Messaging Security Market Expected to Reach $21.6 Billion By 2032 | F-Secure, Sophos Ltd., McAfee

According to a new report published by Allied Market Research, the messaging security market was valued at $5.9 billion in 2022, and is estimated to reach $21.6 billion by 2032, growing at a CAGR of 14.3% from 2023 to 2032.

Cloud computing technology, also known as messaging security, protects sensitive data using a protected CPU enclave to isolate sensitive data during processing. The data and processing methods are hidden and inaccessible to any other entity, including the cloud provider, as only authorized programming code has access to the enclave. Data privacy in the cloud is more important as organizational leaders depend more on public and hybrid cloud services.

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The major goal of messaging security is to give executives greater assurance about the security and confidentiality of their cloud-stored data. Its purpose is to motivate executives to move their maximum sensitive data and computing workloads to public cloud services. Some trusted execution environments (TEEs) permit the execution of arbitrary code while others have less capabilities.

Moreover, due to its adaptability, the infrastructure or system is customized to fulfil certain security requirements. Furthermore, certain TEEs might have set codes that are determined during production. Using a trusted execution environment, messaging security software protects the code from unauthorized parties in addition to securing the data. This improved security offers advanced protection for algorithms and sensitive intellectual property.

Moreover, factors such as rise in online threats and increase in need of rules and regulations primarily drive the growth of the messaging security market. However, rise in cost of implementation and complexity of security solutions hamper the market growth severely. Additionally, rise in adoption of cloud platform is expected to provide lucrative opportunities for messaging security market forecast.

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Based on communication mode, the email segment held the highest market share in 2022, accounting for around two-thirds of the messaging security market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the usage of personal devices or insecure networks by remote workers. However, instant messaging segment is projected to manifest the highest CAGR of 16.6% from 2023 to 2032, owing to rise of remote work, many organizations now rely heavily on instant messaging systems for team collaboration and information exchange.

Based on end user, the BFSI segment held the highest market share in 2022, accounting for more than one-third of the messaging security market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to provide secure communication channels, authenticate users, prevent unauthorized access, and enforce encryption and data protection protocols by setting strong messaging security measures. However, the media and entertainment segment is projected to manifest the highest CAGR of 19.0% from 2023 to 2032, owing to streaming services, digital downloads, and online collaborations, messaging systems have become the norm for exchanging sensitive data and intellectual property.

Based on deployment mode, on-premise segment dominated the messaging security market size in 2022 and is expected to maintain its dominance in the upcoming years, owing to fully manage the message security environment and guarantee that private information and communications stay within their own infrastructure propels the market growth significantly. However, the cloud segment is expected to witness the highest growth, owing to secure the messaging systems by utilizing the scalability and flexibility of cloud infrastructure. The cloud provider is in charge of keeping the hardware, software, and security updates updated while providing the messaging security solution as a service.

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Region-wise, the messaging security market share was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to the increasing reliance on digital communication, widespread use of secure messaging services, and encrypted communication channels are significant trends and opportunities in the messaging security market in the region. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to solutions that solve the particular difficulties of the Asia-Pacific region's e-commerce ecosystem, such as the integration of secure messaging with payment gateways and fraud detection systems, messaging security providers have the chance to fulfill customer requirements.

The demand for messaging security solutions has increased as a result of the unexpected transition to remote work and greater reliance on digital communication platforms. In addition, organizations had to quickly adapt to new work environments to ensure the security and privacy of their communication channels. The increased threat of cyberattacks is one of COVID-19's major effects on the messaging security sector. Cybercriminals have used the pandemic to execute specialized attacks including phishing campaigns and malware distribution, taking advantage of messaging platform weaknesses.

Organizations have therefore boosted their investment on messaging security solutions to safeguard their sensitive data and reduce the risks brought on by these cyberthreats. Furthermore, the pandemic emphasized the value of safe communication and collaboration platforms. Organizations have been forced to rely extensively on messaging services for team collaboration, file sharing, and customer communication as remote work has become the standard. In order to safeguard these communication channels' confidentiality, integrity, and availability and shield critical information from unauthorized access and data breaches, messaging security solutions have become increasingly important.

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Key Findings of the Study

1. By component, the solution segment led the messaging security market in terms of revenue in 2022.

2. By communication mode, the instant messaging segment is anticipated to have the fastest growth for messaging security market growth.

3. By deployment mode, the on-premise segment led the messaging security market in terms of revenue in 2022.

4. By end user, the BFSI led the messaging security market and is expected to maintain its dominance in the upcoming year.

5. By region, North America generated the highest revenue for messaging security market analysis in 2022.

The key players profiled in the messaging security industry analysis are Mcafee, Llc, Cisco Systems, Inc., Trend Micro Incorporated, Microsoft Corporation, Broadcom, Proofpoint, Inc., Sophos Ltd., Barracuda Networks, Inc., F-Secure, and Check Point Software Technologies Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the messaging security industry.

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