The "Email Encryption Market by Component (Solutions & Services), Type (End-To-End, Gateway, Hybrid, and Client Plugins), Deployment Mode (On-premises & Cloud), Organization Size, Vertical (BFSI, IT & ITeS, and Telecom), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global email encryption market size is projected to grow from USD 3.4 billion in 2020 to USD 11.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period.
Major driving factors for the market include rise in BEC scams and spear phishing, growing number of email users globally, high demand for cloud-based email encryption services, and a mandate to comply with data protection directives.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the email encryption platform in an organization. As the adoption of the email encryption platform increases, the demand for these services is also expected to increase. Email encryption can be provided through Managed Security Services (MSS) analysts who provide remote assistance and incident response to clients in case of suspicious activities. These services include training and education, and support and maintenance. As the adoption of the email encryption platform increases, the demand for these services is also expected to soar. Email encryption services ensure 24/7 protection against increasing sophisticated architectures, SOCs manned by security experts, and quick incident response services. Email encryption vendors offer customized subscriptions and professional services for threat intelligence, threat prevention, detection, and response to assist end-users in easy planning and deployment of email encryption platforms.
By deployment mode, the cloud segment to register the highest growth rate during the forecast period
Cloud-based email encryption solutions provide scalability, efficiency, and 24/7 services to organizations. SaaS-based services offer a centralized service delivery model; hence, it is becoming more popular. The adoption rate of cloud-based email encryption is expected to be on the rise due to benefits, such as ease of use, and reduced installation and maintenance costs. The cloud deployment mode is the fastest-growing deployment mode in the email encryption market. With the onset of COVID-19, the use of cloud services is gaining traction. Businesses are proactively deploying cloud-based email encryption solutions to protect end-users from zero-day threats and potential malware remotely. There are numerous key vendors that offer cloud-based email encryption services to their clients such as Trustifi, Virtru, Broadcom, Barracuda Networks, Forcepoint, Micro Focus, Proofpoint, and many more.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global email encryption market during the forecast period. The email encryption market in APAC is projected to grow at the highest CAGR during the forecast period. APAC countries are increasingly investing in email encryption projects. The region comprises emerging economies, such as ANZ, China, Japan, Singapore, and the rest of APAC countries. With the proliferation of IoT in the APAC region, security and fraud concerns have risen. Enterprises in the APAC region are embracing email encryption technologies. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies, political transformation, and the growing digitalization, which is expected to have a significant impact on the business community and drive the email encryption market growth.
Surge in Bec Scams and Spear-Phishing Attacks
Stringent Regulatory Standards and Data Privacy Compliances
Increasing Number of Email Users Globally
High Cost Accrued Due to Email Attacks and Breaches
Rising Concerns Pertaining to Loss of Critical Data
High Cost of Email Encryption Solutions
Use of Free, Open-Source, and Pirated Email Encryption Software
Frequent Changes in Government Policies for Data Protection Across Different Regions
Shift from Traditional Email Encryption Tools to Advanced Email Encryption Solutions
High Demand for Cloud-Based Email Encryption Services
Increase in Adoption of Multi-Cloud Services
Lack of Awareness Related to Email Encryption Among Enterprises
Requirement of Key Management and Verification Solutions for Encrypting Keys
Lux Scientiae (Lux Sci)
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005611/en/
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