Email Encryption Market By Type, By Component, By Deployment Mode, By Organization Size, By Industry Vertical and By Region – Global Opportunities & Forecast, 2022-2029
Email Encryption Market By Type (End-to-End Email Encryption, Gateway Email Encryption, Boundary Email Encryption, Hybrid Email Encryption, and Client Plugins), By Component (Solution and Services), By Deployment Mode (On-Premises and Cloud), By Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), By Industry Vertical, and By Region
Email Encryption Market is poised to grow at a CAGR of 20.2% during the forecast period from 2022-2029 attributed to growing adoption of Bring Your Own Device (BYOD) trend by organizations and strict regulatory framework.
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Key Email Encryption Market Drivers
Email Encryption Market is primarily driven by surge in BEC scams and phishing around the world, rise in the number of email users and strict regulations imposed by governments related to data protection. Nowadays, Business Email Compromise (BEC) has emerged to become one of the most financially damaging online crimes worldwide. Rivals in different companies tend to target corporate email, which is costing companies billions of dollars in potential losses. For instance, Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center received around 20,000 BEC complaints in 2021, which caused approximately adjusted losses of USD 2.4 billion in United States. Effective deployment of email encryption solutions can help companies to combat such attacks. With increasing usage of mobile devices and rising internet penetration rates, individuals and companies are expected to increase the usage of email encryption and email security technologies in the future, which will create lucrative growth opportunities for the Email Encryption Market. Moreover, remote working, during Covid-19 crisis, has created new security risks and productivity challenges. Cybercriminals tend to take advantage of web browsing behaviours of employees, sending them multiple volumes of covid themed emails that impersonates reputed organization such as World Health Organization (WHO).
Enterprises are looking for cloud-based security deployment solutions because it is cost-effective, provides access to emails as per convenience and offers on-demand access to expertise, which helps in mitigating the threat of advanced email threats. With advancements in IT infrastructure, new threats have emerged such as trojans, malware and spams and ransomware. Deployment of cloud-based email protection solutions will help businesses to protect from phishing attacks, ransomware, and malicious threats over email in real-time. As a result, companies are increasingly deploying these solutions. According to our research, almost 70% of public and private companies were using cloud email services in 2021. However, email encryption can help businesses to reduce the risks of data loss on email platforms, but its deployment brings in a lot of baggage for companies. Adopting email encryption can rapidly increase company’s overhead costs, as these solutions require more IT resources. Small and Medium enterprises are hesitant to adopt these solutions as they have limited budgets. While software licensing cost charged per email account, maintenance and upgradation cost and technical support for users, is becoming costly affairs for many companies, coupled with lack of skilled workforce and device compatibility issues, are restricting the adoption of the these solutions.
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Banking, Financial Services & Insurance (BSFI) segment is projected to hold the largest market share.
As huge volumes sensitive and private financial data are generated in the BSFI industry, enterprises are increasingly adopting email encryption solutions to ensure irreversible encryption. BSFI is a highly regulated industry, many governments worldwide have enforced regulations, to provide protection from phishing, APTs and other advanced email attacks. For instance, Canadian government enforced Protection of Personal Information and Electronic Documents Act, which aims at protecting internet users’ privacy by mandating companies to inform users about their data managing practices and getting consent to collect and disclose their personal data. Such regulations will increase the demand for email encryption solutions in BSFI vertical in the coming few years. Moreover, with rise in the adoption of online banking and online banking and financial services, insider threats have also increased. As per our study, BSFI industry spent more to contain insider threats as compared to any other industry.
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Based on Region, North American region is expected to dominate the market.
North American Email Encryption Market is driven by presence of the leading vendors such as Symantec, CISCO and Proofpoint, Inc., growing need to protect email information and URLs from cyber-attacks. Additionally major companies in this region are focusing to develop strategic partnerships and launching innovative products, which is creating lucrative opportunities for the market. For instance, In May 2019, WireWheel, a major provider of data security management solutions, partnered with Virtu. This partnership helped both enterprises to meet regulatory compliance and customer expectations for collecting data. Organizations are increasingly adopting email encryption solutions in Asia-Pacific region due to growing demand for cloud based security solutions and increasing concerns related to data security and privacy.
Top Market Players
Various notable players operating in the global email encryption market includes Symantec, Trend Micro Incorporated, CISCO, Proofpoint, Inc., Sophos Ltd., Micro Focus, BAE Systems, Intermedia.net, Inc., Zix Corporation, and Virtru, among others.
Key Developments:
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- In May 2021, Sophos makes its email advanced portal encryption available to customers and partners. This portable encryption will allow senders to securely deliver encrypted emails in the web portals.
