Global Certificate Authority Market Size Set to Expands at Significant CAGR of 10.91% Touching USD 292.56 Million by 2029

Published | 27 November 2023

Global certificate authority market is flourishing due to an increasing demand for secure digital transactions and data privacy, rapid adoption of e-commerce, IoT, and cloud, as well as regulatory compliance requirements.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global certificate authority market size at USD 157.2 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global certificate authority market size to grow at a significant CAGR of 10.91% reaching a value of USD 292.56 million by 2029. The global certificate authority market is driven by several key factors. The increasing need for secure online transactions and data exchanges fuels the demand for digital certificates. Also, the growing adoption of Internet of Things (IoT) devices and cloud services heightens the requirement for trust and authentication. Further, regulatory compliance and data privacy regulations mandate the use of digital certificates in various industries. The rise in cyber threats and the need to safeguard sensitive information drive organizations to invest in certificate authorities to ensure robust cybersecurity. These factors collectively propel the growth of the global certificate authority market.

Certificate Authority - Overview

A Certificate Authority (CA) is a trusted entity responsible for verifying and authenticating digital identities in the context of online security. CAs issue digital certificates that confirm the identity of individuals, websites, or devices, and provide encryption keys for secure data transmission. These certificates play a crucial role in establishing secure communication on the internet, as they ensure the confidentiality and integrity of data by enabling secure connections (e.g., HTTPS) and digital signatures. CAs adhere to strict security standards to prevent fraudulent certificates, making them essential for maintaining trust and security in the digital realm.

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Impact of COVID-19 on Global Certificate Authority Market

COVID-19 pandemic significantly impacted global certificate authority market. While the increased reliance on online services and e-commerce boosted the demand for digital security certificates to ensure data protection and secure transactions, the economic uncertainties led some businesses to cut IT budgets, affecting certificate purchases. Also, remote work and the need for secure communication further drove demand. Overall, the market witnessed fluctuations in growth as businesses adapted to the new normal, with some sectors experiencing increased certificate adoption, while others faced budget constraints, resulting in a complex and varied impact.

Global Certificate Authority Market – By End User

Based on end user, global certificate authority market is divided into BFSI, Healthcare, Retail, and IT & Telecom segments. The BFSI (Banking, Financial Services, and Insurance) segment is the largest contributor to the global certificate authority market. This sector's significant reliance on secure digital transactions and data protection drives the demand for certificate authority services to establish trust and security in online communication and transactions. While other segments like Healthcare, Retail, and IT & Telecom are also essential, the BFSI sector's stringent security requirements and the high volume of digital transactions make it the dominant player in the certificate authority market, contributing to its substantial market share and growth.

Competitive Landscape

Global certificate authority market is fiercely competitive. Major companies in the market include DigiCert Inc., Sectigo Limited, GoDaddy Inc., Asseco Data Systems SA (Asseco Poland SA), GlobalSign, Entrust Corporation, Actalis SpA, Trustwave Holdings, Network Solutions LLC, WISeKey International Holdings, Swisssign AG, OneSpan Inc., Camerfirma SA, and Buypass AS. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global certificate authority market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Certificate Authority Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Global Certificate Authority Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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