The global email encryption market reached a value of US$ 2.8 Billion in 2019. Email encryption refers to the authentication mechanism of encoding and disguising the contents of an email to protect it from unauthorized access. Email is an extremely vulnerable mode of communication that can be hacked over unsecured or public networks. Encryption is one of the primary data security solutions in the present times. It secures the contents of the email by making them unreadable as they get transferred over networks. The methodology primarily depends on cryptography wherein the user publishes a key to decrypt the message. Email encryption is an essential tool for both organizations and individuals as it prevents the access of important and confidential data by unintended users.
The rising demand for cloud-based services along with increasing data security concerns and privacy regulations is the key factor driving the growth of the market. Furthermore, frequent instances of phishing and spam emails are also positively influencing the market. With a significant increase in the usage of email services by corporate organizations and individuals, the probability of unauthorized and unidentified sources accessing the content has increased. This has encouraged consumers to implement email encryption to secure their sensitive data against losses and manipulation. Additionally, it also prevents cyber threats and attacks through malware, spam, viruses, Business Email Compromise (BEC) and other intrusions that expose sensitive enterprise information. Moreover, the thriving banking, financial services, and insurance (BFSI) and healthcare industries are also driving the market growth. The organizations within these industries now store their data on the cloud and operate on the pay-per-use model of the encryption service. This provides flexibility and scalability to accommodate the diverse needs of organizations and reduces the dependence on the internal IT personnel along with licensing and maintenance costs for the user. Looking forward, IMARC Group expects the global email encryption market to continue its strong growth during the next five years.
The report has also analyzed the competitive landscape of the market with some of the key players being Cisco Systems, Proofpoint, Symantec, Trend Micro, Zix, Cryptzone, DataMotion, Echoworx, Egress Software Technologies, Entrust, Greenview Data, HPE, McAfee, Microsoft, Sophos, Virtru, WatchGuard Technologies, etc.
The global email encryption market was worth around US$ 2.8 Billion in 2019.
According to the estimates by IMARC Group, the global email encryption market will exhibit strong growth during the next five years.
Increasing data security concerns due to the growing incidences of data breaching and cyber threats are primarily driving the demand for email encryption across the globe.
The growing penetration of cloud-based solutions, along with the emergence of pay-per-use model of the encryption services, will continue to propel the global email encryption market in the coming years.
Sudden outbreak of the COVID-19 pandemic had led to the increasing adoption of remote working models across several industries, thereby catalyzing the need for email encryption for sending important documents through emails.
On the basis of the deployment type, the market has been bifurcated into cloud based and on-premises. Between these, cloud-based deployment type holds the majority of the total market share.
On the basis of the component, the market has been classified into solution and service. At present, solution exhibits a clear dominance in the market.
On the basis of the end user, the market has been categorized into BFSI, healthcare, government, IT & telecom, and others. Amongst these, the BFSI sector currently accounts for the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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