The global e-mail encryption market was led by the on-premise segment in 2015, and is expected to continue this trend during the forecast period. This is attributed to the use of on-premise solutions in businesses to manage confidential data. Furthermore, its ability to customize data storage has further propelled the adoption rate of on-premise solutions among various industry verticals such as healthcare, BFSI, IT & telecom, and others.
Portland, OR -- (SBWIRE) -- 02/23/2018 -- The global e-mail encryption market was valued at $668 million in 2016, and is projected to reach at $3,186 million by 2023, growing at a CAGR of 25.2% from 2017 to 2023. In 2016, the on-premise segment accounted for the highest revenue share in the global e-mail encryption market.
North America dominated the global e-mail encryption market in 2016, and is expected to continue its lead during the forecast period. Furthermore, the regions, such as Korea, Japan, Russia, China, and India, are emerging regions in the market, owing to increase in demand for advanced e-mail encryption technologies and low-cost cloud-based services. The global e-mail encryption market is driven by rise in demand for cloud-based services, privacy regulations, and increase in data security concerns. However, high cost of encryption solutions hinders the e-mail encryption market growth.
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The cloud segment is expected to witness the highest growth rate in the e-mail encryption industry during the forecast period. In addition, the BFSI segment dominated the global e-mail encryption market in 2016, owing to increased security concerns about debit and credit card numbers, financial details of customers, and bank account numbers. Moreover, the introduction of stringent government regulations such as Sarbanes-Oxley Act and the Gramm-Leach-Bliley Act have increased awareness among the large & small organizations toward the need for securing e-mails. However, the IT & telecom segment is expected to grow at the highest rate during the forecast period due to growth in demand for cloud-based services.
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Cloud-based deployment of email encryption has witnessed high demand due to the use of cloud-based encryption with benefits, such as scalability and less initial purchase cost, than the traditional on-premise solutions.