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Email Encryption Market

Email Encryption Market

Email Encryption Market Analysis by Type (End-to-end Email Encryption, Gateway Email Encryption, Boundary Email Encryption), by Component (Solutions, Services), by Deployment Mode (Cloud, On-premises), by Organization Size, by Vertical, by Region - Global Forecast 2022-2032

Email Encryption Market
FACT7254MR
  • Apr-2022
  • List of Tables : 72
  • List of Figures : 120
  • 170 Pages
  • Technology

Email Encryption Market Outlook

The global email encryption market is predicted to rise at a CAGR of 17% during 2022-2032. The email encryption market is estimated to reach US$ 24.8 Billion by 2032 from US$ 4.2 Billion in 2021.

Email encryption encrypts data with the use of an encryption key, allowing the information that must be conveyed via emails to be safeguarded. Sensitive information might be obtained by unidentified parties due to a rise in email usage for corporate and personal communication among persons. This has prompted organisations to implement email encryption software to protect their data from theft and loss.

The growth in BEC scams and spear phishing, the rising number of email users worldwide, the high demand for email encryption services, and the necessity to comply with data protection guidelines are all major driving factors for the email encryption market.

Report Attribues

Details

Market Value (2021)

US$ 4.2 Billion

Estimated Market Value (2022)

US$ 5.1 Billion

Projected Value (2032)

US$ 24.8 Billion

Global Market Growth Rate (2022-2032)

17%

Market Share of Top 5 Countries

  • U.S.
  • U.K.
  • China
  • Japan
  • South Korea

Key Companies Profiled

  • MICRO FOCUS
  • BROADCOM
  • CISCO
  • TREND MICRO
  • SOPHOS

Impact of COVID-19 on the Email Encryption Market

“As a consequence of the COVID-19 pandemic, there is an increase in demand for remote workers.”

The COVID-19 pandemic has had an impact on many aspects of society, including individuals and corporations. The internet ecosystem has played a critical role all around the world. The reliance on internet enterprises has grown dramatically as a result of the COVID-19 epidemic.

Vendors have seen a drop in demand for email encryption systems along with sales of email encryption. Digital business practices and the use of email with home servers have become the new business continuity plan (BCP) for many enterprises. With the increased usage of mobile devices and internet penetration throughout the world, people are becoming more interested in digital technologies such as email encryption, email security, and data loss prevention (DLP).

During the pandemic, the number of phishing and email scams has increased, and enterprises have been more careful when it comes to securing private data held on email servers. Demand for email encryption solutions allows businesses to encrypt email data in order to safeguard their resources from dangerous cyber-attacks.

Interested to Procure The Data

What are the Emerging Trends in the Email Encryption Market?

"Demand will be driven by an increase in the number of Internet users."

The global e-mail encryption market is being propelled by rising demand for email encryption, cloud-based services, privacy restrictions, and increased security concerns.

However, the high cost of email encryption solutions and the need for key management is projected to stymie the expansion of the demand for email encryption and the whole e-mail encryption market over the forecast period.

Over the years, corporations have been heavily targeted by sophisticated cyber-attacks such as email-based phishing and BEC schemes, resulting in large financial losses. In BEC, adversaries attack business email accounts, impersonating customers, workers, or partners in order to get financial benefits such as approving money transfers to hackers' accounts hence increasing the demand for email encryption.

Fraudulent techniques, such as spear phishing, are on the rise in order to steal data for malevolent reasons. The adoption of email encryption solutions and services is a good way to safeguard email data.

The use of spear-phishing to obtain personal information for nefarious reasons, as well as the installation of malware on a targeted user's computer, is on the rise. Hackers all across the world are preying on people's anxieties about the COVID-19 outbreak, which can lead to demand for email encryption and, in turn the sales of email encryption,

There is an increase in COVID-19-related attacks, including BECs and spear-phishing.

What are the Restraints in the Email Encryption Market? 

"The cost of email encryption systems is too expensive."

The high cost of establishing email encryption systems is the biggest obstacle that businesses confront when adopting email encryption solutions. Email encryption solutions assist businesses and individuals in lowering the risk of data loss on email systems.

Adoption of email encryption solutions dramatically raises total overhead expenses for enterprises since the solutions necessitate the development of IT resources for safeguarding and encrypting communications. The cost of email encryption solutions increases in proportion to the amount of the file to be encrypted, which may hinder demand for email encryption and also sales of email encryption.

Free platforms accessible on the internet do not have the necessary capability to effectively secure sensitive data. Due to financial constraints, email encryption solutions tend to be an expensive choice for SMEs.

Furthermore, the expenditures for maintenance and timely upgrades add to the total growth in an organization's expenses. The software license expenses per user (email account), as well as the maintenance costs of the email encryption software and technical assistance for users, make it a costly solution for low-budget organisations to implement.

Furthermore, email encryption solutions must be interoperable with current IT systems. As a result, all of these reasons impede the adoption of email encryption solutions.

An Adaptive Approach to Modern-day Research Needs

Comparative View of Adjacent Email Encryption Market

Attributes

Email Encryption Market

5G in Defence Market

Cloud Security Posture Management Market

CAGR

(2022-2032)

17%

30.2%

15.3%

Market Value

(2026)

US$ 9.21 Billion

US$ 1911.02 million

US$ 7.42 Billion

Growth Factor

An increase in BEC schemes and spear-phishing

Adoption of self-driving and connected vehicles is increasing.

Low visibility across the IT infrastructure and a rise in setup mistakes to enhance CSPM solution adoption

Opportunity

Increased demand for cloud-based email encryption services

The United States and China have made significant expenditures in the introduction of 5G technology in the defence industry.

Enhancing cloud security capabilities

Key Trends

Encrypting keys necessitates the use of key management and verification methods.

