E-mail Encryption Market Statistics 2023:
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. Encryption is one of the fastest emerging data security solutions, which protects confidential data from being accessed by unintended users. Various organizations have adopted the encryption method to safeguard their sensitive data. Furthermore, large number of organizations have adopted encryption to abide by the safety and data privacy compliance regulations. In addition, several data privacy legislations have mandated the use of encryption or cite encryption as a measure for data protection.
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.
The report focuses on the e-mail encryption market growth prospects and restraints based on the analysis of the regional trends. The study includes Porters Five Forces analysis of the industry to understand the impact of various factors, such as competitive intensity of competitors, threat of new entrants & substitutes, and bargaining power of buyers & suppliers in the e-mail encryption market growth.
The key players operating in the global e-mail encryption market include HP Development Company, L.P., Symantec Corporation, Cisco Systems, Inc., McAfee (Intel), Trend Micro, Microsoft Corporation, Sophos Ltd., Proofpoint, ZIX Corporation, and Entrust, Inc.
The global e-mail encryption market is segmented based on deployment type, industry vertical, and region. Based on deployment type, it is divided into on-premise and cloud deployment. Based on industry vertical, it is classified into healthcare; banking, financial services, and insurance (BFSI); IT & telecom; government; and others (education, media & entertainment, manufacturing, and retail). The e-mail encryption market in analyzed based on region across North America, Europe, Asia-Pacific, and LAMEA including the country-level analysis for each of these regions.
Global E-mail Encryption Market Segmentation
Top Impacting Factors
The global e-mail encryption market is driven by increasing demand for cloud-based services, privacy regulations, and growing concern for security. However, high cost of encryption solutions and requirement of key management are expected to hamper the e-mail encryption market growth during the forecast period.
Increase in demand for cloud-based services
The adoption of cloud has increased exponentially, as organizations has focused on adopting cloud in the near future. Moreover, startups or small companies have higher adoption of cloud-based services than large enterprises. Data security is the key factor hampering the adoption of cloud as well as public clouds among enterprises in the e-mail encryption industry. Furthermore, as public clouds share resources between users and rely heavily on virtualization, these create additional security concerns for data access. Moreover, various organizations restrict to adopt cloud due to insecurity of data than the protection provided by the private data centers. Despite such concerns, the adoption of cloud is increasing at a fast pace due to the benefits of flexibility and lesser costs over the legacy systems.
This increased adoption of cloud has expected to drive the demand for encryption by safeguarding the email data. Encryption can enable the enterprises to leverage the benefits of cloud and at the same time ensure data privacy.
The increase in government and state regulations on data privacy and compliance requires the enterprises to abide by these data security measures. The organizations need to organize the effective data security technologies and ensure that sensitive data is protected.
While developed geographies such as North America and Europe have federal level regulations that require mandatory compliance with data privacy laws, the developing geographies, such as Asia-Pacific and LAMEA, are enacting and implementing more concrete data protection legislations.
Increase in Concerns Related to Security
To safeguard the sensitive data from the increased sophistication & complexity of the cyberattacks, organizations are increasingly adopting encryption. Encryption provides a solution against data breaches resulting from hacking, malware, physical theft, and others.
Key Benefits of the E-Mail Encryption Market
- This study includes the analytical depiction of the global e-mail encryption market along with current trends and future estimations to determine the imminent investment pockets.
- The e-mail encryption market report presents information related to key drivers, restraints, and opportunities along with detailed impact analyses.
- The current market is quantitatively analyzed from 2017 to 2023 to highlight the financial potential of the industry.
- Porters five forces analysis illustrates the potency of buyers & suppliers in the industry.
E-mail Encryption Market Report Highlights
By Deployment Type
By Industry Vertical
Key Market Players
MCAFEE (INTEL), SYMANTEC CORPORATION, ENTRUST, INC., PROOFPOINT, CISCO SYSTEMS, INC., HP DEVELOPMENT COMPANY, L.P., SOPHOS LTD., ZIX CORPORATION, TREND MICRO, MICROSOFT CORPORATION
The global e-mail encryption market is driven by increasing adoption of cloud-based services. Furthermore, the implementation of privacy regulations and standards, such as Payment Card Industry Data Security Standard (PCI DSS) and Healthcare Information Portability and Accountability Act (HIPAA) in the North America and Europe have supplemented the market growth.
The healthcare, BFSI, IT & telecom, government, and other sectors, have adopted e-mail encryption solutions to safeguard the confidentiality of information of their customers from theft and hacking. In addition, the BFSI segment dominated the global e-mail encryption market in 2016, owing to security concerns about debit and credit card numbers, financial details of customers, and bank account numbers. Moreover, Asia-Pacific e-mail encryption market has witnessed significant growth on the recent years, owing to rise in demand for low-cost cloud-based services.
The key players profiled in the report include HP Development Company, L.P., Symantec Corporation, Cisco Systems, Inc., McAfee (Intel), Trend Micro, Microsoft Corporation, Sophos Ltd., Proofpoint, ZIX Corporation, and Entrust, Inc.