The messaging security market has seen rapid growth, expected to rise from $7.20 billion in 2023 to $8.56 billion in 2024, with a CAGR of 18.9%. This growth is due to the increase in cyber threats, regulatory compliance requirements, the growth of digital communication, the expansion of remote and hybrid work models, and advances in encryption technology.
The messaging security market is set to grow rapidly, reaching $17.18 billion by 2028 at a CAGR of 19.0%. Growth is driven by the increasing adoption of cloud-based solutions, AI and machine learning advancements, mobile device proliferation, and investment in zero trust security models. Trends include the rise of unified threat management, end-to-end encryption, secure mobile messaging, collaboration tools, and multi-factor authentication.
Major Driver In The Messaging Security Market
The rising prevalence of cyberattacks is anticipated to propel the growth of the messaging security market going forward. Cyberattacks are malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or data, often aimed at stealing information, causing harm, or demanding ransom. The increasing frequency of cyberattacks is driven by factors such as heightened digitalization, the expansion of remote work, and the sophistication of attackers who leverage advanced technologies to exploit vulnerabilities in systems and networks. Messaging security solutions are employed to protect against these cyber threats by securing email and messaging platforms from dangers such as phishing, malware, and unauthorized access, thereby ensuring the confidentiality, integrity, and availability of communications while preventing data breaches. For instance, in November 2023, the Australian Signals Directorate reported that approximately 94,000 cybercrime reports were submitted to ReportCyber during the 2022–23 financial year, marking a 23% increase compared to the previous financial year. Consequently, the rising prevalence of cyberattacks is driving the growth of the messaging security market.
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Messaging Security Market Competitive Landscape
Microsoft Corporation, Cisco Systems Inc., Broadcom Inc., Open Text Corporation, McAfee Corp., Trellix, Kaspersky Lab, Proofpoint Inc., Trustwave Holdings Inc., Secureworks, Barracuda Networks Inc., Trend Micro Inc., Mimecast Limited, WithSecure, Francisco Partners, Egress Software Technologies Ltd., Sophos Ltd., Agari Data Inc., Valimail, Hornetsecurity GmbH, GreatHorn Inc., MailChannels, MailGuard Pty Ltd., Trustifi
Key Messaging Security Market Trend
Companies in the messaging security market are focusing on developing secure messaging solutions to protect sensitive data and ensure privacy. Secure messaging involves the encrypted transmission of sensitive information, often used in sectors like healthcare to safeguard patient data. In November 2023, SSH Communications Security, a Finland-based cybersecurity company, introduced Secure Messaging 2024, a solution offering end-to-end encryption, secure file transfers, and compliance with data privacy regulations. It also includes advanced identity management and access controls to ensure secure communication within organizations and protect data.
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Global Messaging Security Market Segmentation
The messaging security market covered in this report is segmented –
1) By Component: Solution, Services
2) By Mode Of Communication: Email Messaging, Instant Messaging
3) By Deployment: Cloud-based, On-premise
4) By Industry: Banking, Financial Services And Insurance (BFSI), Healthcare And Lifesciences, Media And Entertainment, Automotive And Manufacturing, Education, Retail And E-commerce, Government, Other Industries
By Geography:The regions covered in the messaging security market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the messaging security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Messaging Security Global Market Report 2024 furnishes information about the global messaging security 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.
