From 2017, the share of e-commerce in the total retail sales worldwide increased by 15% in 2018; it is further set to reach 17% by 2021. This growth is credited to the rapid uptake of smartphones for internet access. As a result of the burgeoning e-commerce sector, the global certificate authority market is expected to advance to $285.7 million by 2030, from $81.7 million in 2019, at a robust 12.3% CAGR between 2020 and 2030, according to P&S Intelligence.
In order to retain and increase online customers, it is important that they trust the shopping portal. This is primarily driving the certificate authority market, as e-commerce websites are obtaining digital certificates to assure customers of the secureness and identity of their business. Moreover, such certificates give visitors information about the website operators, which further builds trust.
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The COVID-19 pandemic has had somewhat of a positive impact on the certificate authority market, as the lockdown implemented around the world has discouraged people from visiting physical stores. In such a scenario, online shopping activities around the world have burgeoned, with Adobe Inc.’s May 2020 Digital Economy Index claiming that in April–May, over $153 billion were spent on online shopping worldwide, which was almost 7% more than the $142.5 billion spent on online shopping during November–December 2019.
In the past, the certificate type bifurcation dominated the certificate authority market, on the basis of component. Authentication driven by digital certificates offers data privacy, as it encrypts emails, logins, online banking transactions, and other forms of online communication. Moreover, as digital certificates are almost completely automated, the user doesn’t have to do much, which makes them extremely user-friendly.
Large enterprises have generated the higher revenue in the certificate authority market in the last few years, based on organization. As such organizations usually have a higher number of online visitors and customers, they need to be extra careful regarding data privacy. Further, their higher budget allows them to deploy digital certificates, which can be costly.
Browse detailed report with COVID-19 impact analysis on Certificate Authority Market Research Report: By Component (Certificate Type, Service), SSL Certificate Validation Type (Domain Validation, Organization Validation, Extended Validation), Organization (Large Enterprises, Small- and Medium-Sized Enterprises), End User (Retail and Consumer Goods, BFSI, Government, IT and Telecommunications, Healthcare, Education, Travel and Hospitality) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/certificate-authority-market-outlook
The fastest growth in the certificate authority market in the immediate future is predicted to be seen in Asia-Pacific (APAC). The rapid digital transformation, increase in the number of online shopping portals, and rising deployment of IoT-enabled devices are driving the demand for digital certificates in the region. As IoT is susceptible to cyberattacks, companies are using public key infrastructure (PKI) certificates to secure the data and authenticate users.
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The most prominent companies in the global certificate authority market are Sectigo Ltd., DigiCert Inc., GoDaddy Inc., GMO GlobalSign Ltd., IdenTrust Inc., CERTUM PCC, ACTALIS S.p.A., Entrust Datacard Corporation, WISeKey International Holding AG, and Trustwave Holdings Inc.