The global email encryption market size is expected to reach USD 19.06 billion in 2028 at a CAGR of 24.3% during the forecast period. Rising incidence of scams such as business email compromise and phishing attacks are major factors boosting adoption of email encryption and this is expected to drive market growth over the forecast period. Growing need to deploy robust security measures to safeguard private and intellectual property and other crucial information among various organizations is expected to boost revenue growth of market over the forecast period. Increasing adoption of multi-cloud services to obtain best benefits from unique services offered by each cloud provider is expected to further drive market revenue growth.
Various organization and government agencies have deployed email encryption to secure and protect corporate data and confidential information. Only the authorized personnel has the decryption key which enables the individual to access crucial business related information. This enhances the security and protection of sensitive and confidential data and minimizes the possibility of data leakage. Increasing demand for cost-efficient encryption solutions is expected to further drive revenue growth of market over the forecast period.
However, high costs associated with installing email encryption solutions is a major factor expected to restrain market growth to an extent. Deployment of email encryption solutions increases capital expenditure of an organization as it necessitates expansion of IT services to protect and encrypt emails. In addition, requirement of efficient decryption key management and validation of encrypting keys are expected to hamper market growth to an extent over the forecast period.
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Some Key Highlights in the Report:
- On-premises segment is expected to register a significant revenue CAGR over the forecast period. Growth can be attributed to rising deployment of on-premise encryption solutions across various sector to enable increased data security from the premises of an organization.
- Solution segment is expected to account for largest revenue share in the global market over the forecast period attributable to increasing incorporation of email encryption solutions by various companies to competently encrypt internal and external mail communications and efficiently safeguard crucial business data and information.
- Revenue growth of BFSI segment is majorly driven by rising adoption of email encryption solutions in the sector owing to increasing trend of online banking and other financial services that are leading to more insider risks and increasing susceptibility to scams.
- North America is expected to account for largest share in the global market in terms of revenue owing to increasing adoption of email encryption across several sectors such as BFSI, healthcare, and IT & telecome, among others.
- Prominent companies in the market include Cisco Systems, Inc., Micro Focus International plc, Trend Micro Inc., Sophos Group plc, Norton LifeLock Inc., BAE Systems plc, Zix Corporation, Proofpoint, Inc., and Mimecast Limited, Echoworx.
- In January 2019, Zix Corporation, which is a security technology companies that offers email encryption services, gained a controlling stake in Appriver, LLC, which is a software company that offers cloud-based services such as spam and virus protection and email encryption. The acquisition will allow Zix Corporation to expand its product portfolio of email security solutions.
For the purpose of this report, Emergen Research has segmented the global email encryption market on the basis of deployment, component, end-use, and region:
Deployment Outlook (Revenue, USD Billion; 2018–2028)
Component Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- IT & Telecom
- Energy and Utilities
- Media & Entertainment
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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