Email Encryption Market by Offering (Solution and Services), Deployment (On-premises and cloud), Vertical (BFSI, healthcare, government, IT & ITeS, telecommunications, manufacturing, retail & eCommerce) and Region - Global Forecast to 2028

Email Encryption Market by Offering (Solution and Services), Deployment (On-premises and cloud), Vertical (BFSI, healthcare, government, IT & ITeS, telecommunications, manufacturing, retail & eCommerce) and Region - Global Forecast to 2028

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. The market growth in Email Encryption is fueled by factors such as a surge in email data breaches, the escalating incidences of BEC fraud and spear-phishing incidents, stringent government regulations and heightened data protection standards, pressing organizations to bolster their cybersecurity postures, and the constant evolution and innovation in encryption techniques.

“By offering, the services segment will grow at the highest CAGR during the forecast period.”

The services segment attained the highest CAGR in the Email Encryption market’s offering segmentation. The ascent of this segment can be attributed to the increasingly complex cyber threat landscape and the continuous evolution of encryption technologies. As organizations aim to protect sensitive data and maintain compliance with ever-changing regulations, they seek specialized services that offer encryption and consultation, implementation, and ongoing management. These services ensure that encryption solutions are effectively tailored to an organization’s unique needs, are up-to-date with the latest security standards, and operate optimally. Additionally, as cyber threats become more sophisticated, businesses recognize the value of dedicated services offering proactive threat monitoring, timely updates, and rapid incident response, further fueling the demand for specialized email encryption services.

“By vertical, the BFSI segment will grow at the largest market size during the forecast period.”

The BFSI vertical has the largest market size in the Email Encryption market. The primary reason is the sensitivity and critical nature of the financial data these institutions handle. They regularly manage vast amounts of personal and transactional information, making them prime cyberattack targets. Regulatory pressures also play a significant role.

Financial institutions globally are bound by stringent regulations and compliance requirements to safeguard consumers’ financial data. Non-compliance can lead to hefty fines and reputational damage. Moreover, consumers expect their data to be handled with the utmost security in an era of digital banking and online transactions. To meet these expectations and regulatory mandates and protect against potential cyber threats, BFSI institutions heavily invest in advanced email encryption solutions, driving significant growth in this market segment.

“North America is expected to account for the largest market size during the forecasted period.”

North America holds the distinction of accounting for the largest market size in the email encryption market for several reasons. First and foremost, the region is home to many global corporations, tech companies, and financial institutions, all managing vast amounts of sensitive data that necessitate top-tier encryption solutions. Additionally, the regulatory landscape in North America, particularly in the US, enforces stringent data protection and privacy standards, prompting businesses to adopt advanced encryption methods. The region also witnesses a high rate of cyber-attacks and data breaches, further driving the demand for robust email encryption solutions. Moreover, leading email encryption vendors, including Fortinet, Cisco, and Broadcom in North America, facilitate easy adoption and integration of the latest technologies. Further, coupled with a technologically advanced infrastructure and a culture emphasizing innovation, these factors collectively contribute to North America’s dominant position in the email encryption market.

“Asia Pacific is anticipated to account for the highest CAGR during the forecasted period.”

The Asia Pacific region is poised to witness the highest CAGR in the email encryption market due to its rapid digital transformation and economic growth. Additionally, increased online transactions, digital communications, and rising cyberattacks underscore the need for secure encryption. Moreover, strengthening data protection regulations in the region further propels businesses to prioritize email encryption. Furthermore, the growing presence of multinationals and a thriving startup scene contribute to the region’s accelerated adoption of encryption technologies.

Breakdown of primaries

The study contains various industry experts’ insights, from suppliers/software developers to OEMs and Tier 1 vendors.

The break-up of the primaries is as follows:

By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%

By Designation: C-level – 40%, Managerial and Others– 60%

By Region: North America – 20%, Europe – 35%, Asia Pacific – 45%

The key vendors in the global Email Encryption market include Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US), Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK), SendSafely (US), and Zivver (Netherlands).

The study includes in-depth competitive intelligence covering company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the Email Encryption market and forecasts its size by offerings (solution and services), deployment (on-premise and cloud), verticals (BFSI, healthcare, government, manufacturing, energy and utilities, IT and ITeS, telecommunications, retail & eCommerce, and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the Email Encryption market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Surge in email data breaches, Increase in BEC frauds and spear-phishing incidents), restraints (Complex implementation and compatibility issues, Cost constraints associated with email encryption solutions), opportunities (Remote workforce security, Leveraging AI and ML-powered solutions), and challenges (Lack of seamless integration with operating systems, Interoperability issues, and infrastructure limitations).

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Email Encryption market.

Market Development: Comprehensive information about lucrative markets – the report analyses the Email Encryption market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Email Encryption market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US), Egress Software (UK), Echoworx (Canada), LuxSci (US), Neocertified (US), SSH Communication (Finland), Retarus (Germany), Paubox (US), PreVeil (US), Sealit Technologies (UK), SendSafely (US), and Zivver (Netherlands), among others in the Email Encryption market strategies.