The Email Encryption market is expected to grow from USD 4.2 Billion in 2020 to USD 21.43 Billion by 2028, at a CAGR of 22.6% during the forecast period 2021-2028.
Email encryption conceals or protects the content of an email so that only the intended recipients can read it. Verification is often used in email encryption. Email encryption isn’t just for those who communicate sensitive data over emails, such as login credentials, social security numbers, or bank account information. When hackers or cybercriminals get unauthorized access to an email account, they can see attachments, read the contents, and even take complete control of the account.
Sensitive information might be obtained by unidentified parties due to a rise in email usage for business and personal contact among individuals. This has prompted companies to use email encryption software to protect their data from theft and loss.
The growth in corporate email compromise schemes is driving the global email encryption market. The high level of confidentiality required and the massive technological invasion is likely to be the driving forces behind email encryption software adoption. The significant driver that is expected to boost industry development is the government’s strict data privacy laws. The risk of unauthorized and unidentified parties accessing material has grown as the use of email services by business organizations and individuals has expanded. This has prompted customers to use email encryption to protect their sensitive information from loss and manipulation. It also protects against cyber threats and assaults such as malware, spam, viruses, Business Email Compromise (BEC), and other intrusions that expose critical corporate data. In BEC, hackers attack business email accounts, impersonating customers, workers, or partners to obtain financial benefits such as approving money transfers to the perpetrators’ accounts. Email encryption software and services are an excellent method to protect your email data. Furthermore, a surge in fraudulent activities such as spear phishing to steal data for harmful purposes is fuelling the growth of the Global Email Encryption Market. Also, the Global Email Encryption Market is growing as a result of rising data security concerns, rigorous privacy regulations, and increased demand for cloud-based services throughout the world. The high cost of implementing email encryption systems is the primary constraint to enterprises adopting these solutions. Email encryption solutions may be used by both businesses and individuals to decrease the danger of data loss on email systems. Because email encryption solutions involve IT resources to safeguard and encrypt communications, their adoption significantly increases an organization’s overall overhead costs. Increased demand for cloud-based email encryption services will benefit the sector. It defends businesses against phishing attacks, ransomware, spam, spoofing, and other email-based threats in real-time. Many firms in the email encryption sector offer cloud-based email encryption services to their customers. Many firms in the email encryption sector offer cloud-based email encryption services to their customers.
Symantec Corporation, Sophos Ltd., Hexamail Ltd., Entrust, Inc., Hewlett Packard Enterprise Development LP, Send Technology, Inc., Virtru Corporation, Egress Software Technologies Ltd., Firetrust Ltd., Smarsh, Inc., and Cisco Systems, Inc. are some of the major market players in global email encryption market. Key competitors are currently focusing on product innovations, mergers and acquisitions, latest advancements, joint ventures, collaborations, and partnerships to obtain a significant market share in the global Email Encryption market.
The solution segment dominated the market, with the largest market segment of 62% in 2020.
Based on the component, the Global Email Encryption Market is segmented into solutions and services. The solution segment dominated the market, with the largest market segment of 62% in the year 2020. This is due to a rise in email encryption solutions used by various organizations to create internal and external email messages more efficiently and effectively. Email encryption solutions, which secure organizations’ sensitive and secret data, are factors driving the market’s growth.
The BFSI segment dominated the market with the largest market share of 38% in the year 2020.
Based on the end-user, the Global Email Encryption market is segmented into BFSI, Retail & e-Commerce, Telecom, IT & ITeS, Healthcare, Manufacturing, Government & Defense, and Others. The BFSI segment dominated the market with the largest market share of 38% in the year 2020. BFSI is the most targeted industry vertical since it deals with large volumes of sensitive and private financial data. Because it guarantees irreversible encryption, the email encryption solution is in great demand in this industry. In addition, the BFSI industry vertical is the most regulated since it is required to follow several security laws. BFSI organizations have strict data security requirements due to the sensitive and secret data they manage. Financial institutions are required to protect themselves from APTs, phishing, malware, and other advanced email attacks under various government mandates, including the Personal Information Protection and Electronic Documents Act (PIPEDA), Gramm-Leach-Bliley Act (GLBA), and the Federal Financial Institutions Examination Council (FFIEC), as well as standards such as PCI DSS and SOX. The IT & ITeS segment also has a significant market share in the Global Email Encryption market due to the rising implementation of email encryption solutions across the IT industry to enable data protection and prevent cyber-attacks.