This research report categorizes the Email encryption to forecast revenues and analyze trends by Component, Deployment Mode, Organization Size, Vertical, and Regions.
The report Email Encryption Market size is projected to grow from USD 3.4 billion in 2020 to USD 11.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period, according to new research report by MarketsandMarkets™
Major driving factors for the email encryption market include rise in BEC scams and spear phishing, growing number of email users globally, high demand for cloud-based email encryption services, and mandate to comply with data protection directives.
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349 - Tables
79 - Figures
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By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the email encryption platform in an organization. As the adoption of the email encryption platform increases, the demand for these services is also expected to increase.
Email encryption can be provided through Managed Security Services (MSS) analysts who provide remote assistance and incident response to clients in case of suspicious activities. These services include training and education, and support and maintenance.
As the adoption of the email encryption platform increases, the demand for these services is also expected to soar. Email encryption services ensure 24/7 protection against increasing sophisticated architectures, SOCs manned by security experts, and quick incident response services.
Email encryption vendors offer customized subscriptions and professional services for threat intelligence, threat prevention, detection, and response to assist end users in easy planning and deployment of email encryption platform.
Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period
The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyberattacks, such as ransomware and misinformation campaigns on healthcare organizations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the COVID-19 outbreak.
Email phishing attacks have spiked due to COVID-19, more so, across the healthcare sector. The American Marketing Association (AMA) and the American Health Association (AHA) have partnered on COVID-19 cyber threats guidance for hospitals and physicians, including recommendations regarding VPNs and cloud-based services, COVID-19-themed phishing emails, telehealth deployments, and medical-device security.
The healthcare industry remains one of the most highly targeted for cyberattacks. With the adoption of technologies such as BYOD and centralized patient information, the vertical has become highly susceptible to cyber-attacks.
The email encryption technology has emerged as a valid solution to address issues, such as data security, patient safety, and enhanced productivity, to accelerate the overall process.
North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering email encryption solutions to all end-users in the region. The growing concerns for the protection of critical communication infrastructure and sensitive data have increased government intervention in recent years.
Various security-related regulatory compliances control the overall protection of the communication infrastructures in the North American region. The National Institute of Standards and Technology (NIST) encourages the US organizations by providing regulatory standards to protect the critical infrastructures in the organizations.
The PCI DSS, HIPAA, GLBA, SOX, and other regulatory compliances mandate the organizations to protect the sensitive data of their customers. The US and Canada both have strong economic conditions and are expected to be major contributors to the email encryption markets growth.
The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying email encryption and services.
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Market Players
Key and innovative vendors in the email encryption market include 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), Intemedia (US), Clearswift (UK), Virtru (US), Echoworx (Canada), NeoCertified (US), Deltagon (Finland), DeliverySlip (US), Hornetsecurity (Germany), Datamotion (US), Virtru (US), Smarsh (US), Retarus (Germany), Lux Sci (US), Cryptzone (US), SecureAge Technology (Singapore), Paubox (US), Sendinc (US), and Frama (Denmark).
Regional Analysis for Email Encryption Market
- North America: United States: Due to stringent data protection laws, cybersecurity worries, and a significant amount of email transmission, the U.S. has a mature email encryption market. The financial, healthcare, and governmental sectors are important ones.
- Europe: Western Europe: The adoption of email encryption is encouraged by the strict data protection laws (such as GDPR) in nations like the United Kingdom, Germany, and France. The legal, healthcare, and financial industries are heavy consumers. Nordic Countries: Due to their high emphasis on data privacy, these nations frequently take the lead in the adoption of new technologies, including email encryption.
- Asia-Pacific: China: As government laws and cybersecurity concerns expand, China's need for email encryption is also growing. The financial industry and big businesses are the main users. India: As more organisations adopt digitalization, email encryption is spreading. Adoption is being pushed by regulatory restrictions and cybersecurity worries.
- Latin America: Brazil: As companies look to protect sensitive data and adhere to regulations, the market for email encryption in Brazil is expanding. The government, healthcare, and financial services industries are major users.
- Middle East and Africa: UAE and Saudi Arabia: Due to their emphasis on cybersecurity, email encryption has been widely used across a range of industries. The observance of data privacy rules is a crucial motivator. South Africa: The banking industry and growing worries about data breaches are driving the adoption of email encryption.
Factors that Drive Email Encryption Market
- Data Privacy Regulations: Organisations are required to secure sensitive data, including information shared by email, in accordance with the General Data Protection Regulation (GDPR) in Europe, the California Consumer Privacy Act (CCPA) in the U.S., and comparable legislation around the world. Email encryption is frequently required in order to comply with these requirements.
- Cybersecurity Threats: Organisations are more aware of the need to secure their email communications as a result of the frequency and sophistication of cyberattacks, including phishing, ransomware, and data breaches. Email encryption guards against unauthorised access and data leakage.
- Data Breach Concerns: Email's weakness as a communication tool has come to light thanks to high-profile data leaks and breaches. Even if an email is intercepted, encryption guarantees that its contents will remain private.
- Sensitive Information Exchange: Sensitive information, including financial data, medical records, legal documents, and intellectual property, is frequently exchanged between businesses and individuals via email. Email encryption makes sure that this data is secure while in transit.
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