Email Encryption Market is forecast to value over USD 14,538 Million by 2027, exhibiting a CAGR of 23.2% during the forecast period. The GMI Research report digs into the Email Encryption Market, highlighting drivers, restraints, and opportunities. The growing adoption of BYOD trends in several organizations and the introduction of cloud-based technology are projected to fuel the email encryption market size.
Email Encryption Market Dynamics
Email Encryption protects the data from being read by a false recipient. It refers to the method by which information can be converted to a secret code that covers up the true meaning of the information. Organizations implement email encryption solutions to prevent their confidential information. The email encryption market is driven by the increasing demand for cloud-based services, privacy norms, and a surge in data security concerns. With a notable increase in the deployment of email services by corporate organizations, the chances of unauthorized sources accessing the content have increased. This has encouraged enterprises to enforce email encryption to safeguard their private data against losses.
Moreover, it also inhibits cyber threats and attacks through malware, spam, and viruses. The flourishing healthcare and banking, financial services, and insurance (BFSI) industries have driven the market growth. The organizations within these industries store their data on the cloud and work on the pay-per-use model of the encryption service. This offers elasticity and scalability to fulfill the needs of organizations and decrease the licensing cost.
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However, the outburst of the coronavirus pandemic has transformed the way organizations work. The strict lockdown enforced across the nation has inclined small enterprises to work digitally. The growing usage of email with home servers has raised the chances of theft. Thus, the risk of email scams in this pandemic has substantially increased. Organizations have become more cautious about protecting their data and private information from cyber-attacks.
Various key players operating in the global email encryption market include Trend Micro Incorporated, CISCO, Symantec, Proofpoint, Inc., Sophos Ltd., BAE Systems, Intermedia.net, Inc., Zix Corporation, Micro Focus, and Virtru.
Component Segment Analysis
The solution segment is expected to grow at a higher CAGR during the forecast period. Organizations have become more vigilant towards protecting their data and private information present in their email servers. Email encryption solutions secure the moral practices of employees within the organization. These factors encourage organizations to enact email encryption solutions, which has bolstered market growth.
Deployment Mode Segment Analysis
The cloud segment is projected to hold the largest share in the global email encryption market because of the flexible access offered by the cloud to email encryption solutions. Cloud service vendors help organizations protect their data from undesirable practices through highly flexible email encryption solutions. Moreover, the growing deployment of email encryption on the cloud helps to improve strength, mobility, reduce overall costs, and disperse data storage by enterprises.
Industry Vertical Segment Analysis
The BFSI segment is anticipated to capture a remarkable share in the market over the forecast period. The BFSI industry is the most significant consumer email encrypted solution as it deals with a large volume of private financial data. Also, the BFSI industry is the most regulated as it has to fulfill security needs due to the large volume of financial data. Thus, the increasing security concerns will fuel the email encryption market.
Geographically, North America is expected to witness a faster CAGR over the forecast period because of a large number of email encryption solution vendors in this region. The increasing awareness among the organizations to safeguard their personal data from cyber-attacks, email scams, and phishing allows them to enact email encryption solutions to their servers. This has increased the demand for data safety and cloud-based services, which is further fuelling the growth of the North American email encryption market.
Email Encryption Market Segmentation:
Email Encryption Market by Type
- End-to-End Email Encryption
- Gateway Email Encryption
- Boundary Email Encryption
- Hybrid Email Encryption
- Client Plugins
Email Encryption Market by Component
- Training & Education
- Support & Maintenance
Email Encryption Market by Deployment Mode
Email Encryption Market by Organization Size
- Small & Medium-Sized Enterprises
- Large Enterprises
Email Encryption Market by Industry Vertical
- Banking, Financial Services & Insurance
- Government & Defense
- IT & Telecom
- Energy & Utilities
Email Encryption Market by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
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