The email encryption market is projected to register a CAGR of 22.8% during the forecast period, up from US$ 4.2 Bn in 2021 to reach a valuation of US$ 40 Bn by 2032.
The email encryption market is anticipated to show promising growth prospects during the forecast period due to growing competition. New competitors offer a variety of options at reasonable pricing to fulfill the demand for email encryption making it more accessible to customers in the global email encryption market.
Sales of email encryption are expected to rise significantly. In addition to this, sales of email encryption are rising, accounting for US$ 11.6 Bn by 2026. Increasing sales of email encryption are also projected to contribute to the growth of the email encryption market share.
Enterprises are looking for cloud-based security solutions that will allow them to prevent sophisticated email threats while saving money, deploying quickly, and having on-demand access to experts. New and complex threats, such as spear phishing, trojans, ransomware, BEC scams, social engineering, malware, and spam, have emerged due to the fast increase in IT infrastructure, putting businesses’ essential data in danger.
In real-time, cloud-based email security protects enterprises from phishing attempts, ransomware, spam, spoofing, and other dangerous threats via email. Many providers in the email encryption market provide clients with a demand for email encryption services.
Virtru, for example, provides a cloud-based and secure email encryption technology that ensures that all communications are encrypted from beginning to finish. The demand for email encryption solutions is growing as more apps become virtual.
Manufacturers in the email encryption market get a big platform to serve the whole demand for email encryption. The worldwide sales of email encryption are seeing increased competition. With growing competition, new competitors offer a variety of options at reasonable pricing, fulfilling the demand for email encryption more accessible to customers.
- Over the years, sophisticated cyber-attacks such as email-based phishing and BEC schemes have wreaked havoc on businesses, resulting in large financial losses.
- The sales of email encryption solutions and services are the uses of spear-phishing to obtain sensitive information for nefarious purposes, and the installation of malware on the device of a targeted user is on the increase.
- Hackers all across the world are preying on people’s anxieties about the COVID-19 pandemic, and there has been an uptick in COVID-19-related attacks, such as BECs and spear-phishing.
- North America is anticipated to have the largest market share in the email encryption market.
- Sales of email encryption businesses in this region are increasing due to enable data protection, avoid cyber-attacks and commercial espionage, and provide data security and privacy to ensure business continuity.
Micro Focus (UK), Broadcom (US), Cisco (US), Trend Micro (Japan), Sophos (UK), Proofpoint (US), BAE Systems (UK), Zix (US), Entrust Datacard (US), Mimecast (UK), Egress Software (UK), ProtonMail (Switzerland), Trustifi (US), Barracuda Networks (US), Intermedia (US), Clearswift (UK), Virtru (UK), Micro Focus (UK (US) are some of the leading participants in the email encryption market.
- Customers and partners will be able to purchase Sophos Email Advanced Portal Encryption as an add-on product to Sophos Email Advanced starting in May 2021. Senders of emails can safely use Portal Encryption to transmit an encrypted email to a web portal.
- Mimecast and Netskope, a cloud security firm, announced a strategic agreement in February 2021. Businesses will be able to safeguard cloud services and emails using enterprise-grade DLP solutions thanks to the strategic partnerships.
- MicrosoftTrend Micro became a Microsoft Gold Certified Partner in January 2021. Trend Micro has a long history of providing Microsoft security solutions. For example, Trend Micro Cloud App Security interacts directly with Microsoft Office 365 to safeguard incoming and internal Office 365 emails against sophisticated malware and other threats.
- Proofpoint will release the Proofpoint Essentials Security Awareness product in August 2020. Through danger simulations, this system gives training to SMEs to assist them in identifying high-risk situations. Phishing and malware infections are less likely as a result of this.
- Micro Focus released Voltage SmartCipher in January 2020. This service provides safe file encryption across various collaboration platforms, including email and cloud-hosted settings. With permanent unstructured file encryption, the solution improves privacy compliance.
- Trend Micro improved its email security capabilities in May 2019 to prevent BEC attacks, machine learning-based suspicious email content identification, sandbox malware analysis, document exploit detection, and email reputation technologies.
- Symantec released Email Fraud Protection in February 2019, an automated solution that helps businesses stop fraudulent emails and defend against BEC assaults. To support email authentication requirements and limit risks such as spam, spear phishing, malware, credential thefts, and malware assaults on-premises or in the cloud, the Email Fraud Protection solution interfaces with Symantec Email Security and Symantec Email Threat Isolation.
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