Email Encryption Market Dynamics
Email Encryption protects the data from being read by a false recipient. It refers to the method by which information can be converted to a secret code that covers up the true meaning of the information. Organizations implement email encryption solutions to prevent their confidential information. The email encryption market is driven by the increasing demand for cloud-based services, privacy norms, and a surge in data security concerns. With a notable increase in the deployment of email services by corporate organizations, the chances of unauthorized sources accessing the content have increased. This has encouraged enterprises to enforce email encryption to safeguard their private data against losses.
Moreover, it also inhibits cyber threats and attacks through malware, spam, and viruses. The flourishing healthcare and banking, financial services, and insurance (BFSI) industries have driven the market growth. The organizations within these industries store their data on the cloud and work on the pay-per-use model of the encryption service. This offers elasticity and scalability to fulfill the needs of organizations and decrease the licensing cost.
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However, the outburst of the coronavirus pandemic has transformed the way organizations work. The strict lockdown enforced across the nation has inclined small enterprises to work digitally. The growing usage of email with home servers has raised the chances of theft. Thus, the risk of email scams in this pandemic has substantially increased. Organizations have become more cautious about protecting their data and private information from cyber-attacks.
Various key players operating in the global email encryption market include Trend Micro Incorporated, CISCO, Symantec, Proofpoint, Inc., Sophos Ltd., BAE Systems, Intermedia.net, Inc., Zix Corporation, Micro Focus, and Virtru.
Component Segment Analysis
The solution segment is expected to grow at a higher CAGR during the forecast period. Organizations have become more vigilant towards protecting their data and private information present in their email servers. Email encryption solutions secure the moral practices of employees within the organization. These factors encourage organizations to enact email encryption solutions, which has bolstered market growth.
Deployment Mode Segment Analysis
The cloud segment is projected to hold the largest share in the global email encryption market because of the flexible access offered by the cloud to email encryption solutions. Cloud service vendors help organizations protect their data from undesirable practices through highly flexible email encryption solutions. Moreover, the growing deployment of email encryption on the cloud helps to improve strength, mobility, reduce overall costs, and disperse data storage by enterprises.
Industry Vertical Segment Analysis
The BFSI segment is anticipated to capture a remarkable share in the market over the forecast period. The BFSI industry is the most significant consumer email encrypted solution as it deals with a large volume of private financial data. Also, the BFSI industry is the most regulated as it has to fulfill security needs due to the large volume of financial data. Thus, the increasing security concerns will fuel the email encryption market.
Regional Analysis
Geographically, North America is expected to witness a faster CAGR over the forecast period because of a large number of email encryption solution vendors in this region. The increasing awareness among the organizations to safeguard their personal data from cyber-attacks, email scams, and phishing allows them to enact email encryption solutions to their servers. This has increased the demand for data safety and cloud-based services, which is further fuelling the growth of the North American email encryption market.
Email Encryption Market Segmentation:
Email Encryption Market by Type
End-to-End Email Encryption
Gateway Email Encryption
Boundary Email Encryption
Hybrid Email Encryption
Client Plugins
Email Encryption Market by Component
Solution
Services
Training & Education
Support & Maintenance
Email Encryption Market by Deployment Mode
On-Premises
Cloud
Email Encryption Market by Organization Size
Small & Medium-Sized Enterprises
Large Enterprises
Email Encryption Market by Industry Vertical
Banking, Financial Services & Insurance
Government & Defense
IT & Telecom
Energy & Utilities
Manufacturing
Retail
Healthcare
Others
Email Encryption Market by Region:
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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