Email Encryption Software Market to Reach $55.4 Billion, by 2032 at 24.7% CAGR: Allied Market Research

The global email encryption software market is attributed to growth factors such as growing demand for effective communication mediums, an increase in demand for mobile encryption solutions, and stringent data protection regulations and policies by government authorities

PORTLAND, Ore., Aug. 3, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Email Encryption Software Market by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Manufacturing, Government, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the email encryption software industry generated $6.3 billion in 2022 and is anticipated to generate $55.4 billion by 2032, witnessing a CAGR of 24.7% from 2023 to 2032.

Prime Determinants of Growth: 

The global email encryption software market is attributed to growth factors such as growing demand for effective communication mediums, an increase in demand for mobile encryption solutions, and stringent data protection regulations and policies by government authorities. However, the high cost of data security solutions and a lack of knowledge and education about data security are the major factors that impede the growth of the global market. Furthermore, a surge in technological advancements in encryption algorithms and an increase in the adoption of cloud-based data security solutions are anticipated to provide lucrative growth opportunities for the global email encryption software market in the upcoming years. 

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Report Coverage & Details: 

 

COVID-19 Scenario: 

• The COVID-19 pandemic had a significant impact on the email encryption software industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. 
• Moreover, the pandemic compelled businesses globally to implement remote work policies and thoroughly rely on digital communication strategies. With the rise in remote work, the volume of confidential data being transmitted by email has increased, which leads to a surge in demand for email encryption software to ensure the security and privacy of remote communications. These factors have fueled the growth of email encryption software solutions across industries. 

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The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global email encryption software market revenue, and is estimated to maintain its leadership status throughout the forecast period. The demand for robust encryption capabilities, ease of use, compatibility with different email platforms, and integration with existing email infrastructure. However, the service segment is projected to manifest the highest CAGR of 29.0% from 2023 to 2032, due to increase in adoption of managed encryption services in several organizations to provides convenience, expertise, and all-time support, allowing organizations to focus on their core business function. 

The on-premise segment to maintain its lead position during the forecast period

Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the global email encryption software market revenue, and is expected to maintain its lead position during the forecast period. Many organizations prefer on-premise solutions due to various factors, including data control, customization options, and security concerns. However, the cloud segment is expected to portray the fastest CAGR of 27.0% from 2023 to 2032. Cloud-based solutions offer cost-effectiveness and scalability, which are expected to provide lucrative growth opportunities for the market during the forecast period. 

The large enterprises segment to rule the roost by 2032

Based on organization size, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the global email encryption software market revenue, and is projected to rule the roost by 2032. Large enterprises deal with a vast amount of sensitive data on a daily basis, including customer information, financial records, and intellectual property. However, the small and medium-sized enterprises segment would portray the fastest CAGR of 28.3% from 2023 to 2032. The growth in penetration of email encryption solutions in small and medium-sized organizations is expected to provide lucrative opportunities for the market.

The healthcare segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-fourth of the global email encryption software market revenue. Email communication often includes financial statements, loan details, investment advice, and other critical financial data. It ensures that this sensitive information remains protected from cyber threats. On the other hand, the healthcare segment is estimated to maintain its leadership status throughout the forecast period. The same segment would also exhibit the fastest CAGR of 34.9% from 2023 to 2032. The increase in demand for effective email encryption software to protect patient privacy is further expected to propel global market growth. 

Asia-Pacific region to maintain its dominance by 2032

Based on region, the North America region held the highest market share in 2022, contributing to nearly two-fifths of the global email encryption software market revenue. This region has a strong foothold in numerous large enterprises, government agencies, and organizations with a huge focus on data protection and compliance, which is further anticipated to propel the growth of the market in this region. However, the Asia-Pacific region is expected to maintain its dominance by 2032. The same region is also expected to witness the fastest CAGR of 27.8% from 2023 to 2032. The region is experiencing a rapid digital transformation across various industries, including healthcare, finance, government, and telecommunications, which is expected to provide lucrative growth opportunities for the market in this region. 

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Leading Market Players:

• Proofpoint Inc.
• BAE Systems
• CipherMail B.V.
• Cisco Systems, Inc.
• Hewlett Packard Enterprise (HPE)
• Micro Focus International plc
• Proton Technologies AG
• Sophos Ltd.
• Virtru
• Trend Micro Incorporated

The report provides a detailed analysis of these key players in the global email encryption software market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant positions in different countries. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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