Business organizations are focusing on establishing trust with online customers to differentiate themselves from other organizations in the current scenario of ferocious competition, customer loyalty, and brand image. Customers invest their trust in brands based on the quality of products or services, loyalty programs and rewards, discounts, and time taken to resolve queries.
Companies are, therefore, using secure sockets layer (SSL) certificates to add more trust and confidence in the identity and security of their business. Additionally, businesses are using cloud-based models, such as platform-as-a-service (PaaS), software-as-a-service (SaaS), and infrastructure-as-a-service (IaaS).
With the surging application of SaaS cloud computing, various organizations are opting for SaaS certificate authorities due to the evolution in the applications of the cloud and mobile technologies, thereby resulting in an amplified need for digital certificates.
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Due to this intensifying requirement, the certificate authority market will witness an increase in its size from $81.7 million in 2019 to $285.7 million by 2030, advancing at a CAGR of 12.3% during 2020–2030. With the growing focus on customer trust and the surging requirement for digital certificates, sectors such as education, government, retail and consumer goods, healthcare, information technology (IT) and telecommunications, travel and hospitality, and banking, financial services, and insurance (BFSI) are adopting digital certificates.
Among these sectors, healthcare institutes are adopting digital certificates at a fast pace, as these facilities are the custodians of a large amount of private data. A digital certificate is imperative for a healthcare website, as it determines how many clients can find a website through organic search.