Northbrook, IL 60062 -- (SBWIRE) -- 10/20/2023 -- The global Email Encryption Market size is projected to grow from USD 6.2 billion in 2023 to USD 16.3 billion by 2028 at a CAGR of 21.3% during the forecast period, according to research report by MarketsandMarkets™.

The Email Encryption market experienced substantial growth due to a surge in Email data breaches, an increase in BEC frauds and spear-phishing incidents, a rise in stringent government regulations and data privacy compliance, and advancements in encryption technology.

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291 - Tables
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287 – Pages

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By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.

The healthcare vertical is anticipated to have the highest CAGR in the Email Encryption market, primarily driven by stringent regulatory compliance demands worldwide, particularly concerning patient data protection. In many countries, such as the US, with the Health Insurance Portability and Accountability Act (HIPAA), healthcare institutions are mandated to safeguard patient health information, especially when transmitted via Email. Additionally, as cyber threats aimed at health data escalate, especially given its substantial value on the black market, healthcare institutions are progressively channeling resources into sophisticated encryption tools. They aim to bolster the security of Email communications, minimize the risk of data breaches, and sidestep significant regulatory penalties. This heightened concern for safety and regulatory imperatives propels the rapid growth in Email Encryption within the healthcare domain.

By deployment, the on-premises holds the largest market size during the forecast period.

The on-premises deployment mode is anticipated to dominate the Email Encryption market during the forecasted period primarily due to the enhanced control and customization it offers organizations. Direct oversight over their Encryption infrastructure allows entities to tailor solutions to specific needs and ensures seamless integration with existing systems. Furthermore, on-premises solutions address data sovereignty and compliance concerns by keeping data within an organization's infrastructure, which is especially pertinent for sectors with stringent data residency regulations. These factors propel the on-premises deployment mode in the Email Encryption market to have the largest market size.

By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.

The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging players like India and Singapore, is poised for the most significant CAGR during the anticipated period. This is due to its rapid digital transformation, especially in countries like India, China, and Southeast Asian nations. This transformation amplifies the volume of online communications, necessitating advanced Email Encryption solutions. Additionally, the robust growth of emerging economies in this region has led to the expansion of IT infrastructure and increased business activities, all heightening the demand for Email Encryption. Coupled with this is a rising awareness and understanding of cybersecurity prompted by the region's escalating cyberattacks and data breaches.

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Market Players:

Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US), Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK), SendSafely (US), and Zivver (Netherlands) are the key players and other players in the Email Encryption market.

Key Dynamic Factors For Email Encryption Market:

Cybersecurity danger Landscape: The demand for stronger email security, including encryption, is driven by the continuously changing danger landscape, which includes phishing attempts, data breaches, and ransomware.

Regulatory Compliance: Strict data protection laws like GDPR, HIPAA, and CCPA mandate that businesses encrypt sensitive data, including emails, in order to comply with legal obligations. As a result, email encryption solutions are being adopted more widely.

Increased Remote Work: The risk of data exposure is increased by the increase in remote work and the usage of personal devices for business-related tasks. To protect sensitive information exchanged via email, businesses are implementing email encryption.

Organisations are progressively migrating their email systems to the cloud as a result of cloud adoption. Cloud email providers frequently integrate email encryption technologies, making encryption easier to use.

Mobile Device Use: There has been a significant increase in the use of mobile devices for corporate communications. To safeguard information on these devices, email encryption solutions must be mobile-friendly.

User Education: The success of email encryption depends heavily on employees' security understanding. Programmes for user awareness and training are crucial for ensuring that employees use encryption properly.

Technological developments: The capabilities and efficacy of email encryption systems are impacted by developments in encryption technology such as end-to-end encryption, quantum-safe encryption, and enhanced encryption algorithms.

Integrating email encryption with Data Loss Prevention (DLP) and more comprehensive security suites improves the overall security posture and streamlines management.

Competitive and Segmentation Analysis:

Intense rivalry and a complex terrain of segmentation define the email encryption business. The rising need for effective email security solutions and the increased awareness of cybersecurity dangers are what are driving competition in this market. The market is dominated by a few major competitors, including established businesses and cutting-edge startups who are all competing for market dominance.

The type of email encryption solutions and end-user industries are the main factors used to segment the email encryption market. It can be broken down into other categories in terms of solutions, including end-to-end encryption, transport-layer encryption, and gateway encryption. For instance, end-to-end encryption focuses on protecting emails from the sender to the recipient while preserving privacy and secrecy.

The adoption of email encryption technologies is highly influenced by end-user industries. Due to strict regulatory compliance requirements, the healthcare, financial, and legal industries are particularly demanding, which raises the demand for email encryption. Additionally, a larger customer base is looking for email encryption solutions as remote work becomes increasingly common across numerous industries.

Established email security firms like Symantec (a part of Broadcom), Cisco Systems, and Proofpoint, which provide complete email encryption and security suites, are among the rivals in the market. At the same time, up-and-coming companies and startups like Zix, Virtru, and Mimecast offer creative and simple email encryption solutions that meet changing client requirements.

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