Northbrook, IL 60062 -- (SBWIRE) -- 08/31/2023 -- 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, according to research report by MarketsandMarkets™.

Major driving factors for the email encryption market include rise in BEC scams and spear phishing, growing number of email users globally, high demand for cloud-based email encryption services, and mandate to comply with data protection directives.

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349 - Tables
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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 platform.

Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period

The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyberattacks, such as ransomware and misinformation campaigns on healthcare organizations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the COVID-19 outbreak. Email phishing attacks have spiked due to COVID-19, more so, across the healthcare sector. The American Marketing Association (AMA) and the American Health Association (AHA) have partnered on COVID-19 cyber threats guidance for hospitals and physicians, including recommendations regarding VPNs and cloud-based services, COVID-19-themed phishing emails, telehealth deployments, and medical-device security. The healthcare industry remains one of the most highly targeted for cyberattacks. With the adoption of technologies such as BYOD and centralized patient information, the vertical has become highly susceptible to cyber-attacks. The email encryption technology has emerged as a valid solution to address issues, such as data security, patient safety, and enhanced productivity, to accelerate the overall process.

North America to hold the largest market share during the forecast period.

North America has several prominent market players delivering email encryption solutions to all end-users in the region. The growing concerns for the protection of critical communication infrastructure and sensitive data have increased government intervention in recent years. Various security-related regulatory compliances control the overall protection of the communication infrastructures in the North American region. The National Institute of Standards and Technology (NIST) encourages the US organizations by providing regulatory standards to protect the critical infrastructures in the organizations. The PCI DSS, HIPAA, GLBA, SOX, and other regulatory compliances mandate the organizations to protect the sensitive data of their customers. The US and Canada both have strong economic conditions and are expected to be major contributors to the email encryption markets growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying email encryption and services.

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Market Players:

Key and innovative vendors in the email encryption market include Micro Focus (UK), Broadcom (US), Cisco (US), Trend Micro (Japan), Sophos (UK), Proofpoint (US), BAE Systems (UK), Zix (US), Entrust Datacard (US), Mimecast (UK), Egress Software (UK), ProtonMail (Switzerland), Trustifi (US), Barracuda Networks (US), Intemedia (US), Clearswift (UK), Virtru (US), Echoworx (Canada), NeoCertified (US), Deltagon (Finland), DeliverySlip (US), Hornetsecurity (Germany), Datamotion (US), Virtru (US), Smarsh (US), Retarus (Germany), Lux Sci (US), Cryptzone (US), SecureAge Technology (Singapore), Paubox (US), Sendinc (US), and Frama (Denmark).

Key Dynamic Factors For Email Encryption Market:

Data Privacy and Compliance Regulations: The popularity of email encryption was sparked by growing worries about data privacy and compliance with laws like GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act). Organisations had to make sure they complied with legal obligations for data security and safeguard sensitive information from unauthorised access.

Increase in Cybersecurity Threats: The necessity for strong email security measures was underscored by the constantly changing environment of cybersecurity threats, including phishing, ransomware, and email-based attacks. Email encryption was essential in preventing messages from being intercepted and accessed by unauthorised parties.

Bring Your Own Device (BYOD) and Remote business: Using personal devices for business-related tasks and moving to a remote work environment increases the danger of data leakage and unauthorised access. For messages and attachments transmitted from numerous devices and locations, email encryption has become crucial.

Cloud Adoption: Email encryption solutions that easily connected with these settings were required as a result of the movement of email services to cloud-based platforms like Microsoft 365 and Google Workspace. Organisations required encryption solutions that could successfully integrate with email systems housed in the cloud.

User-Friendly Options: Complicated encryption procedures may deter users from using them. As a result, popularised encryption services that needed no user involvement and could be integrated into current email operations.

End-to-End Encryption: This type of encryption is increasingly in demand since it makes sure that only the intended recipient can decrypt and read the communication. Even if the email service provider's servers were hacked, this kind of encryption offered an extra layer of security.

Data loss prevention (DLP) solution integration Organisations were able to stop sensitive data from leaving their network thanks to the integration of email encryption with DLP solutions. This integration reduced the dangers posed by unintentional data releases.

Hybrid encryption strategies: By integrating symmetric and asymmetric encryption techniques, hybrid encryption solutions provided a balance between security and performance. Without sacrificing security, these methods addressed the demand for quick encryption and decryption procedures.

Mobile Device Security: Given the pervasive usage of smartphones and tablets for email, it is essential to protect email on mobile devices. It was necessary for encryption solutions to work with mobile platforms and offer seamless security for mobile email access.

Threats are constantly changing, therefore email encryption solutions had to keep up with the latest attack techniques and security flaws. The ability of vendors to modify their encryption methods to handle new threats gave them a competitive edge.

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Competitive and Segmentation Analysis:

Intense rivalry and a segmentation that caters to various security requirements across businesses define the email encryption industry. Many competitors compete to provide complete email encryption solutions, including well-known cybersecurity firms, specialised encryption solution providers, and up-and-coming startups. These solutions are created to minimise risks posed by cyber attacks, ensure compliance with laws, and guard against unauthorised access to sensitive data and communications.

Market segmentation is influenced by elements like organisational size, industry verticals, and encryption techniques. Businesses in industries including finance, healthcare, law, and government frequently have stringent compliance standards and unique security requirements. Small and medium-sized enterprises look for encryption solutions that strike a compromise between pricing, usability, and efficacy. Segmentation also includes the type of encryption used, with options for symmetric, asymmetric, and end-to-end encryption, each of which meets a particular set of security requirements.

The effectiveness of encryption techniques, the simplicity of implementation, the ability to integrate with current email platforms, and user experience, among other things, all influence competitive dynamics. Strong encryption techniques and smooth interaction with well-known email systems like Microsoft 365 and Gmail provide vendors an advantage.

Additionally, in a saturated industry, innovation in fields like mobile device compatibility, threat intelligence integration, and hybrid encryption techniques can help suppliers stand out. Vendors who put a high priority on quick reactions to new threats and top-notch client support for deployment and ongoing maintenance stand out as well.

The fierce competition in the email encryption market and its segmentation are a reflection of the constantly changing cybersecurity threats and the pressing need for businesses to protect their digital communications. To choose a provider who is compatible with their strategic objectives and operational requirements, organisations must carefully assess their security requirements, industry-specific restrictions, and the scalability of encryption solutions.

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