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Certificate Authority Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Certificate Authority Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • August 2022
  • 56 pages
  • ID: 6311680
  • Format: PDF
  • Mordor Intelligence LLP

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The Certificate Authority Market was valued at USD 130 million in 2021 and is expected to reach USD 259.9 million in 2027, registering a CAGR of 12.54% over the forecast period 2022 to 2027. The rise in awareness among internet users about secure web access, the increasing need to build trust among the expanding online customer base, and adhering to rigorous compliances and regulations are some of the driving factors anticipated to drive the growth of the certificate authority market during the forecast period.

Key Highlights
A certificate authority (CA), also seldom mentioned as a certification authority, is a firm or company that works to authenticate the identities of entities (such as email addresses, companies, websites, or individual persons) and bind them to cryptographic keys through the issuance of electronic documents recognized as digital certificates.
The rise in awareness among internet users about secure web access, the increasing need to build trust among the expanding online customer base, and adhering to rigorous compliances and regulations are the major factors anticipated to drive the market growth studied during the forecast period.
The certificate-based authentication uses a digital certificate to identify a user, machine, or device before granting access to a resource, network, and application. The growing IoT and BYOD trends are also expected to increase the adoption of authentication certificates.
A certificate authority (CA) is a reputable organization that issues SSL certificates. These digital certificates are data files that link an entity to a public key cryptographically. Web browsers use them to verify content provided from web servers, guaranteeing that content presented online is trustworthy.
The SSL certificates segment deems for a principal share of the certification authority market due to its integrity, non-repudiation, encryption, and authentication features. It is a domain validated and completely automated validation type that allows users to start defending their eCommerce, webmail, blog visitors, logins, and more within a few minutes. It is one of the swiftest and most affordable means to activate SSL protection for the website.
The healthcare industry vertical is anticipated to grow tremendously during the forecast period, owing to an expanding need to secure customers’ data and satisfy compliance requirements. The growing incidents of cyber-attacks on Personally Identifiable Information (PII), Electronic Health Records (EHR), and Protected Health Information (PHI) are major concerns for healthcare organizations.
Owing to the COVID-19 pandemic, the market did not witness any negative impact. Most businesses were compelled to move staff to remote work in weeks, if not days. The changeover has ushered in a slew of new security dangers. In today’s environment, multifactor authentication, such as PKI certificates and passwords, is the most effective way to apply flexible, scalable security to networks and their users.

Key Market Trends

Healthcare Industry Vertical to Grow at the Highest Rate During the Forecast Period

SSL Encryption for healthcare apps and websites - The use of healthcare apps and online delivery of medicinal prescriptions are making healthcare services more convenient, less expensive, transparent, and vulnerable will create cyber theft. On installing SSL Certificates, every bit of information (IDs, passwords, credit card numbers, etc.) used in the app or website is encrypted (locked), and the intended recipient can only unlock it.
Every medical website owner must ensure that the website has HTTPS. Choosing the right SSL certificate should also be a key consideration for the SSL website security of a medical website. It is recommended to have an EV SSL certificate, which offers the required encryption level relevant to medical websites along with the highest validation.
The Healthcare category is expected to demonstrate the highest growth opportunities in the future. In healthcare facilities such as clinics and hospitals, vast amounts of sensitive and confidential data are stored, making adopting digital certificates necessary for a healthcare website. Investments in digitalization have increased in the healthcare sector, which will create new growth opportunities for the certificate authority market moving forward.
The healthcare business is rapidly adopting cutting-edge technologies to provide patients with an intuitive, tailored experience. The expansion strategy of partnerships, mergers, and acquisitions in the healthcare sector vertical has increased the difficulty of protecting user passwords and other sensitive information.
The digital certificates assist healthcare practitioners in securing personal health information on mobile devices such as computers and smartphones. Furthermore, the increasing number of cyber-attacks on Personally Identifiable Information (PII) is a significant concern for healthcare organizations.

North America to Account for the Most Significant Share

North America is expected to hold the largest market size in the certificate authority market by region during the forecast period. Primary growth drivers for the North American market constitute the significant presence of primary certificate authorities and stringent data security regulations and compliance.
Due to growing online businesses, digital transformation, and IoT trends, North America is anticipated to drive the certificate authority market. Additionally, the countries in the region, namely the United States and Canada, have updated or introduced new national cybersecurity policies that would drive the certificate authority market.
Since the Google Cloud Certificate Authority Service (CAS) launch, Google has consistently built up its market share in the studied market. Furthermore, in August 2021. three new members joined the CAS partnership program, Keyfactor, Jetstack, and Smallstep, next to the existing partners Venafi and AppViewx.
Growing Internet of Things (IoT) trends are expected to create vital growth opportunities for the certification authority market in the region. Moreover, the growing number of data breaches and data thefts in the healthcare and medical sector is also anticipated to boost the Certificate Authority Market growth in the region.
Healthcare cybersecurity crimes are on the rise in the US and continue to be one of the major concerns in the country, fueling firms to drive solutions in the market.
In light of the Russia - Ukraine conflict and a virtually endless cycle of threat campaigns and vulnerability disclosures toward the country, the US State Department, on April 2022, launched a new agency, the Bureau of Cyberspace and Digital Policy (CDP), responsible for developing online defense and privacy-protection policies and direction as the Biden administration seeks to integrate cybersecurity into America’s foreign relations. Such developments are increasing the demand for security certificate implementation in the region.

Competitive Landscape

The Certificate Authority Market is highly competitive and consists of several major players. The market is gaining competition globally. Nonetheless, the market exhibits a strong presence of key international players. These companies are leveraging strategic collaborative initiatives to expand their market share and enhance their profitability. Most companies are actively involved in mergers and acquisitions, owing to globalization.

February 2022 - DigiCert announced that it had acquired Mocana, an Internet of Things (IoT) cybersecurity provider. The combination provides IoT operators and manufacturers a platform for managing security across the full IoT devices lifecycle. The acquisition expands DigiCert’s presence in the IoT market.
November 2021 - Sectigo partnered with DevSecOps consulting firm to expand its professional services Offerings to enterprise Customers. This partnership will allow providing Sectigo Customers With More DevOps and Consulting Services Around Public Key Infrastructure and Encryption.

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