NEW CASTLE, Delaware, March 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Email Encryption Software Market by Component (Solution and Services), Deployment Mode (Cloud and On-premise), Organization Size (Large Enterprises and Small and Medium-sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Manufacturing, Government, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032”. According to the report, the email encryption software industry generated $2.85 billion in 2022 and is projected to reach $10.5 billion by 2032, witnessing a CAGR of 13.9% from 2023 to 2032.
Prime determinants of growth
The email encryption software market is expected to witness notable growth owing to emphasis on cutting-edge technologies to enable encryption, growth in demand for effective communication mediums, increase in demand for mobile encryption solutions, and stringent data protection regulations and policies by government authorities. Moreover, increased concerns regarding cyber security threats, surge in technological advancements in encryption algorithms, and increase in the adoption of cloud-based data security solutions are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of data security solutions, lack of knowledge and education about data security, and user resistance and adaptability issues limit the growth of the email encryption software market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.85 Billion |
| Market Size in 2032 | $10.5 Billion |
| CAGR | 13.9% |
| Segments covered | Component, Deployment Mode, Organization Size, Industry Vertical and Region. |
| Drivers | Emphasis on cutting-edge technologies to enable encryption Growth in demand for effective communication medium Increase in demand for mobile encryption solutions Stringent data protection regulations and policies by government authorities |
| Opportunities | Increased concerns regarding cyber security threats Surge in technological advancements in encryption algorithms Increase in adoption of cloud-based data security solutions |
| Restraints | High cost of data security solutions Lack of knowledge and education about data security User resistance and adaptability issues |
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The solution segment to maintain its leadership status throughout the forecast period
By component, the solution segment held the highest market share in 2022, accounting for more than three-fifths of the email encryption software market revenue, and is estimated to maintain its leadership status throughout the forecast period. The adoption of email encryption software continues to increase across various industries owing to rise in demand for software services to build and deploy new gaming systems. However, the services segment is expected to witness the largest CAGR of 17.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Services in the email encryption software industry include a variety of products and services offered by businesses to help the sports sector manage sports-related activities, which drives the growth of this segment in the global market.
The on-premise segment to maintain its lead position during the forecast period
By deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the email encryption software market revenue, as on-premise deployment mode may provide an extra level of security to organizations. These factors further drive the demand for this segment in the global market. However, the cloud segment is expected to witness the largest CAGR of 15.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of the segment of cloud security is mainly driven by the increase in the adoption and susceptibility of wireless networks, as facilities increasingly rely on wireless networks for data transfer.
The large enterprises segment to maintain its leadership status throughout the forecast period
By organization size, the large enterprises segment held the highest market share in 2022, accounting for more than three-fifths of the email encryption software market revenue, and is estimated to maintain its leadership status throughout the forecast period owing to an increase in the demand for email encryption software solutions in large enterprises. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 16.9% from 2023 to 2032. The increasing demand for effective cloud-based solutions to protect player privacy is further expected to propel the global market growth.
The BFSI segment to maintain its leadership status throughout the forecast period
By industry vertical, the BFSI segment held the highest market share in 2022, accounting for more than one-fifth of the email encryption software market revenue, and is estimated to maintain its leadership status throughout the forecast period. In industries such as BFSI, data security and compliance are paramount, making robust email encryption solutions essential for protecting sensitive information further creating lucrative opportunities for the global market. However, the healthcare segment is projected to manifest the highest CAGR of 22.3% from 2023 to 2032. Healthcare organizations are mandated to safeguard patient data through secure email communication. Therefore, the demand for email encryption software within the healthcare sector is expected to be substantial.
North America region to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-fifth of the email encryption software market revenue. The region's robust business sector has been an early adopter of email encryption software that is anticipated to propel the growth of the market. However, Asia-Pacific is expected to witness the fastest CAGR of 18.7% from 2023 to 2032 and is projected to enhance the market growth during the forecast period. Key players are investing heavily in automation and email encryption software to enhance productivity, improve efficiency, and address labor shortages, which is expected to provide lucrative growth opportunities for the market in this region.
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Leading Market Players: -
- HEWLETT PACKARD ENTERPRISE (HPE)
- PROTON TECHNOLOGIES AG
- CIPHERMAIL B.V.
- BAE SYSTEMS
- PROOFPOINT INC.
- SOPHOS LTD.
- TREND MICRO INCORPORATED
- MICRO FOCUS INTERNATIONAL PLC
- CISCO SYSTEMS, INC.
- VIRTRU
The report provides a detailed analysis of these key players in the email encryption software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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