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The global email encryption market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 20% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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.
According to the estimates by IMARC Group, the global email encryption market is expected to witness a CAGR of 20% during 2021-2026.
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.
Increasing data security concerns due to the growing incidences of data breaching and cyber threats represent one of the key drivers for the global email encryption market.
The rising penetration of cloud-based solutions, along with the emergence of pay-per-use model of the encryption services, represent some of the key trends in the global email encryption market.
On the basis of the encryption type, the market has been divided into end-to-end email encryption, gateway email encryption, boundary email encryption, hybrid email encryption, and client plugins. Currently, end-to-end email encryption exhibits a clear dominance in the market.
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.
The key companies in the global email encryption market are Cisco Systems, Proofpoint, Symantec, Trend Micro, Zix, Cryptzone, DataMotion, Echoworx, Egress Software Technologies, Entrust, Greenview Data, HPE, McAfee, Microsoft, Sophos, Virtru, WatchGuard Technologies, etc.
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