Email Encryption Market to Soar to $16.3 Billion by 2028: Battling Cyber Threats and Compliance Challenges Drives Adoption

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Oct 24, 2023, 13:45 ET

DUBLIN, Oct. 24, 2023 /PRNewswire/ -- The "Global Email Encryption Market by Offering (Solution and Services), Deployment (On-premises and cloud), Vertical (BFSI, healthcare, government, IT & ITeS, telecommunications, manufacturing, retail & eCommerce) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global Email Encryption market is projected to grow from USD 6.2 billion in 2023 to USD 16.3 billion by 2028, showcasing a robust CAGR of 21.3% during the forecast period from 2023 to 2028.

The Email Encryption market's growth is attributed to several factors, including a surge in email data breaches, a significant increase in Business Email Compromise (BEC) fraud and spear-phishing incidents, stringent government regulations, and heightened data protection standards. These factors are compelling organizations to strengthen their cybersecurity postures, coupled with continuous innovation in encryption techniques.

The services segment is expected to experience the highest CAGR during the forecast period. This is due to the increasingly complex cyber threat landscape and the evolving encryption technologies. Organizations seek specialized services for encryption, consultation, implementation, and ongoing management to protect sensitive data and maintain compliance with changing regulations. Additionally, specialized email encryption services offering proactive threat monitoring, timely updates, and rapid incident response are in high demand.

The Banking, Financial Services, and Insurance (BFSI) vertical holds the largest market size in the Email Encryption market due to the sensitivity and critical nature of the financial data managed by these institutions. Regulatory pressures play a significant role in driving the adoption of advanced email encryption solutions in the BFSI sector.

North America maintains its dominance as the largest market for email encryption, driven by the presence of global corporations, tech companies, and financial institutions managing vast amounts of sensitive data that require top-tier encryption solutions. The region's stringent regulatory landscape, high cyberattack rates, and leading email encryption vendors further contribute to its dominant position.

The Asia Pacific region is expected to witness the highest CAGR in the email encryption market due to rapid digital transformation, economic growth, increased online transactions, digital communications, and rising cyberattacks. Data protection regulations and the presence of multinationals and startups further drive encryption adoption.

Key Highlights:

Surge in Data Breaches, Regulatory Stringency, and Encryption Advancements to Boost Market Growth.
Solutions Segment to Account for a Larger Market by 2028.
On-Premises Segment to Account for a Larger Market During Forecast Period.
BFSI Segment to Account for the Largest Market by 2028.
Professional Segment to Account for a Larger Share in 2023.
Asia-Pacific to Emerge as the Best Market for Investments in the Next Five Years.

Market Dynamics:

Drivers:

Surge in Email Data Breaches.
Increase in BEC Frauds and Spear-Phishing Incidents.
Rise in Stringent Government Regulations and Data Privacy Compliance.
Advancements in Encryption Technology.

Restraints:

Complex Implementation and Compatibility Issues.
Cost Constraints Associated with Email Encryption Solutions.

Opportunities:

Rapid Adoption of Remote Work.
Advancements in AI and ML-Powered Solutions.
Proliferation of Mobile Devices.
Migration of Email Infrastructure to Cloud-Based Platforms.

Challenges:

Lack of Seamless Integration with Operating Systems.
Interoperability Issues and Infrastructure Limitations.

Case Study Analysis:

Global Bank Deployed Syscom's In-House Virtual Appliance to Strengthen Email Encryption
Northeastern Rural Health Clinics Deployed Trustifi's Platform to Establish User-Friendly Management Console
Zeva and Microsoft Collaborated and Introduced Decryptnabox to Overcome Challenges of Traditional Email Encryption
Origo Implemented Trend Micro's Email Encryption Solution to Establish a Robust and Easy-To-Use Approach to Email Security

Companies Mentioned:

Bae Systems
Barracuda Networks
Broadcom
Cisco
Echoworx
Egress Software
Entrust
Fortinet
Fortra
HPE
Luxsci
Mimecast
Neocertified
Opentext
Paubox
Preveil
Proofpoint
Retarus
Sealit Technologies
Seclore
Sendsafely
Sophos
SSH Communication
Thales
Trend Micro
Zivver
Zoho

For more information about this report visit https://www.researchandmarkets.com/r/bcqnn6

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