Global Email Encryption Market Price 2024, Forecast To 2033
25 Sep, 2024
The email encryption market is booming, with size escalating from $6.4 billion in 2023 to $7.91 billion in 2024, marking an extraordinary CAGR of 23.6%. This surge is driven by increasing concerns over data privacy, compliance demands, and a rise in cyber threats. Forecasts indicate that the market will expand to $18.34 billion by 2028, supported by the evolution of advanced security threats and a growing need for secure remote work solutions.
Major Driver In The Email Encryption Market
The email encryption market is anticipated to experience growth due to the rising instances of enterprise email threats. Email threats, a form of email fraud where cybercriminals impersonate reputable organizations to access private data, are on the rise. Email encryption employs advanced technologies to encrypt emails, providing end-to-end protection against attached email threats. In February 2021, Google LLC blocked an average of 100 million harmful emails daily, emphasizing the scale of the issue. Consequently, the surge in enterprise email threats is a driving force behind the growth of the email encryption market, with market size considerations for 2023, 2024, and 2028.
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Cisco Systems Inc., Broadcom Inc., Hewlett Packard Enterprise Company, BAE Systems plc, Thales Group, CipherMail B.V., Fortinet lnc., OpenText Corporation, Micro Focus International plc, Trend Micro Incorporated, Proofpoint Inc., Entrust Corporation, Zoho Corporation, Fortra Technologies, Barracuda Networks lnc., Intermedia.Net Inc., Retarus GmbH, Proton AG, Proton Technologies AG, Mimecast Services limited, Zix Corporation, Sophos Ltd., Virtru Corporation, Hush Communications Canada Inc., Lux Scientiae Incorporated, Echoworx Corporation, Egress Software Technologies Ltd., SSH Communications Security Corporation, Seclore Technology Pvt. Ltd., NeoCertified, Paubox lnc., PreVeil lnc., Sealit LLC, Symantec Corporation, HP Development Company, Microsoft Corporation
Key Email Encryption Market Trend
A key trend in the email encryption market is the transition from traditional tools to advanced encryption solutions. These solutions secure data by encoding email content during transit. Major companies are adopting advanced technologies, such as client-side encryption, to enhance email security. For instance, in October 2023, Google LLC introduced client-side encryption in the mobile version of Gmail for business use. This feature encrypts data on the sender’s device before transmission, ensuring only the sender and recipient can decrypt the data, thereby increasing security.
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Email Encryption Market Segmentation
The email encryption market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small and Medium Enterprises (SMEs)
4) By Vertical: BFSI, Government and Defense, IT and ITeS, Telecommunication, Energy and Utilities, Manufacturing, Retail and eCommerce, Healthcare, Other Verticals
By Geography:The regions covered in the email encryption market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the email encryption market in 2023.
The Email Encryption Global Market Report 2024 furnishes information about the global email encryption market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.