A certificate authority is a trusted third-party entity that issues digital certificates and manages the public keys and credentials of data encryption for end-users. Digital certificates are verifiable data files that contain identity credentials to help websites, people, and devices represent their authentic online identity.
Major growth drivers for the Certificate Authority Market include the growing number of online businesses and stringent data security compliances, such as Payment Card Industry Data Security Standard (PCI DSS) and Health Insurance Portability and Accountability Act (HIPAA).
In the certificate authority market by component, the services segment is expected to grow at a higher Compound Annual Growth Rate (CAGR) than the certificate types segment during the forecast period. Due to easy installation and operation, the certificate types segment has a larger market size.
Among the certificate types, the authentication certificates segment is expected to grow at the highest CAGR due to an increasing need for identity solutions for people, businesses, and IoT. Authentication certificates are used to authenticate organizations during the communication process with the app users. These certificates authenticate users who access a server by exchanging the client authentication certificate. The certificate-based authentication uses a digital certificate to identify a user, machine, or device before granting access to a resource, network, and application.
Among the industry verticals, the healthcare industry vertical is expected to grow at the highest rate during the forecast period. Major growth drivers for the market in the healthcare vertical include an increasing need to secure customers’ data and meet compliance requirements. Healthcare companies face high risks of data security and breaches.