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Certificate Lifecycle Management Software Market Report - Insights on industry growth, competitive landscape, trends, mergers, and forecast outlook 2033
Certificate Lifecycle Management Software Market
According to The Business Research Company's, The certificate lifecycle management software market size has grown rapidly in recent years. It will grow from $3.73 billion in 2023 to $4.42 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to increasing complexity and risk in digital identities, secure communication, preventing certificate expirations, automating the certificate creation process, and on-premises solutions.
The certificate lifecycle management software market size is expected to see rapid growth in the next few years. It will grow to $8.78 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to increased adoption of IoT devices, rising sophistication of cyber threats, shift towards zero trust security models, focus on compliance and data privacy regulations, and growing demand for identity and access management (IAM) solutions. Major trends in the forecast period include increased adoption of cloud-based solutions, heightened focus on regulatory compliance, integration of AI and ML for threat detection, expanding IoT necessitating comprehensive management, surge in demand for hybrid deployment models, and emphasis on user-friendly interfaces for streamlined processes.
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Market Drivers and Trends:
Increasing adoption of cloud computing is expected to propel the growth of the certificate lifecycle management software market going forward. Cloud computing refers to services, applications, or resources that are delivered, accessed, and managed over the Internet, utilizing remote servers and computing infrastructure hosted by third-party providers. The growing utilization of cloud-based solutions is attributed to the services they provide, including scalability, accessibility, and security for businesses. Certificate lifecycle management software automates the deployment of digital certificates, ensuring efficient provisioning across various cloud environments as required. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises purchased cloud computing services, mostly to host their email systems and store electronic files. Purchases of cloud computing services by EU enterprises increased by 4.2% in 2023 compared to 2021. Therefore, the increasing adoption of cloud computing is driving the growth of the certificate lifecycle management software market.
Major companies operating in the certificate lifecycle management software market are developing advanced technologies, such as automated certificate lifecycle management solutions, to gain a competitive edge in the market. An automated certificate lifecycle management solution is a comprehensive software platform or set of tools designed to streamline and automate the management of digital certificates within an organization. For instance, in October 2023, AppViewX, a US-based software company, launched AppViewX KUBE+, an automated certificate lifecycle management service for the Kubernetes environment that provides complete certificate visibility, end-to-end automation, and policy control, simplifying certificate lifecycle management to secure containerized workloads at scale while supporting DevOps speed and agility. It reduces application outages, service disruptions, and security and compliance issues by addressing the operational and security challenges of certificate management in complicated Kubernetes settings.
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Major Key Players of the Market:
Red Hat Inc., Micro Focus International plc, ManageEngine, Entrust Corporation, CyberArk Software Ltd., HashiCorp Inc., DigiCert Inc., Nexus AG, Trustwave Holdings Inc., GlobalSign Inc., AppViewX Inc., Venafi Inc., One Identity LLC, Censys Inc., Sectigo Limited, Futurex LP, Keyfactor LLC, PKWARE Inc., Ubisecure Oy, QuoVadis Limited, PrimeKey Solutions AB, Xolphin B.V., Versasec AB
Certificate Lifecycle Management Software Market 2024 Key Insights:
• The certificate lifecycle management software market size is expected to see rapid growth in the next few years. It will grow to $8.78 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%.
• Cloud Computing Adoption Fueling Growth In The Certificate Lifecycle Management Software Market
• Innovative Solutions In The Certificate Lifecycle Management Market
• North America was the largest region in the certificate lifecycle management software market in 2023
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