificate, accounting for a share of over 35% in 2022. North America, comprising the United States and Canada, holds a prominent share in the SSL certificate market. The region's strong emphasis on cybersecurity and data protection, coupled with a mature digital ecosystem, has led to widespread SSL adoption. Businesses recognize the importance of securing online transactions and user data, driven by stringent data privacy regulations and consumer expectations. Furthermore, the influence of major tech companies headquartered in the region, along with the competitive e-commerce landscape, contributes to the high demand for SSL certificates to establish trust and safeguard online communications.
  • Europe: Europe is the second-largest market for SSL Certificate, accounting for a share of over 30% in 2022. The European region, encompassing countries like Germany, the United Kingdom, and France, places a premium on data privacy and protection, as evidenced by the General Data Protection Regulation (GDPR). This regulatory framework has incentivized businesses to implement SSL certificates as part of their compliance strategies. Additionally, the prevalence of e-commerce, online banking, and digital services fuels the adoption of SSL certificates to secure financial transactions and user interactions. The growing awareness among consumers about the importance of HTTPS connections further drives SSL deployment, making Europe a significant market for SSL certificates.
  • Asia Pacific: Asia Pacific is the fastest-growing market for SSL Certificate, accounting for a share of over 25% in 2022. The Asia Pacific region, with countries like China, India, and Japan, is experiencing rapid digital transformation and increasing internet penetration. As more users access online services and transactions, there is a growing recognition of the need for secure connections. While awareness of SSL certificates is rising, the market is also challenged by varying levels of cybersecurity maturity across countries. In markets with robust e-commerce growth, SSL adoption is on the rise to instill trust and protect user data. Government initiatives to promote cybersecurity awareness also contribute to the market's expansion in the region. 

Figure 1. Global SSL Certificate Market Share (%), by Region, 2023

 | Coherent Market Insights

SSL Certificate Market Drivers:

  • Data Security Concerns: The ever-growing threat of cyberattacks and data breaches has elevated data security concerns for businesses and individuals alike. SSL certificates encrypt data transmitted between users and websites, ensuring that sensitive information remains confidential and protected from unauthorized access.
  • Regulatory Compliance: Stringent data protection regulations, such as the General Data Protection Regulation (GDPR) in Europe, impose legal obligations on businesses to safeguard user data. SSL certificates play a pivotal role in achieving compliance by ensuring the secure transmission of personal and sensitive information.
  • Search Engine Rankings: Major search engines like Google prioritize secure websites by giving them a slight ranking boost. Websites using SSL certificates (HTTPS) are favored in search results, incentivizing businesses to adopt SSL to enhance their online visibility and user engagement.
  • User Trust and Confidence: The padlock icon and "HTTPS" prefix in the browser address bar signify a secure connection, instilling trust and confidence in users. Businesses that use SSL certificates demonstrate their commitment to protecting users' data, thereby building trust and encouraging longer engagement.

SSL Certificate Market Opportunities:

  • Rising E-commerce and Online Banking: The continuous growth of e-commerce and online banking activities offers a significant opportunity for SSL certificate providers. Businesses in these sectors require secure connections to protect customer data during transactions, creating a demand for SSL certificates to enhance security and user trust.
  • Small and Medium Enterprises (SMEs): Many small and medium-sized enterprises are transitioning their operations online. These businesses may lack comprehensive cybersecurity measures and expertise. Offering SSL certificates as part of a holistic security solution presents an opportunity to cater to this segment's security needs.
  • Healthcare and Telemedicine: The healthcare sector's increasing reliance on digital platforms, especially for telemedicine and online patient data management, necessitates robust security measures. SSL certificates play a crucial role in ensuring the confidentiality and integrity of patient information, presenting an avenue for growth in the healthcare industry.
  • Government and Public Services: Government agencies are moving services online to enhance citizen convenience. This digital transformation requires robust security to protect sensitive citizen data and ensure the trustworthiness of government websites. SSL certificates are integral to securing these online interactions.

SSL Certificate Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 187 Mn
Historical Data for: 2018 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 12% 2030 Value Projection: US$ 413.5 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa:  GCC Countries, Israel,  South Africa, North Africa, and Central Africa and Rest of Middle East
Segments covered:
  •  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 Encryption Strength: 128-bit SSL Encryption, 256-bit SSL Encryption
  • By Use Case: Web Servers, E-commerce Platforms, Mail Servers, Cloud Services, IoT Devices, Code Signing
  • By Industry Vertical: Financial Services, Healthcare, Government, E-commerce, Education, Media and Entertainment, Others
  • By Certificate Authority (CA): Commercial CAs, Open-Source CAs, Self-Signed Certificates
  • By Validation Process: Manual Validation, Automated Validation, DNS Validation, Email Validation
  • By Subscription Duration: 1-Year SSL Certificates, 2-Year SSL Certificates, Multi-Year SSL Certificates
  • By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
  • By Service Model: Managed SSL Services, Self-Managed SSL Services
  • By End User: Business-to-Business (B2B), Business-to-Consumer (B2C)
  • By Emerging Technologies: Quantum-Safe SSL
  • By Regulatory Compliance: GDPR Compliance SSL Certificates
Companies covered:

