The secure sockets layer (SSL) certification market is expected to grow by USD 2.55 billion during 2020-2024, expanding at a CAGR of over 16%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Secure Sockets Layer (SSL) Certification Market 2020-2024 (Graphic: Business Wire).
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Secure Sockets Layer (SSL) Certification Market: Increasing Awareness of end-users to drive growth
The rising number of data thefts and the expanding scope of online transactions have increased the demand for secured websites. Besides, there are many search engines such as Google flags websites, that are not secure or unencrypted. Encrypted sites will have HTTPS in the URL, which secures a layer over the usual HTTP web protocol and helps users distinguish between protected and unprotected sites. This has increased the awareness about encrypted and unencrypted sites among end-users, which has compelled organizations to use SSL certification in their websites to ensure secure data transactions. This is one of the key factors fueling the growth of the global secure sockets layer (SSL) certification market.
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As per Technavio, the growing number of online transactions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Secure Sockets Layer (SSL) Certification Market: Growing Number of Online Transactions
Many offline retailers across the world are focusing on expanding their business through e-commerce platforms. This has led to an increase in the number of online transactions worldwide. Online transactions on e-commerce platforms require users to share their personal information such as name, contact number, and debit or credit card details. Hence, to secure customer information, e-commerce platform companies must use SSL certificates. Also, the growing popularity of mobile wallet payments has compelled e-commerce companies to use EV SSL certification to ensure secure transactions. All these factors are contributing to the growth of the global secure sockets layer (SSL) certification market.
“Increasing use of BYOD concept and rising adoption of IoT technology will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Secure Sockets Layer (SSL) Certification Market: Segmentation Analysis
This market research report segments the secure sockets layer (SSL) certification market by Product (Domain validation, Organizational validation, and Extended validation) and Geography (North America, Europe, APAC, South America, and MEA).
The domain validation segment led the secure sockets layer (SSL) certification market in 2019. Domain validation is widely adopted by SMEs due to its cost-effectiveness and easy availability. Also, the certificate can be availed by just validating the domain. These factors are driving the growth of the segment.
The North America region led the secure sockets layer (SSL) certification market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to factors such as the increased adoption of cloud computing technology and rising instances of cyber-attacks in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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