- In February 2021, Mimecast partnered with Netskope, a leading security cloud company, based out of United States. This partnership focusses on securing cloud solutions and emails by utilizing enterprise grade DLP solutions.
- In August 2020, BAE Systems announced that it has acquired Techmodal, a data consultancy and digital services company based out of United Kingdom. Techmodal expertise in data science, digital transformation, and data analytics, will help the company to strengthen its position in the market.
- In March 2020, Fintechs, Beyond Encryption, and Origo announced that they have made full version of Unipass Mailock encrypted email service free to all customers of Origo Unipass for 2 months.
- In February 2020, Proofpoint, a major cybersecurity and compliance company introduced set of integrated solutions, designed to protect organizations from email account compromise (EAC) and business email compromise (BEC) attacks.
- In January 2020, Micro Focus launched Voltage SmartCipher. This offering will provide secure file encryption across collaboration platforms including email/cloud hosted environments.
- In 2019, Sophos launched its Early Access Program (EAP) for Sophos email advanced- email encryption, which has ability to encrypt entire mail or attachments only and quick setup feature.
Segments Covered in the Report:
The global email encryption market has been segmented on the basis of type, component, deployment mode, organization size and key regions. Based on type, the market is segmented into end-to-end email encryption, gateway email encryption, boundary email encryption, hybrid email encryption, and client plugins. Based on component, the market is segmented into solution and services. The services segment is further segmented into training & education and support & maintenance. Based on deployment mode, the market is segmented into on-premises and cloud. Based on organization size the market is segmented into small & medium-sized enterprises and large enterprises. Based on industry vertical, the market is segmented into banking, financial services & insurance, government & defense, IT & telecom, energy & utilities, manufacturing, retail, healthcare, and others. Based on the regions, the global email encryption market has been segmented into Asia-Pacific, Europe, North America, and RoW.
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Report Coverage |
Details |
Market Revenues (2021) |
USD Million |
Market Base Year |
2021 |
Market Forecast Period |
2022-2029 |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Type, By Component, By Deployment Mode, By Organization Size, By Industry Vertical, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Symantec, Trend Micro Incorporated, CISCO, Proofpoint, Inc., Sophos Ltd., Micro Focus, BAE Systems, Intermedia.net, Inc., Zix Corporation, Virtru, among others; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Email Encryption Market by Type
-
- End-to-End Email Encryption
- Gateway Email Encryption
- Boundary Email Encryption
- Hybrid Email Encryption
- Client Plugins
Global Email Encryption Market by Component
-
- Solution
- Services
- Training & Education
- Support & Maintenance
Global Email Encryption Market by Deployment Mode
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- On-Premises
- Cloud
Global Email Encryption Market by Organization Size
-
- Small & Medium-Sized Enterprises
- Large Enterprises
Global Email Encryption Market by Industry Vertical
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- Banking, Financial Services & Insurance
- Government & Defense
- IT & Telecom
- Energy & Utilities
- Manufacturing
- Retail
- Healthcare
- Others
Global Email Encryption Market by Region
-
- North America Email Encryption Market (Option 1: As a part of the free 25% customization)
- By Type
- By Component
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- US Market All-Up
- Canada Market All-Up
- Europe Email Encryption Market (Option 2: As a part of the free 25% customization)
- By Type
- By Component
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
- Asia-Pacific Email Encryption Market (Option 3: As a part of the free 25% customization)
- By Type
- By Component
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
- RoW Email Encryption Market (Option 4: As a part of the free 25% customization)
- By Type
- By Component
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
- North America Email Encryption Market (Option 1: As a part of the free 25% customization)
Major Players Operating the Email Encryption (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
-
- Symantec
- Trend Micro Incorporated
- CISCO
- Proofpoint, Inc.
- Sophos Ltd.
- Micro Focus
- BAE Systems
- net, Inc.
- Zix Corporation
- Virtru
Frequently Asked Question About This Report
Email Encryption Market [UP559A-00-0620]
Email Encryption Market is expected to grow at a CAGR of 20.2% over the forecast period (2022-2029).
Increasing adoption of BYOD trend, surge BEC and phishing attacks, rising number of email users and stringent regulatory compliances, are some of the factors boosting the growth of Email Encryption Market.
Key regions covered in the region are North America, Europe, Asia-Pacific and RoW.
Some of the leading companies in the market are Micro Focus, BAE Systems, Intermedia.net, Inc., Symantec, Trend Micro Incorporated, CISCO, Zix Corporation, Proofpoint, Inc., Sophos Ltd., and Virtru, among others.
- Published Date: Dec-2021
- Report Format: Excel/PPT
- Report Code: UP559A-00-0620
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Email Encryption Market By Type, By Component, By Deployment Mode, By Organization Size, By Industry Vertical and By Region – Global Opportunities & Forecast, 2022-2029
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