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The E-mail Encryption Market size is estimated to grow at a CAGR of 23.87% between 2022 and 2027. The market size is forecast to increase by USD 8,199.92 million. The growth of the market depends on several factors, including the high adoption of cloud-based services, extensive use of emails for communication, and stringent government regulations regarding data breaches. Email encryption is an authentication process that prevents e-mail message content from being read by an unauthorized person. Email is considered a vulnerable medium as emails sent within a secure company network can be intercepted, including login credentials.
This e-mail encryption market report extensively covers market segmentation by solution (secure e-mail gateways and software), end-user (BFSI, healthcare, government, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the e-mail encryption market growth is the extensive use of emails for communication. There is an increasing use of emails by employees as it is a cost-effective mode of business communication and is thus extensively used for sharing confidential information. The main advantage of emails is that it helps to keep track of business communication and allows the backup of data through email archiving.
Moreover, this mode of communication is widely used to share information with customers, companies, and partners. Further, there is a steady use of emails for corporate communication even though there is a significant use of social media channels such as LinkedIn, Facebook, Twitter, and Google+. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the e-mail encryption market growth is the emergence of integrated security solutions. There is an increasing preference for email encryption solutions integrated and converged with security solutions among end-users that offer overall security to devices and networks. The main reason for this increasing preference is due to the integration issues of different standalone security solutions.
Moreover, the email encryption solutions integrated with other security solutions, including data loss prevention (DLP), will minimize the overall cost of owning email encryption solutions for the customers, thereby fuelling its adoption. Several market players such as McAfee offer email encryption solutions integrated with network security solutions as a package which is significantly fuelling its adoption in the market. Hence, such factors are expected to drive market growth during the forecast period.
The high total cost of ownership of email encryption solutions is one of the key challenges hindering the e-mail encryption market growth. The total cost of deployment of an email encryption solution comprises the cost of software licensing for a number of components such as the key management software and a secure web-facing encrypted email, system designing and customization, implementation, training, and maintenance. Additionally, it offers complete public key infrastructure (PKI) that consist of multiple internal and web-facing servers, additional storage for encrypted emails, and software licenses.
Moreover, the main features of PKIs include the frequent monitoring of activities like help desk support, rotating user certificates, and maintaining certificate revocation lists. However, it is essential to upgrade email encryption solutions regularly after the implementation. Hence, such factors are increasing the cost which in turn will negatively impact the market. Thus it is expected to hinder the market growth during the forecast period.
The secure e-mail gateways segment is estimated to witness significant growth during the forecast period. Some of the main functions of the secure email gateways segment include inbound filtering of spam, phishing, malicious and marketing emails, preventing outbound data loss, and email encryption. There is an increase in the adoption of secure email gateways among organizations as they face challenges regarding loss of data which leads to damage to their reputation.
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The secure e-mail gateways segment was the largest segment and was valued at USD 1,200.58 million in 2017. Several organizations are more prone to financial threats due to their increased use of the Internet to transfer an organization's critical financial data, along with the exchange of emails among employees. Additionally, the immense availability of enterprise information on social media makes them vulnerable to cyber security threats. Moreover, the global secure email gateways segment has a slow growth due to the decrease in the use of hardware devices and appliances and the increase in the adoption of SaaS-based solutions for organizations. However, there is an increasing adoption of this segment in developing economies which will drive market growth during the forecast period.
The increasing cases of fraudulent activities in the BFSI sector will drive market growth during the forecast period. Several financial institutions are upgrading their communication systems as well as technology for enhancing their business process. There is high adoption of mobile-based or desk-based email platforms across financial institutions. Some of the key information which is communicated over emails include personal bank accounts, transaction details, credit card information, or any other important information. Hence, there is increasing adoption of email encryption solutions which is expected to fuel the growth of the segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors which are significantly contributing to the growth of the global email encryption market in North America is the increasing instances of insider fraud in organizations in the region.
Moreover, there is an increasing adoption of upgraded technologies in the region such as biometric technologies and multifactor authentication, to encrypt and decrypt emails. Several prominent market players such as McAfee are offering integrated email security solutions, which is minimizing the demand for standalone email encryption solutions. Another prominent market player is Trend Micro which offers its email encryption solutions to enterprises from Canada, Mexico, and the US to secure email communication between employees, customers, and partners. Hence, the rising cases of malicious emails and the presence of technology providers are expected to drive market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global e-mail encryption market witnessed significant growth due to the temporary closure of several organizations and enterprises and the increase in the work-from-home model, resulting in an increase in the use of email encryption solutions in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in enterprises. Such factors are expected to drive the market during the forecast period.
The e-mail encryption market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global E-mail Encryption Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Barracuda Networks Inc: The company offers email encryption such as Barracuda Email Protection to prevent threats, detect and respond, and secure data.
Check Point Software Technologies Ltd: The company offers email encryption such as Harmony Email and Collaboration HEC for Microsoft 365, Google Workspace, and other collaboration and file-sharing apps.
Cisco Systems Inc: The company offers Cisco Secure Email for protection against business phishing emails, malware, and ransomware.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The E-mail encryption market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
E-mail Encryption Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.87% |
Market growth 2023-2027 |
USD 8,199.92 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.12 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Barracuda Networks Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Egress Software Technologies Ltd., Entrust Corp., Fortinet Inc., Jussystemer AS, McAfee LLC, Microsoft Corp., Mimecast Ltd., Musarubra US LLC, Proofpoint Inc., Proton AG, SAP SE, Sophos Ltd., Trend Micro Inc., Trustifi LLC, WatchGuard Technologies Inc., and Open Text Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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