DigiCert Inc., GlobalSign, Comodo CA (now Sectigo), GoDaddy Inc., Entrust Datacard, Thawte, GeoTrust, Symantec (now part of DigiCert), RapidSSL,, Network Solutions, Let's Encrypt, IdenTrust, Trustwave Holdings, Buypass AS

Growth Drivers:
  • Data Security Concerns
  • Regulatory Compliance
  • Search Engine Rankings
  • User Trust and Confidence
Restraints & Challenges:
  • Complex Implementation Process
  • Certificate Management Burden
  • Cost Considerations

SSL Certificate Market Trends:

  • Extended Validation (EV) Certificates: The trend toward EV certificates continues to grow. These certificates offer the highest level of validation and are recognizable by the green address bar in web browsers. Businesses seeking to establish the highest level of trust are adopting EV certificates to enhance their online credibility.
  • Wildcard and Multi-Domain Certificates: As organizations manage an increasing number of subdomains and multiple domains, the demand for wildcard and multi-domain certificates is on the rise. These certificates provide cost-effective solutions for securing a variety of domain names under a single certificate.
  • Automated Certificate Management: Automation tools are gaining popularity to simplify the issuance, renewal, and management of SSL certificates. Automated processes reduce the risk of certificate expiration and ensure continuous security without manual intervention.
  • Free SSL Certificates: The availability of free SSL certificates from Certificate Authorities (CAs) like Let's Encrypt has become a significant trend. These certificates promote wider adoption of encryption by eliminating cost barriers, especially for small websites and startups.

SSL Certificate Market Restraints:

  • Complex Implementation Process: Implementing SSL certificates can be complex, especially for organizations with limited technical expertise. Configuring and managing certificates, particularly for multi-domain or wildcard certificates, can be challenging and may require specialized knowledge.
  • Certificate Management Burden: Organizations must manage SSL certificates to ensure they are up-to-date and properly renewed. Failure to manage certificates effectively can lead to security vulnerabilities, and the manual renewal process can be time-consuming and prone to errors.
  • Cost Considerations: While free SSL certificates are available, organizations often opt for paid certificates to access additional features and higher validation levels. The cost of SSL certificates can add up, especially for businesses with numerous domains or subdomains.

Compatibility with Various Web Servers and Platforms

Recent Developments

New product launches

  • In March 2023, Comodo announced the launch of its new Comodo Multi-Domain Wildcard SSL certificate. This certificate allows businesses to secure multiple domains with a single certificate, which can save them time and money.
  • In April 2023, DigiCert announced the launch of its new Digicert SSL Premium certificate. This certificate offers a higher level of security than traditional SSL certificates, and it is designed to protect businesses from the latest cyber threats.
  • In May 2023, Entrust announced the launch of its new Entrust TLS/SSL Certificates. These certificates offer a wide range of features and benefits, and they are designed to meet the needs of businesses of all sizes.

Acquisition and partnerships

  • In October 2022, Francisco Partners acquired Comodo's certificate authority business. This acquisition gave Francisco Partners a major player in the SSL certificate market, and it also gave Comodo a new owner with the resources to invest in the business.
  • Francisco Partners acquired Comodo's certificate authority businessOpens in a new window
  • In November 2022, DigiCert acquired Sectigo. This acquisition made DigiCert the largest certificate authority in the world, and it also gave DigiCert a wider range of products and services to offer its customers.
  • In December 2022, Comodo partnered with Cloudflare to offer a joint SSL certificate solution. This partnership gives businesses the option to use Comodo's certificates with Cloudflare's secure DNS service, which can help to improve website security.

Figure 2. Global SSL Certificate Market Share (%), by Organization Size, 2023

 | Coherent Market Insights

Top companies in SSL Certificate Market

  • DigiCert, Inc.
  • GlobalSign
  • Comodo CA (now Sectigo)
  • GoDaddy Inc.
  • Entrust Datacard
  • Thawte
  • GeoTrust
  • Symantec (now part of DigiCert)
  • RapidSSL
  • com
  • Network Solutions
  • Let's Encrypt
  • IdenTrust
  • Trustwave Holdings
  • Buypass AS

*Definition: An SSL (Secure Socket Layer) certificate is a digital security credential that establishes a secure and encrypted connection between a user's web browser and a web server. It ensures the confidentiality, integrity, and authenticity of data transmitted over the internet by encrypting sensitive information such as personal data, payment details, and login credentials.

Frequently Asked Questions

Complexity of Implementation, Management Burden, and Cost Considerations are key factors limiting SSL Certificate market growth.  

Increasing Data Security Concerns, Regulatory Compliance Requirements, Search Engine Ranking Preferences, and User Trust Building are major drivers of SSL Certificate market growth.

SSL Certificates' Validation Level, including Extended Validation (EV) Certificates, holds a prominent position in the market.

Major players in the market include DigiCert, GlobalSign, Sectigo (formerly Comodo CA), GoDaddy, Entrust Datacard, and Thawte.

North America is expected to lead the market, followed by Europe and the Asia Pacific region.
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