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Email Encryption Market worth $16.3 billion by 2028 - Exclusive Report by MarketsandMarkets(TM)
Tuesday, October 17, 2023
CHICAGO, Oct. 9, 2023 /PRNewswire/ -- The future of email encryption is probably going to include end-to-end encryption becoming more popular, quantum-safe encryption to combat new threats, enhanced usability and integration with email clients, standardised protocols, and compliance with changing laws. Email security will also be significantly improved by advanced authentication techniques, AI-driven security, and user education.
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The global Email Encryption Market size is projected to grow from USD 6.2 billion in 2023 to USD 16.3 billion by 2028 at a CAGR of 21.3% during the forecast period, according to a new report by MarketsandMarkets(TM). The Email Encryption market experienced substantial growth due to a surge in Email data breaches, an increase in BEC frauds and spear-phishing incidents, a rise in stringent government regulations and data privacy compliance, and advancements in encryption technology.
Browse in-depth TOC on "Email Encryption Market"
291 - Tables
49 - Figures
297 - Pages
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Scope of the Report
Report Metrics
Details
Market size available
for years
- 2017-2028
Base year considered
- 2022
Forecast period
- 2023-2028
Forecast units
- Value (USD Million/Billion)
Segments Covered
- Offering, Deployment, Verticals, and Regions
Geographies covered
- North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
-Major vendors in the global Email Encryption market include Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US),
Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust
(US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US),
Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK),
Companies covered SendSafely (US), and Zivver (Netherlands).
By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.
The healthcare vertical is anticipated to have the highest CAGR in the Email Encryption market, primarily driven by stringent regulatory compliance demands worldwide, particularly concerning patient data protection. In many countries, such as the US, with the Health Insurance Portability and Accountability Act (HIPAA), healthcare institutions are mandated to safeguard patient health information, especially when transmitted via Email. Additionally, as cyber threats aimed at health data escalate, especially given its substantial value on the black market, healthcare institutions are progressively channeling resources into sophisticated encryption tools. They aim to bolster the security of Email communications, minimize the risk of data breaches, and sidestep significant regulatory penalties. This heightened concern for safety and regulatory imperatives propels the rapid growth in Email Encryption within the healthcare domain.
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By deployment, the on-premises holds the largest market size during the forecast period.
The on-premises deployment mode is anticipated to dominate the Email Encryption market during the forecasted period primarily due to the enhanced control and customization it offers organizations. Direct oversight over their Encryption infrastructure allows entities to tailor solutions to specific needs and ensures seamless integration with existing systems. Furthermore, on-premises solutions address data sovereignty and compliance concerns by keeping data within an organization's infrastructure, which is especially pertinent for sectors with stringent data residency regulations. These factors propel the on-premises deployment mode in the Email Encryption market to have the largest market size.
By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging players like India and Singapore, is poised for the most significant CAGR during the anticipated period. This is due to its rapid digital transformation, especially in countries like India, China, and Southeast Asian nations. This transformation amplifies the volume of online communications, necessitating advanced Email Encryption solutions. Additionally, the robust growth of emerging economies in this region has led to the expansion of IT infrastructure and increased business activities, all heightening the demand for Email Encryption. Coupled with this is a rising awareness and understanding of cybersecurity prompted by the region's escalating cyberattacks and data breaches.
Top Key Companies in Email Encryption Market:
Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US), Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK), SendSafely (US), and Zivver (Netherlands) are the key players and other players in the Email Encryption market.
Recent Developments
-- In July 2023, Telefónica Tech (Spain) partnered with Proofpoint to
introduce 'Clean Email Business' in Spain, enhancing email security for
medium-sized companies. The service incorporates advanced features such
as spam filtering, malicious attachment and URL analysis, and protection
against BEC attacks. The initiative is geared towards ensuring security,
regulatory compliance, and uninterrupted business continuity for its
users.
-- In April 2023, Barracuda Networks, Inc. forged a strategic distribution
agreement with Ingram Micro to bolster its presence in the Gulf region.
Under this agreement, Ingram Micro will distribute Barracuda's
comprehensive cybersecurity solutions, covering email, applications,
cloud, network, and data protection. This partnership aims to provide
resellers across the UAE, Kuwait, Qatar, Oman, Bahrain, Yemen, and
Pakistan with access to Barracuda's cutting-edge cybersecurity
offerings.
-- In March 2023, proteanTecs (Israel) and BAE Systems partnered to enable
a zero-trust supply chain for defense and critical infrastructure
applications. With this partnership, proteanTecs' advanced deep data
analytics technology will be leveraged by BAE Systems to ensure product
authentication and supply chain integrity, thereby potentially
strengthening email encryption by ensuring the hardware components are
authentic and secure.
-- In January 2023, Zoho Corporation's Bigin CRM introduced an 'Email-In'
topping feature that automates the process of mapping emails sent to
different aliases within an organization to the relevant customer
records, streamlining email organization and implicitly enhancing
security. In addition, the 'File Cabinet' topping allows customers to
manage documents through unique, secure links, bolstering data
protection and suggesting a move towards improved email content
security.
-- In August 2022, Mimecast introduced the Mimecast X1 Platform, an
advanced email and collaboration security solution designed to safeguard
business communications in hybrid work environments. It uses AI and ML
to detect threats, offers scalable cloud-delivered security, and
integrates seamlessly with other security systems through its extensive
API ecosystem.
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Email Encryption Market Advantages
-- It protects sensitive information from unauthorized access, ensuring
that only the intended recipients can read the email content, reducing
the risk of data breaches.
-- Email encryption preserves user privacy by preventing email content from
being accessed by email providers or other third parties.
-- It helps organizations comply with data protection regulations and
industry-specific requirements by safeguarding sensitive data in
transit.
-- Encryption can be paired with digital signatures to verify the
authenticity of the sender, reducing the risk of phishing and spoofing
attacks.
-- It ensures that confidential information remains confidential, making it
suitable for industries like healthcare, finance, and legal services.
Report Objectives
To define, describe, and forecast the Email Encryption market based on offering, deployment, verticals, and regions:
-- To predict and estimate the market size of five main regions: North
America, Europe, Asia Pacific, Middle East & Africa, and Latin America
-- To analyze the subsegments of the market with respect to individual
growth trends, prospects, and contributions to the overall market
-- To provide detailed information related to the primary factors (drivers,
restraints, opportunities, and challenges) influencing the growth of the
Email Encryption market
-- To analyze opportunities in the market for stakeholders by identifying
high-growth segments of the Email Encryption market
-- To profile the key players of the Email Encryption market and
comprehensively analyze their market size and core competencies.
-- Track and analyze competitive developments, such as new product
launches, mergers and acquisitions, partnerships, agreements, and
collaborations in the global Email Encryption market.
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