According to IMARC Group latest published report, the global email encryption market share reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.9 Billion by 2028, exhibiting a growth rate (CAGR) of 26.08% during 2023-2028.
Email encryption represents the authentication mechanism of disguising and encoding the contents of an email to protect it from unauthorized access. Email is a highly vulnerable mode of communication that can be hacked over public or unsecured networks. Encryption is among the primary data protection solutions in the present times. It ensures the contents of the email by making them unreadable as they get transmitted over networks. The methodology mostly depends on cryptography, wherein the user publishes a key to decrypt the message. Email encryption is an essential tool for organizations and individuals as it prevents the access of confidential and vital information by unintended users. As a result, this solution finds widespread applications across various sectors, such as BFSI, healthcare, government, and IT and telecommunication.
COVID-19 Impact Analysis
Note: 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.
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Competitive Landscape
Some of the major players in the market are Cisco Systems, Inc. (CSCO), Proofpoint, Symantec, Trend Micro, Zix, Cryptzone, DataMotion, Echoworx, Egress Software Technologies, Entrust, Greenview Data, HPE, McAfee, Microsoft, Sophos, Virtru, WatchGuard Technologies, etc.
Email Encryption Industry Trends and Drivers:
The escalating need for cloud-based services and the increasing data security concerns and privacy regulations are among the primary factors driving the email encryption market. Besides this, the rising instances of phishing and spam emails are further augmenting the market growth. Moreover, the elevating requirement for email encryption by consumers to secure their sensitive data against losses and manipulation, owing to the probability of unauthorized and unidentified sources accessing the content, is also catalyzing the global market.
Apart from this, the impelling demand for this solution in banking, financial services, and insurance (BFSI) and healthcare industries to store their data on the cloud and operate on the pay-per-use model is acting as another significant growth-inducing factor. Furthermore, this service prevents cyber threats and attacks through malware, spam, viruses, and other intrusions that expose sensitive enterprise information, which is expected to bolster the email encryption market in the coming years.
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Report Segmentation:
The report has been segmented the market into following categories:
Market Segmentation by Encryption Type:
• End-To-End Email Encryption
• Gateway Email Encryption
• Boundary Email Encryption
• Hybrid Email Encryption
• Client Plugins
Market Segmentation by Deployment Type:
• On-Premise
• Cloud Based
Market Segmentation by Component:
• Solution
• Service
• Training and Education
• Support and Maintenance
Market Segmentation by End-User:
• BFSI
• Healthcare
• Government
• IT & Telecom
• Others
Market Segmentation by Organization Size:
• Small and Medium Sized Organizations
• Large Size Organizations
Market Segmentation by Region:
• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
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