CHICAGO, Dec. 2, 2021 /PRNewswire/ -- According to a research report "Certificate Authority Market by Component (Certificate Types & Services), SSL Certification Validation Type (Domain Validation, Organization Validation, & Extended Validation), Organization Size, Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Certificate Authority Market is estimated to account for USD 127 Million in 2021. It is projected to reach USD 226 Million, at a CAGR of 12.3% from 2021 to 2026.
The major driving factors contributing to the high growth rate of the Certificate Authority Market include an rise in instances of HTTPS phishing attacks, increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, and stringent mandatory regulations and compliances.
By component, the services segment to register the highest growth rate during the forecast period
The demand for certificate authority products is expected to grow significantly in the next five years due to the organization's increasing focus on ensuring security, rising user's trust, and the need to comply with various regulations and standards. Certificate authority services are the support offered by vendors to assist their customers with the efficient use and operation of certificates. It involves various services to proactively detect and recommend the appropriate action to resolve the issues related to certificate management. These services include support services, implementation and integration services, and managed PKI services. Moreover, these services offer guidelines on the use of certificates and help embed best practices in organizations.
Based on vertical, the Retail and eCommerce segment to grow at the highest CAGR during the forecast period
The increase in online shopping, the rise in customer preferences, and the high competition among personalized customer experiences are the key factors expected to drive the adoption of SSL certificates in the retail and eCommerce vertical.
APAC to grow at the highest CAGR during the forecast period
The market growth in Asia Pacific can be attributed to the increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, surge in the adoption of IoT and cloud trends, and stringent mandatory regulations and compliances.
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