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Email Encryption Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Email Encryption Global Market Report 2024
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According to The Business Research Company's, The email encryption market size has grown exponentially in recent years. It will grow from $6.4 billion in 2023 to $7.91 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to data privacy concerns, compliance regulations, rise in cyber threats, increasing use of mobile devices, globalization of business.
The email encryption market size is expected to see exponential growth in the next few years. It will grow to $18.34 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to evolution of advanced threats, remote work security, quantum computing threats, enhanced user experience. Major trends in the forecast period include integration with collaboration tools, end-to-end encryption, cloud-based encryption solutions, advanced threat protection, user-friendly encryption interfaces.
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Market Drivers and Trends:
Rising instances of enterprise email threats are expected to propel the growth of the email encryption market going forward. Email threats are a type of email fraud in which cybercriminals pretend to be reputable organizations to access private data. Email encryption encrypts emails with the help of advanced technologies, which offer end-to-end email encryption to businesses and protect the email threats attached along with the email. For instance, in February 2021, Google LLC, a US-based technology company, blocked an average of 100 million harmful emails from reaching Gmail users daily. Therefore, rising instances of enterprise email threats are driving the email encryption market growth.
The shift from traditional email encryption tools to advanced email encryption solutions is the key trend gaining popularity in the email encryption market. Advanced email security secures data by encoding email content while it is in transit. Major companies are implementing advanced technologies such as client-side encryption to improve the security of organizations' emails. For instance, in October 2023, Google LLC, a US-based technology company, launched client-side encryption in the mobile version of Gmail for business security. This feature encrypts data on the sender's device before it is transmitted to the recipient's device, meaning that only the sender and recipient have the keys to decrypt the data, and no one else, including Google which enhances the security.
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Major Key Players of the Market:
Cisco Systems Inc., Broadcom Inc., Hewlett Packard Enterprise Company, BAE Systems plc, Thales Group, CipherMail B.V., Fortinet lnc., OpenText Corporation, Micro Focus International plc, Trend Micro Incorporated, Proofpoint Inc., Entrust Corporation, Zoho Corporation, Fortra Technologies, Barracuda Networks lnc., Intermedia.Net Inc., Retarus GmbH, Proton AG, Proton Technologies AG, Mimecast Services limited, Zix Corporation, Sophos Ltd., Virtru Corporation, Hush Communications Canada Inc., Lux Scientiae Incorporated, Echoworx Corporation, Egress Software Technologies Ltd., SSH Communications Security Corporation, Seclore Technology Pvt. Ltd., NeoCertified, Paubox lnc., PreVeil lnc., Sealit LLC, Symantec Corporation, HP Development Company, Microsoft Corporation
Email Encryption Market 2024 Key Insights:
• The email encryption market size is expected to see exponential growth in the next few years. It will grow to $18.34 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%.
• Escalating Enterprise Email Threats Propel Surge In Demand For Email Encryption Solutions
• Transitioning From Traditional To Advanced Email Encryption Solutions Enhanced By AI And Machine Learning Innovations
• North America was the largest region in the email encryption market in 2023
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