Global Email Encryption Market Growth, Business Strategies and Forecast by 2026 | Exclusive Report by Facts Factors
According to Facts & Factors, the global email encryption market size in terms of revenue was worth around USD 4.68 Billion in 2020 and is expected to reach USD 15 Billion by 2026, growing at a CAGR of 21.4% from 2020 to 2026. The global email encryption market is projected to grow at a significant growth rate due to a number of driving factors.
New fronts have opened up in the age of ever-changing conflict formats, and cybersecurity has emerged as the most serious non-physical threat. Email encryption prevents unauthorized access to an invalid recipient. Email encryption is a technology that converts text into a message that requires a private code to unwind. In most cases, encryption necessitates authentication from both the sender and the receiver. The majority of email encryption applications point to the transmission of sensitive information such as login credentials or bank account numbers.
Rapid technological adaptation, such as cloud-based services, has paved the way for small and medium-sized businesses to compete with the big boys. Furthermore, an increase in the severity of phishing and BEC scams resulting in enormous financial losses drives the need for better encryption solutions. Other factors that have enabled requiring email encryption as standard practices include an increase in targeted malware attacks, an increase in misinformation spread during the pandemic, and an increase in customer and employee spoofing for additional financial gains.
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Email is the most basic form of communication for many businesses around the world. Various government bodies around the world have formed separate entities in response to concerns about data privacy and security, resulting in the development of stringent policies. Policies that demand better protection for their citizens, as well as specific operating conditions such as locating server spaces within the country’s borders, are being implemented. Companies will begin to opt for a superior security measure as such policies become effective in order to remain relevant. However, the higher initial purchase and installation costs, as well as the lack of an alternate solution, limit market growth to some extent.
The deployment segment is divided into two categories: on-premises solutions and cloud-based solutions. Because of the convenience of rapid services over the internet, the cloud-based solution has the largest market share in the segment. Services can be rendered, stationed, and maintained from a single point of contact. In the event of suspicious activity, the services are provided by a Managed Security Service (MSS) analyst who provides remote assistance and generates service reports.
Healthcare, BSFI, Government and public services, Energy & Utilities, Manufacturing & Retail, Telecom & ITI, and others are among the industry verticals. Due to the large deck of public information on board, the BSFI and IT & Telecom industries account for the highest growth CAGR in this sector. As IT services are provided, the industry has seen a significant increase in stolen data leaked on the Internet in the form of personally identifiable information (PII) and electronic health records (EHR). As email encryption has become a viable service to provide a protective layer between hackers and a lack of data, the BSFI and IT & Telecom industries have become the most vulnerable to cipher attacks.
- North America rules the global email encryption market.
The North American region, particularly the United States of America, had an early foray into the depths of encryption technology. As a result, the region has developed the most sophisticated tools to deal with the latter’s threats. North American region is expected to witness the highest growth CAGR in the space over the forecast period due to the economic advantage coupled with the major geographic and geopolitical stance with a lavish amount of revenue spent on research and development, partnerships, acquisitions, and mergers with similar technological firms.
The global email encryption market is segmented as follows:
By Component Segment Analysis
- Training & Education
- Support & Maintenance
By Type Segment Analysis
- End-to-end Email Encryption
By Deployment Mode Segment Analysis
By Industry Vertical Segment Analysis
- Government and public services
- Energy & Utilities
- Manufacturing & Retail
- Telecom & ITI
Global Email Encryption Market: By Regional Segment Analysis
- North America
- The U.S.
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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