CHICAGO, Oct. 9, 2023 /PRNewswire/ -- The future of email encryption is probably going to include end-to-end encryption becoming more popular, quantum-safe encryption to combat new threats, enhanced usability and integration with email clients, standardised protocols, and compliance with changing laws. Email security will also be significantly improved by advanced authentication techniques, AI-driven security, and user education.
The global Email Encryption Market size is projected to grow from USD 6.2 billion in 2023 to USD 16.3 billion by 2028 at a CAGR of 21.3% during the forecast period, according to a new report by MarketsandMarkets™. The Email Encryption market experienced substantial growth due to a surge in Email data breaches, an increase in BEC frauds and spear-phishing incidents, a rise in stringent government regulations and data privacy compliance, and advancements in encryption technology.
Browse in-depth TOC on "Email Encryption Market"
291 - Tables
49 - Figures
297 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | - 2017-2028 |
Base year considered | - 2022 |
Forecast period | - 2023–2028 |
Forecast units | - Value (USD Million/Billion) |
Segments Covered | - Offering, Deployment, Verticals, and Regions |
Geographies covered | - North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
Companies covered | - Major vendors in the global Email Encryption market include Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US), Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK), SendSafely (US), and Zivver (Netherlands). |
By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.
The healthcare vertical is anticipated to have the highest CAGR in the Email Encryption market, primarily driven by stringent regulatory compliance demands worldwide, particularly concerning patient data protection. In many countries, such as the US, with the Health Insurance Portability and Accountability Act (HIPAA), healthcare institutions are mandated to safeguard patient health information, especially when transmitted via Email. Additionally, as cyber threats aimed at health data escalate, especially given its substantial value on the black market, healthcare institutions are progressively channeling resources into sophisticated encryption tools. They aim to bolster the security of Email communications, minimize the risk of data breaches, and sidestep significant regulatory penalties. This heightened concern for safety and regulatory imperatives propels the rapid growth in Email Encryption within the healthcare domain.
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By deployment, the on-premises holds the largest market size during the forecast period.
The on-premises deployment mode is anticipated to dominate the Email Encryption market during the forecasted period primarily due to the enhanced control and customization it offers organizations. Direct oversight over their Encryption infrastructure allows entities to tailor solutions to specific needs and ensures seamless integration with existing systems. Furthermore, on-premises solutions address data sovereignty and compliance concerns by keeping data within an organization's infrastructure, which is especially pertinent for sectors with stringent data residency regulations. These factors propel the on-premises deployment mode in the Email Encryption market to have the largest market size.
By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging players like India and Singapore, is poised for the most significant CAGR during the anticipated period. This is due to its rapid digital transformation, especially in countries like India, China, and Southeast Asian nations. This transformation amplifies the volume of online communications, necessitating advanced Email Encryption solutions. Additionally, the robust growth of emerging economies in this region has led to the expansion of IT infrastructure and increased business activities, all heightening the demand for Email Encryption. Coupled with this is a rising awareness and understanding of cybersecurity prompted by the region's escalating cyberattacks and data breaches.
Top Key Companies in Email Encryption Market:
Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US), Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK), SendSafely (US), and Zivver (Netherlands) are the key players and other players in the Email Encryption market.
Recent Developments
- In July 2023, Telefónica Tech (Spain) partnered with Proofpoint to introduce 'Clean Email Business' in Spain, enhancing email security for medium-sized companies. The service incorporates advanced features such as spam filtering, malicious attachment and URL analysis, and protection against BEC attacks. The initiative is geared towards ensuring security, regulatory compliance, and uninterrupted business continuity for its users.
- In April 2023, Barracuda Networks, Inc. forged a strategic distribution agreement with Ingram Micro to bolster its presence in the Gulf region. Under this agreement, Ingram Micro will distribute Barracuda's comprehensive cybersecurity solutions, covering email, applications, cloud, network, and data protection. This partnership aims to provide resellers across the UAE, Kuwait, Qatar, Oman, Bahrain, Yemen, and Pakistan with access to Barracuda's cutting-edge cybersecurity offerings.
- In March 2023, proteanTecs (Israel) and BAE Systems partnered to enable a zero-trust supply chain for defense and critical infrastructure applications. With this partnership, proteanTecs' advanced deep data analytics technology will be leveraged by BAE Systems to ensure product authentication and supply chain integrity, thereby potentially strengthening email encryption by ensuring the hardware components are authentic and secure.
- In January 2023, Zoho Corporation's Bigin CRM introduced an 'Email-In' topping feature that automates the process of mapping emails sent to different aliases within an organization to the relevant customer records, streamlining email organization and implicitly enhancing security. In addition, the 'File Cabinet' topping allows customers to manage documents through unique, secure links, bolstering data protection and suggesting a move towards improved email content security.
- In August 2022, Mimecast introduced the Mimecast X1 Platform, an advanced email and collaboration security solution designed to safeguard business communications in hybrid work environments. It uses AI and ML to detect threats, offers scalable cloud-delivered security, and integrates seamlessly with other security systems through its extensive API ecosystem.
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Email Encryption Market Advantages
- It protects sensitive information from unauthorized access, ensuring that only the intended recipients can read the email content, reducing the risk of data breaches.
- Email encryption preserves user privacy by preventing email content from being accessed by email providers or other third parties.
- It helps organizations comply with data protection regulations and industry-specific requirements by safeguarding sensitive data in transit.
- Encryption can be paired with digital signatures to verify the authenticity of the sender, reducing the risk of phishing and spoofing attacks.
- It ensures that confidential information remains confidential, making it suitable for industries like healthcare, finance, and legal services.
Report Objectives
To define, describe, and forecast the Email Encryption market based on offering, deployment, verticals, and regions:
- To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
- To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Email Encryption market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Email Encryption market
- To profile the key players of the Email Encryption market and comprehensively analyze their market size and core competencies.
- Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global Email Encryption market.
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