The Internet of Things has seen widespread acceptance and continuing developments.

Migration to the cloud allows for the control of cloud security posture.

Segment-wise Insights

"Demand for cloud-based email encryption services is increasing."

What is the Segmentation Outlook for the Email Encryption Market?

In the email encryption market, the BFSI industry vertical is predicted to have the largest market share. Since it handles enormous amounts of sensitive and private financial data, BFSI is the most targeted industrial vertical. The email encryption market's vertical segment is looking for an email encryption solution that ensures irreversible encryption.

Furthermore, the BFSI industry vertical is the most regulated, as it must meet several security criteria. Due to the sensitive and confidential data that BFSI firms deal with, there are stringent data security regulations. This escalates the demand for email encryption and also surges sales of email encryption.

Email encryption solution providers are also working on cutting-edge technology-enabled solution development to reduce BFSI players' security risk, resulting in a surge of demand for email encryption. 

For example, Trustifi, a SaaS email security firm, announced the debut of an email encryption solution that facilitates the reception and transmission of encrypted emails in February 2020. Email encryption solution makes it as simple to send a 256-bit AES encrypted email as it is to send any ordinary email. Users of this newly designed technology can only send encrypted emails by checking a box in Gmail or Microsoft Outlook.

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What is the Regional Demand Analysis in the Email Encryption Market? 

Regions

CAGR (2022-2032)

US

16.8%

UK 

16%

China 

16.8%

Japan

15.5%

South Korea 

14.5%

North America is expected to have the largest email encryption market share in the email encryption market. Early acceptance of email encryption, as well as the existence of multiple suppliers offering email encryption solutions, is projected to boost the region's email encryption market growth. This, combined with an increasing need for data security and protection from cyber-attacks, could be the major factor driving the demand for email encryption as well as the sales of email encryption in the email encryption market.

Similarly, Europe has the second-largest email encryption market share and is expected to show significant growth during the forecasted period due to the presence of several leading vendors of email encryption as well as the presence of various industries in the email encryption market's region, such as BFSI, automation, healthcare, and so on with rapid technological expansion.

Due to rising demand for email encryption, cloud services, data and privacy security concerns, and sophisticated email encryption services in the area, the Asia Pacific region of the email encryption market is predicted to have the greatest CAGR throughout the projection period.

In addition, regions such as China, Japan, India, and South Korea are increasingly embracing cloud services, which will boost email encryption market expansion along with a surge in demand for email encryption as well as the sales of email encryption.

As the Middle East is one of the world's most technologically sophisticated areas in the email encryption market, it is predicted to increase throughout the forecasted time. Currently, enterprises in the area prefer control over cloud email encryption and are aggressively deploying hardware security modules (HSMs) to secure their data from escalating security risks, which might boost the email encryption market.

South America is expected to grow steadily over the forecast period, propelling the email encryption market forward. As a result of changing economic conditions, industrial development strategies, political transformation, and increased digitization, there has been a boost in demand for email encryption as well as the sales of email encryption.

Competitive Landscape

The market for email encryption is moderately competitive, with a large number of global and regional companies. These firms control a sizable portion of the email encryption market and are concentrating their efforts on extending their customer base around the world.

The email encryption market vendors are also concentrating on R&D investments to launch new solutions, strategic collaborations, and other organic & inorganic growth strategies to gain a competitive advantage over the projection period.

Recent Developments in the Email Encryption Market

  • Sophos Email Advanced Portal Encryption will be available to customers and partners as an add-on product to Sophos Email Advanced beginning in May 2021. Portal Encryption allows email senders to safely transmit encrypted communications to a web portal.
  • Mimecast engaged established a strategic agreement with Netskope, a cloud security firm, in February 2021. Businesses will be able to safeguard cloud services and emails using enterprise-grade DLP solutions as a result of the strategic partnerships.
  • MicrosoftTrend Micro will be a Microsoft Gold Certified Partner in January 2021. Trend Micro has a long history of providing Microsoft security solutions. Trend Micro Cloud App Security, for example, interacts directly with Microsoft Office 365 to safeguard incoming and internal Office 365 emails against sophisticated malware and other threats.
  • Proofpoint Essentials Security Awareness will be available in August 2020. Through threat simulations, this system trains SMEs to recognise high-risk situations. This lessens the effect of phishing attacks and malware outbreaks.
  • Micro Focus will release Voltage SmartCipher in January 2020. This service enables safe file encryption across collaboration platforms including email and cloud-hosted settings. With permanent unstructured file encryption, the solution improves privacy compliance.

Key Segments 

  • Based on Type:

    • End-to-end email encryption
    • Gateway email encryption
    • Boundary email encryption
    • Hybrid email encryption
    • Client plugins
  • Based on Component:

    • Solutions
    • Services
  • Based on Deployment Mode:

    • Cloud
    • On-premises
  • Based on Organization Size:

    • Large Enterprises
    • SMEs
  • Based on the Vertical:

    • BFSI
    • Government and Defense
    • IT and ITeS
    • Telecommunication
    • Energy and Utilities
    • Manufacturing
    • Retail and eCommerce
    • Healthcare
    • Other verticals (media and entertainment, education, and travel and transportation)
  • Based on the Region:

    • North America
    • Europe
    • Asia Pacific
    • Middle East and Africa
    • Latin America

- FAQs -

The email encryption market is projected to rise at a CAGR of 17% during the projected period.
With a CAGR of 17.1%, the solutions segment dominates the email encryption market during the forecast period.
U.S. and China are the leading regions for email encryption market.
The global email encryption market was valued at US$ 4.2 Bn in 2021.
With a CAGR of 16.4%, the cloud segment dominates the email encryption market during the forecast period.

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