DUBLIN--(BUSINESS WIRE)--The "Email Encryption Market by Component (Solution and Service (Training and Education, and Support and Maintenance)), Deployment Mode (On-premises and Cloud), Organization Size, Industry Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
In the post-COVID-19 scenario, the global email encryption market size is estimated to grow from USD 3,405 million in 2020 to USD 9,903 million by 2025, at a Compound Annual Growth Rate (CAGR) of 23.8% from 2020 to 2025.
Various factors, such as need to protect the confidential email information from spear-phishing attacks and mandate to comply with data protection directives are expected to drive the market. However, high cost of email encryption solution may restrain the email encryption market growth.
The SMEs segment to grow at a higher CAGR during the forecast period
Based on organization size, the email encryption market has been segmented into SMEs and large enterprises. The SMEs segment is expected to grow at the highest CAGR in the email encryption market during the forecast period. The growing use of mobile devices in Small and Medium Enterprises (SMEs) for sending mails has influenced data transfer, over business networks, to personal devices, such as mobile phones and laptops. This huge volume of data transfer has increased fraudulent data, cyber-attacks, data losses, and the threat of personal data thefts. These rising security issues have compelled the SMEs to focus on their email encryption solution. In the coming years, email encryption solutions would witness high adoption among SMEs across the globe.
The BFSI industry vertical to hold larger market size during the forecast period
The BFSI industry vertical is expected to hold a larger market size in the email encryption market during the forecast period, due to the increasing instances of email taping, phishing, spear phishing, spams, and insider data thefts in this industry vertical. BFSI is the most targeted industry vertical as it deals with large volumes of sensitive and private data. The enterprises in this industry vertical are demanding for the email encryption solution to ensure irreversible encryption. This industry vertical is the most regulated, as it has to comply with many security requirements. The email encryption solutions in the BFSI industry vertical are witnessing rapid adoption due to the confidential nature of the financial data that needs to be secured all the time.
North America to account for the highest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR
North America is projected to hold the highest share of the email encryption market from 2020 to 2025, owing to the early adoption of the email encryption solution in the region across various industry verticals, specifically in the BFSI and healthcare industry verticals. The concentrated presence of large number of email encryption solution and services providers in the US from the North American region is also expected to drive revenue growth for the region.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period.
APAC is expected to witness a notable adoption of the technology as enterprises and SMEs across various industry verticals are now adopting email encryption solutions in order to secure business-critical email information from misuse by computer hackers for monetary gains and sophisticated cyber-attacks. The developed APAC countries such as China, ANZ, and India have implemented email encryption solutions to fulfill compliance requirements and data security needs of businesses.
- Rise in Business Email Compromise Scams and Spear Phishing
- Mandate to Comply with Data Protection Directives
- High Cost of Email Encryption Solutions
- need to Shift from Traditional Encryption Tools for Advanced Data Security
- Increase in Adoption of Multi-Cloud Services
- Requirement of Key Management and Verification Solutions for Encrypting Keys
- Micro Focus
- Trend Micro
- Bae Systems
- Entrust Datacard
- Egress Software
- Lux Scientiae (Lux SCI)
For more information about this report visit https://www.researchandmarkets.com/r/pe6ivb