Future Outlook of Cloud-Based Email Security Market Poised to Achieve CAGR of 7.81% by 2023 | Major Key Players (Proofpoint, Trend Micro, Cisco Systems, Fortinet, Forcepoint, Symantec Corporation, Sophos Group, Barracuda Networks)

In 2017, the cloud-based email security market was valued at USD 701.9 million and is expected to reach a value of USD 1102.4 million by 2023, registering a CAGR of 7.81% during 2018-2023 (the forecast period). The scope of this report is limited to the solutions that are offered by the major players, including providers of solutions for cloud-hosted email applications. Email is known to be the target for 90% of hacks. It is the leading threat vector for ransom ware, phishing, and data theft. The rising penetration of cloud-based services in enterprises, coupled with the increasing number of cyber-attacks and the sophistication of malware, spam, and phishing attacks occurring across the globe, is expected to drive the adoption rate for cloud-based email security. However, the lack of skilled enterprise and awareness among consumers are expected to hinder the market growth.

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Top Players:
The key players in this market include: Proofpoint Inc., Trend Micro Inc., Cisco Systems Inc., Fortinet Inc., Forcepoint LLC, Symantec Corporation, Sophos Group PLC, Barracuda Networks Inc., Dell Technlogies Inc. and FireEye Inc.

Key Developments In The Market
• November 2017 - Forcepoint introduced over 40 new software and hardware features across its Forcepoint Cloud Access Security Broker (CASB), Data Loss Prevention (DLP), Next-Generation Firewall (NGFW) and User and Entity Behavior Analytics (UEBA) products. These features enhance the understanding of user behavior and data flow throughout an enterprise or government organization and rapidly identify and eliminate risk. These features are expected to complement the company’s email security cloud delivering enhanced malware detection for users in, both, unencrypted and encrypted traffic.
• January 2018 - Barracuda Networks, Inc. acquired PhishLine, LLC. The PhishLine is a leading SaaS platform for social engineering simulation and training. The company’s acquisition is focused on enhancing the company’s email security product portfolio. By combining Barracuda's AI-driven protection against phishing and spear phishing with PhishLine's platform, the company offers its customers a comprehensive defense against email-borne targeted attacks.

Increased Spam, Viruses, and Inappropriate Email Content
While enterprises have pushed consistently to meet future demands by adopting cloud-based services, the growing number of attacks on cloud environments have also increased. This increase in the number of attacks has threated and challenged the traditional IT infrastructure. The same can also be attributed to the fact that more valuable data is shifting to the cloud, and hackers find it lucrative to risk stealing valuable data. Thus, it has become increasingly important for organizations to step-up security systems, to protect their cloud environments. According to a recent survey, about 3-4% of all emails contain a virus, which translates into 6 million virus-containing emails every day. This number poses a big threat to individuals as well as organizations. Another study reveals that, about 70% of all email traffic is estimated to be spam, and these figures have doubled over the previous year. Further, with the increase in the volume of the data generated, and the number of email exchanges, the efficiency of anti-spam software is ought to increase. A large volume of this confidential information sent through email is at a high risk of being intercepted. Thus, it is making companies to adopt cloud security solutions and software, as they constantly seek to secure systems, through which these information can be encrypted and protected.

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Asia-Pacific To Register The Fastest Growth Over The Forecast Period
According to the Asia-Pacific Economic Cooperation, SME’s are the engines of growth and innovation in the region, which account for over 97% of all enterprises and employ over half of the workforce across APAC economies. With the growing penetration level of Internet and the shift towards digitization of the internal processes have been a few instrumental factors in driving the adoption rate of cloud-based services. Alongside the digital transformation in the region, companies in Asia-Pacific have been found to be 80% more likely to be targeted by hackers when compared to other regions, owing to ineffective cyber laws and lack of cyber-security awareness. Majority of these attacks were reported around property theft, deception, and invasion of privacy. These threats incur heavy losses and have been increasing over the years. In 2016, about 1,32,000 cybercrimes (28% were fraud and malicious business methods) were reported in Japan as compared to that of in 2012, with about 78,000 cases. Therefore, this factor is driving the adoption rate of robust cloud security solutions. All these factors, coupled with the healthy growth in the number of out-sourced projects, particularly in India and China, are expected to drive the adoption rate of cloud-based email security market in the region.

BFSI To Continue Hold The Largest Market Share
Owing to the large customer base that the industry serves, the BFSI sector faces a number of data breach and cyber-attacks. The growing technological penetration, coupled with the digital channels, such as internet banking, mobile banking, becoming the preferable choice of customers for banking services, is making the industry more vulnerable to these cyber-attacks. Increasing email exchanges within this sector, amongst employees as well as customers, which contain crucial valuable information, are driving the adoption rate of cloud-based email security solutions, owing to the need for banks to leverage on advanced authentication and access control processes.

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