The latest report by IMARC Group, titled “Email Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global email encryption market size reached US$ 2.0 Billion in 2021. Email encryption refers to the authentication mechanism of encoding and disguising the contents of an email to protect sensitive information from unauthorized access. It relies on cryptography, using which the user publishes a key to decrypt the message. It also uses digital signature mechanisms to safeguard confidential data against cyberattacks. As a result, various organizations and individuals are adopting email encryption solutions to make the email unreadable for unintended users.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Email Encryption Market Trends:
The market is primarily driven by the increasing data security concerns due to the rising instances of phishing and spam emails. In addition, the rising adoption of email services by corporate organizations and individuals is escalating the demand for email encryption to secure sensitive data against losses and manipulation. Besides this, various organizations within the banking, financial services, and insurance (BFSI) and healthcare industries are storing their data on the cloud to reduce the dependence on internal IT personnel and minimize licensing and maintenance costs. This, coupled with the rising deployment of the work-from-home (WFH) model due to the recent outbreak of coronavirus disease (COVID-19) pandemic, is escalating the adoption of email encryption solutions. Furthermore, several leading players are focusing on improving the security features of their email services by adding new security layers, which is expected to propel market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 7.9 Billion by 2027, exhibiting a CAGR of 25.97% during the forecast period (2022-2027).
- Based on the encryption type, the market has been classified into end-to-end email encryption, gateway email encryption, boundary email encryption, hybrid email encryption, and client plugins.
- On the basis of the deployment type, the market has been bifurcated into on-premises and cloud-based.
- Based on the component, the market has been categorized into solution and service (training and education and support and maintenance).
- On the basis of the end user, the market has been segregated into BFSI, healthcare, government, IT and telecom, and others.
- Based on the organization size, the market has been segmented into small and medium-size and large organizations.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Cisco Systems, Inc., Proofpoint, Inc., Symantec Corporation (Broadcom Inc.), Trend Micro, Inc., Zix Corporation, Cryptzone AB, DataMotion, Inc., Echoworx, Egress Software Technologies, Entrust Corp., Greenview Data, Inc., Hewlett Packard Enterprise (HPE), McAfee Corp., Microsoft Corporation, Sophos Group PLC, Virtru, and WatchGuard Technologies.
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