[September 19, 2023]

BFSI Sector Dominates Global Certificate Authority Market as Online Banking and Digital Financial Services Thrive - ResearchAndMarkets.com

The "Certificate Authority Market by Offering (Certificate Types, Services), SSL Certificate Validation Type ( Domain Validation, Organization Validation, Extended Validation), Organization Size, Vertical, and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The certificate authority market is poised for robust growth, with projections indicating an expansion from $167 million in 2023 to an estimated $282 million by 2028, achieving a remarkable CAGR of 11.0% during the forecast period.

Key factors shaping this growth trajectory include the enforcement of stringent regulatory standards and data privacy compliances. However, a notable hindrance may arise from the lack of awareness among organizations regarding the significance of SSL certificates.

BFSI: The Dominant Vertical

The BFSI (Banking, Financial Services, and Insurance) sector claims the largest share in the certificate authority market. With an ever-evolving industry landscape, BFSI institutions are broadening their service offerings to stay competitive, save costs, and enhance customer experiences.

They increasingly rely on online banking platforms and digital financial services, where certificate authorities play a pivotal role by providing SSL/TLS certificates. These certificates secure online banking transactions, encrypt sensitive data, and authenticate the legitimacy of banking websites, instilling trust and confidence in customers. This trust is crucial in maintaining a competitive edge and ensuring customer loyalty in the BFSI sector.

SMEs: A Rapidly Growing Segment

Small and Medium Enterprises (SMEs) registered the highest CAGR during the forecast period. The rising number of SMEs establishing an online presence through websites, e-commerce platforms, and digital services fuels the demand for SSL/TLS certificates from certificate authorities.

Often constrained by limited budgets and resources, SMEs seek cost-effective solutions, making certificate authorities' range of SSL/TLS certificate options, including DV certificates, an attractive choice for basic encryption without extensive validation requirements.

North America and Asia Pacific Lead

• North America boasts the largest market size, driven by well-developed infrastructure and a robust digital revolution across various industries.
• Asia Pacific registered the highest CAGR during the forecast period, driven by considerable security spending, a growing threat landscape, and government initiatives to bolster cybersecurity frameworks.

Premium Insights:

• Rapid Use of Online Services by Organizations to Drive Growth of Certificate Authority Market
• Services Segment to Grow at Higher CAGR in 2023
• SSL Certificate Segment to Account for Largest Share in 2023
• Domain Validation Segment to Account for Largest Share in 2023
• Managed Services Segment to Account for Largest Share in 2023
• SMEs Segment to Account for Larger Share in 2023
• BFSI Segment and North America to Account for Significant Share in 2023
• Asia-Pacific to Emerge as Best Market for Investments in Next Five Years

Market Dynamics:

Drivers:

• Rise in Instances of Https Phishing Attacks
• Stringent Regulatory Standards and Need for Data Privacy Compliance
• Rising Concerns Regarding Loss of Critical Data

Restraints:

• Use of Self-Signed Certificates by Private Certification Authorities

Opportunities:

• Rising Popularity of Cloud-Based Security Solutions Among SMEs
• Exponential Increase in Adoption of IoT Solutions Across Industry Verticals
• Proliferation of Cloud-Based and Virtualization Technologies

Challenges:

• Lack of Awareness Among Organizations Regarding Importance of SSL Certificates

Use Cases:

• Sectigo Helped SSLTrust Remain Competitive and Build a Strong Customer Base in SSL Market
• Finance in Motion Uses GlobalSign's Managed PKI Solution and KeyTalk Application to Safeguard Email Communications Between Employees and Clients
• e-Mudhra Helped Mauritius Government Implement National PKI Infrastructure

Companies Mentioned:

• Actalis
• Buypass
• Camerfirma
• Certigna
• Certsign
• Certum
• DigiCert
• Disig
• E-Tugra
• Entrust
• GlobalSign
• GoDaddy
• HARICA
• Identrust
• Let's Encrypt
• NetLock
• Network Solutions
• OneSpan
• Sectigo
• SSL.com
• SwissSign
• Trustwave
• TurkTrust
• TWCA
• WISeKey

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/v6q9ls

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230919494764/en/

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