Email Encryption Market Is Predicted to Grow to USD 4.21 Billion in 2020
Global Email Encryption Market Analysis and Forecast to 2022 | Growth Opportunity Assessment
Princeton, NJ -- (SBWire) -- 06/13/2018 --The email encryption market is expected to grow to USD 4.21 Billion in 2020, at a compound annual growth rate (CAGR) of 23.5% due to continuous emergence of new technologies. Moreover, the emergence of cloud-based encryption solutions is helping this market to grow progressively.
Presently, On-premises deployment type has a significant presence in the email encryption market. There is a huge demand for on-premises among organizations due to security risk in cloud. In the coming years, the cloud deployment is expected to take over the on-premises deployment type with the development of technologies and advanced software to secure data stored in cloud.
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The email encryption market is increasing its presence in various industry verticals, such as healthcare and BFSI. These industries are adopting email encryption solutions so as to protect their customer's confidential information from hacking and theft. BFSI has already adopted email encryption as the organizations in this industry needs to protect close information, such as credit and debit card numbers and details, financial transaction details, financial details of customers, and bank account number of customers. This has encouraged organizations in the BFSI sector to adopt email encryption. It is expected that the adoption of email encryption in the retail sector and IT and telecom will increase to share private information and financial information with client without the risk of loss and theft.
At present, North America is adopting email encryption at a faster pace due to the widespread implementation of technologies, such as cloud and BYOD. The adoption of technologies has encouraged users in North America to adopt email encryption to secure confidential data being accessed through personal devices.
There has been a rise in the number of theft and loss of personal devices, such as smartphones and tablets, which in turn leads to the organizational data loss and misuse.
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The adoption of email encryption is quite expensive for SMBs as the solutions needs timely upgradation and IT support, which restricts the implementation of email encryption solutions among users. Moreover, the organizations demand security solutions that can help them in securing their data from theft and loss while communicating with partners or external parties. The mandatory compliance with certain industry specific regulations, such as HIPPA and PCI DSS further encourages the implementation of encryption software. However, the adoption of cloud-based encryption solution is expected to be widespread among SMBs due to data security, scalability, and relatively shortened upfront cost.
The lack of knowledge regarding its usage and advantages is restricting the adoption of email encryption solutions. The email encryption market is a consolidated market with big players, such as HP, Symantec, McAfee, Sophos, TrendMicro, Cisco, Proofpoint, Entrust, Zix Corporation, and Microsoft. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations and business expansion to cater to the needs of the market.
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