Chicago, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The global Email Encryption market size is projected to grow from USD 6.2 billion in 2023 to USD 16.3 billion by 2028 at a CAGR of 21.3% during the forecast period, according to a new report by MarketsandMarkets™. A myriad of factors drive the email encryption market. A notable upswing in email data breaches has raised concerns, necessitating secure email solutions. Concurrently, there’s been a marked increase in BEC frauds and spear-phishing incidents, further underscoring robust email protection’s importance. On the regulatory front, governments worldwide are tightening their regulations, emphasizing data privacy compliance, and pushing organizations to adopt secure communication channels. Furthermore, continuous advancements in encryption technology make it more accessible and effective, bolstering its adoption across different sectors.
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Email Encryption Market Dynamics:
Drivers:
- Surge in email data breaches
- Increase in BEC frauds and spear-phishing incidents
- Rise in stringent government regulations and data privacy compliance
- Advancements in encryption technology
Restraints:
- Complex implementation and compatibility issues
- Cost constraints associated with email encryption solutions
Opportunities:
- Rapid adoption of remote work
- Advancements in AI and ML-powered solutions
- Proliferation of mobile devices
- Migration of email infrastructure to cloud-based platforms
List of Key Players in Email Encryption Market:
- Fortinet (US)
- BAE Systems (UK)
- Mimecast (UK)
- Cisco (US)
- Proofpoint (US)
- Zoho (India)
- Broadcom (US)
- OpenText (Canada)
- Barracuda Networks (US)
- Thales (France)
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The Email Encryption market shows promising growth driven by remote workforce security, leveraging AI and ML-powered solutions, enhanced mobile security, and seamless cloud integration. These factors contribute to the wide adoption of Email Encryption solutions and services, expanding industry opportunities.
Trend: End-to-End Encryption (E2EE)
End-to-end encryption has emerged as a critical trend in email encryption. This method ensures that only the sender and the intended recipient can decrypt and access the content of email messages, effectively protecting the data from potential interception by third parties, whether email providers, hackers, or government entities. Email services like ProtonMail and Tutanota have integrated E2EE as a foundational feature. In contrast, popular platforms such as Gmail and Outlook offer users the ability to harness E2EE through specific plugins or add-ons.
Trend: Identity-Based Encryption (IBE)
A pivotal trend in email encryption is identity-based encryption. This innovative approach streamlines encryption by utilizing a user’s identity (e.g., email address) as their public key. This technique eliminates the traditionally cumbersome steps involved with public-key cryptography, which demands users to generate, exchange, and store cryptographic keys. IBE’s model does away with the necessity for a public key infrastructure (PKI), which can often be complex and expensive to maintain. Services such as Virtru and Zix are pioneering this approach, providing users with a more secure yet convenient method of email encryption.
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By offering, the solution segment accounts for a larger market size.
By offering the solution segment in the Email Encryption market accounts for the largest market size. This prominence is attributed to the escalating need for robust security measures in light of the exponential increase in email-based cyber threats. Organizations worldwide are prioritizing the protection of sensitive data, trade secrets, and confidential communications that are transmitted via email. As email continues to be one of the primary communication channels for businesses, the demand for advanced encryption solutions that effectively thwart unauthorized access, data breaches, and other cyber-attacks is on the rise. Furthermore, as regulatory bodies intensify their data protection mandates, companies are compelled to invest in superior email encryption solutions to ensure compliance, thereby driving the growth of the solution segment in the market.
By deployment, the cloud segment accounts for the highest CAGR.
By deployment, the cloud segment in the email encryption market is anticipated to exhibit the highest CAGR during the forecast period. The growing preference for cloud-based solutions is underpinned by their scalability, cost-effectiveness, and ease of deployment. Organizations are progressively adopting cloud services to reduce capital expenditures on infrastructure and benefit from the pay-as-you-go model. Furthermore, the flexibility of the cloud allows businesses to adapt to evolving security needs and threats swiftly. The continual advancements in cloud security and its inherent benefits make cloud-based email encryption increasingly attractive to enterprises, SMEs, and startups alike. Additionally, as remote work and distributed teams become more prevalent, the need for secure, cloud-based communication platforms intensifies, further propelling the growth rate of the cloud segment in the email encryption market.
Opportunity: Leveraging AI and ML-powered solutions
AI and ML-driven technologies offer transformative prospects in the email encryption market. These advanced technologies redefine how enterprises protect their email correspondence. By understanding regular communication patterns, these technologies establish a behavioral benchmark, facilitating the swift detection of irregularities in metadata, content, and sender actions. For example, Libraesva’s AI-driven email security platform discerns organizational and individual communication norms, enhancing security measures. Additionally, with the aid of NLP, AI grasps the context of emails, improving the identification of malicious intents and threats. Solutions like SlashNext utilize NLP for real-time threat prevention.
Moreover, AI and ML contribute to refining email filters, leveraging sentiment analysis and NLP for pinpoint categorization, thereby minimizing the risk of phishing and other malicious emails. Companies like Vade deploy AI and deep learning for advanced spam detection. Consequently, AI and ML technologies are pivotal in fortifying email security, providing organizations with a distinct edge against escalating cyber threats.
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