Fort Collins, Colorado, April 21, 2024 (GLOBE NEWSWIRE) --
Rise in number of IoT applications to drive the industry growth.
The certificate authority market is experiencing substantial growth due to the increasing adoption of cloud-based services and Internet of Things (IoT) devices. With businesses transitioning their operations to the cloud and implementing IoT solutions, the demand for secure communication and data protection has become crucial. According to the National Institute of Standards and Technology (NIST), the number of IoT devices is projected to reach 25.1 billion by 2025, up from 14.2 billion in 2021. This rapid expansion underscores the necessity of utilizing digital certificates from trusted certificate authorities to uphold the integrity and confidentiality of data exchanged between devices and servers.
The certificate authority market offers substantial opportunities driven by emerging technologies and industry-specific applications. Blockchain technology has paved the way for decentralized certificate authority solutions, bolstering the security and transparency of digital certificate issuance and management. Furthermore, the growing adoption of digital certificates across sectors like healthcare, financial services, and government presents promising growth avenues for certificate authority providers. For instance, the U.S. Department of Health and Human Services (HHS) mandates using digital certificates for secure electronic health information exchange as part of the Health Insurance Portability and Accountability Act (HIPAA). As these industries continue to embrace digitalization and prioritize data security, the demand for certificate authority solutions will increase significantly.
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Segmentation Overview:
The certificate authority market has been segmented into offerings, organization size, industry, and region.
BFSI Industry will drive industry growth in the coming years.
- Based on the market segmentation by industry, the BFSI (Banking, Financial Services, and Insurance) sector is expected to hold the largest share in the certificate authority market in 2023. The BFSI industry deals with susceptible financial data and is subject to stringent regulatory requirements, such as the Payment Card Industry Data Security Standard (PCI DSS) and the Gramm-Leach-Bliley Act (GLBA). These regulations mandate using secure communication channels and robust encryption mechanisms, driving the adoption of certificate authority solutions in the BFSI sector.
Large enterprises accounted for a significant market share in the past.
- The large enterprise segment held the largest market share in 2023 based on the market segmentation by organization size. Large enterprises have complex IT infrastructures and deal with a substantial volume of sensitive data, making them prime targets for cybercriminals. As a result, these organizations are more likely to invest in robust security measures, including adopting certificate authority solutions to secure their communication channels and protect their digital assets.
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Certificate Authority Market Report Highlights:
- The certificate authority market growth is anticipated at a CAGR of 10.8% by 2032.
- The growing adoption of cloud-based services and the rise in the number of IoT devices drive the industry growth.
- The Asia-Pacific region is projected to attain a significant market share in the coming years owing to the rapid digitalization and growing adoption of cloud computing.
- Some prominent players in the certificate authority market report include DigiCert, IdenTrust, Sectigo, GoDaddy, GlobalSign, Entrust Datacard, Comodo, Let's Encrypt, Network Solutions, SwissSign, and Trustwave.
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