The certificate authority market is expected to demonstrate a CAGR of 12.3% during the forecast period (2020-2030), owing to the escalating need of businesses to establish trust among online customers and rising public awareness about secure web access. Additionally, the booming population of internet users and increasing number of transactions that require authentication and secure connection will also help the market revenue surge from $81.7 million in 2019 to $285.7 million by 2030.
In recent years, there has been an exponential surge in the number of online customers, owing to which, businesses have been focusing on establishing trust with their existing and potential customers. The increasing need to build trust is an outcome of the availability of a wide horizon of products and services online. In such an intense competitive ecosystem, brand trust and customer loyalty have become essential differentiators for enterprises. Therefore, the surging requirement to establish customer trust is a key contributor to the market growth.
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Besides, the mounting public awareness of secure web access will also steer the certificate authority market growth worldwide. The surging number of internet users is compromising the security of cyberspace, owing to which, several nations are organizing awareness campaigns on cybersecurity. These initiatives are proving to be extremely beneficial in imparting knowledge on the benefits of digital signature or identity certificates to the general public. As per the International Telecommunication Union (ITU), over 51% of the global population were internet users in 2019.
The end user segment of the certificate authority market is categorized into education, government, healthcare, travel and hospitality, information technology (IT) and telecommunications, retail and consumer goods, banking, financial services, and insurance (BFSI), and others. Under this segment, the BFSI category generated the highest revenue in 2019 due to a rampant rise in social engineering and phishing incidents. As credit unions, banks, and other financial organizations are major targets for such malicious attacks, they are increasingly adopting secure sockets layer (SSL) certificates to protect data and financial losses.
Globally, North America accounted for the largest share in the certificate authority market in 2019, owing to the presence of numerous digital certificate providers and stringent data security laws and compliance standards in the region. The North American market is dominated by the U.S. due to the robust implementation of various federal privacy laws and new customer-oriented privacy laws in multiple states. The Children’s Online Privacy Protection Act (COPPA) of 2000, the U.S. Privacy Act of 1974, and the Health Insurance Portability and Accountability Act (HIPAA) of 1996, are some of the data privacy regulations in the country.
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Whereas, the Asia-Pacific (APAC) region is expected to register the fastest growth in the certificate authority market throughout the forecast period, due to the accelerating digitalization rate and rising number of online businesses. Moreover, increasing use of the internet of things (IoT) technology will also support the market growth in the region, as its implementation can amplify the frequency of malicious attacks. To counter cyberattacks, enterprises are using public key infrastructure (PKI) certificates, as they represent identity in a cross-platform and cross-organizational way.
Therefore, the growing focus of business entities on trust-building and soaring public awareness about secure web access are the prominent growth drivers of the market.
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