LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global secure socket layer (SSL) certification market is set to surpass 3 billion by 2020, growing at a CAGR of more than 22%.
This research report titled ‘Global SSL Certification Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global SSL certification market into four end-user segments. They are:
- Large enterprises
- Government organizations
Global SSL certification market by end-user 2015
In 2015, large enterprises were the major contributors to the global SSL certification market with a market share of 39.50%. Companies in the BFSI, healthcare, IT, retail, and manufacturing sectors fall in the large enterprises segment.
Large enterprises mainly implement organization validation (OV) SSL and extended validation (EV) SSL certificates, as they require a high level of security and have a higher budget for security. “Since large enterprises are geographically diversified, they require centralized SSL management to avoid data theft and high management costs. Also, demand for SSL certifications is high in such organizations to maintain their privacy and ensure customer satisfaction by offering advanced security,” says Amrita Choudhury, a lead analyst at Technavio for IT security.
SMEs were the second largest segment for SSL certification market in 2015. SMEs are cost-conscious and adopt economical SSL certificates from smaller local vendors, who offer inexpensive SSL certificates or use self-signed SSL certificates. Since SMEs are losing their confidential data due to cyber-attacks from their rivals and hackers, they are adopting DV SSL or OV SSL certificates for better security. Stringent government regulations for the usage of SSL certificates to prevent data theft is another driver for the market.
Government organizations accounted for a market share of 25.65% in 2015. “Since government organizations are prone to frequent cyber-attacks and theft of confidential data, demand for SSL certificates is increasing among them. Adoption of e-government initiatives and online utility bill payment options are also driving the demand for SSL certificates in government organizations,” adds Amrita.
Others segment includes individuals, home businesses, and non-profit organizations. With an increased penetration of M2M communication and IoT, the adoption of SSL certifications is likely to grow significantly as security is a growing concern for all website users.
Growing adoption of SSL certification in retail and BFSI sectors alluring market vendors
With the growing adoption of the Internet, digital security has gained prominence. As many retail stores use the e-commerce platform to increase their sales, usage of SSL certification has become mandatory. EV SSL certificates, which are a part of SSL certification, are being used in retail and BFSI sectors. In addition, with the growing acceptance of mobile banking applications, the need for SSL certification has increased to secure data such as usernames, passwords, and account details.
To stay competitive in the market, organizations are providing value additions with SSL certificates. Vendors such as Entrust Datacard and GlobalSign are providing EV SSL certificates for the retail sector.
The top vendors in the global SSL certification market are:
- Entrust Datacard
Browse Related Reports:
- SSL Certification Market in India 2015-2019
- Global EV SSL Certification Market 2015-2019
- Global BFSI Security Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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