Businesses Using Digital Certificates to Gain Customer Trust
Customer trust is quintessential for any business to flourish. With the expanding online consumer base, the need for building customer trust is also accelerating at a significant rate. Nowadays, customers are spoilt with options when it comes to choosing from multiple products, brands, and services, due to the rising presence of businesses online. Customers’ trust in brands, which depends on the quality of services or products, discounts offered, quick resolution of queries, and loyalty programs and rewards, can be won by using digital certificates, as they help in adding more trust and confidence in the security of businesses.
Moreover, the mounting awareness about secure web access, on account of the growing internet penetration, will aid the certificate authority market in advancing at a healthy CAGR of 12.3% during 2020–2030. The market was valued at $81.7 million in 2019, and it is expected to generate $285.7 million revenue by 2030. The internet has become extremely important for the social and economic growth of the world, but it also has numerous threats attached to it. The increasing attacks on the cyberspace and escalating awareness about cybersecurity and digital signatures are already creating a huge requirement for digital signatures and certificates.
Additionally, the increasing use of cloud-based services by business entities will boost the adoption of digital certificates in the foreseeable future. The amplifying usage of such services can be credited to the scalability, data security, and flexibility offered by the cloud computing technology. Furthermore, this technology offers the platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and software-as-a-service (SaaS) models, which are being adopted by businesses to improve their operations. Thus, the surging utilization of services such as SaaS cloud computing will boost the adoption of digital certificates.
To enhance their customer base, ensure customer loyalty, and strengthen security, businesses across the education, healthcare, government, information technology (IT) and telecommunications, travel and hospitality, and banking, financial services, and insurance (BFSI) sectors are opting for secure email certificates, code signing certificates, secure socket layer (SSL) certificates, and user/client authentication certificates. Additionally, enterprises are creating a huge requirement for support, implementation and integration, and managed public key infrastructure (PKI) services to secure the identities of their customers and offer secure access to their services.
According to P&S Intelligence, North America led the certificate authority market in the preceding years owing to the presence of several digital certificate providers and the implementation of stringent data security laws and compliance standards. In the North American region, the U.S. provides a larger number of certificates due to the absence of any central federal-level privacy law and execution of multiple vertically focused federal privacy laws and new customer-oriented privacy laws in various states.
Whereas, Asia-Pacific (APAC) is expected to procure digital certificates at the highest rate in the forthcoming years due to the mounting number of online businesses, accelerating digital transformation rate, and increasing adoption of the internet of things (IoT) technology. The surging use of IoT solutions is resulting in malicious attacks, owing to which enterprises are increasingly focusing on authentication and data security. Business entities are, therefore, adopting PKI certificates as they represent identity in a cross-organizational and cross-platform way.
Thus, the soaring focus of businesses on gaining customer trust and the escalating awareness about secure web access will boost the adoption of digital security or identity certificates.
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