Transport Layer Security MarketSize and Trends

Factors driving growth of the transport layer security market

The increasing use of online transactions and popularity of e-commerce websites are the major factors that are expected to drive growth of the transport layer security market over the forecast period. For instance, e-commerce websites such as Amazon and Flipkart, and all major financial institutions that offer web-based access to bank accounts and transaction from credit and debit cards are preferring transport layer security (TLS) to secure and encrypt the transactions of bank account. Where, proper data security is provided between web server and web client.

Rise in fraud on online platforms and brand impersonation are major challenges for players in the market, which are expected to drive growth of the market. Moreover, reputational damage is a rising concern of companies due to shifting preference of consumers towards digital transaction, owing to security concerns such as confidential data of customers in banking sectors are hacked by cyber criminals. Various companies are shifting towards TLS 1.2 protocol as compared to TLS 1.1, as TLS 1.2 is more secure than TLS 1.1 protocol. For instance, in October 2018, companies including Apple, Google, Microsoft, and Mozilla announced that the protocols, TLS 1.0 & TLS 1.1, will not be used by them from 2020.

Market- Trends

On the basis of the region, transport layer security market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Among regions, North America is expected to account for the largest market share over the forecast period, owing to the presence of key players in the region such as Verisign Inc., Imperva, Inc., and F5 Networks, Inc.