I myself found an answer fo this question on http://www.scrum-master.info.
Simple answer is Scrum Master certification will better suit people in the technical side and Scrum Product Owner certification will better suite people in the business side. As per
"
Scrum Master: All the Scrum terminologies and concepts are covered. The course focus and discuss more on product development, Daily Stand-up, Sprint backlog, Sprint Review, Sprint Planning, Sprint Review and Retrospective etc in addition to all the Scrum concepts.
Scrum Product Owner: This course looks at Scrum from the Product Owner's point of view. It is again a comprehensive course on Scrum but will be more suitable for people who are in the role of a Product Owner/Business Analyst/ Project Managers or Project Sponsors etc. You will have better exposure towards, preparing product backlog and acceptance criteria, breaking epic into user stories, prioritizing tasks etc in addition to all Scrum concepts. A product owner is basically the voice of the customer, so the training would be from that perspective. "
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