Definition of Email Encryption

Email encryption is a technique for protecting email content from third parties interested in learning participant information. Email encryption has been developed in recent years as a result of technology advancement, protecting enterprises from rogue programmers. Additionally, the market for email encryption may see opportunities as a result of the growing use of mobile devices for work. Email encryption is a necessary tool for various organizations as they deal in huge number of emails regularly.

Global Email Encryption Market: Key Insights

Global Email Encryption Market Highlights Over 2023 - 2035

The global email encryption market is estimated to garner a revenue of USD 21 Billion by the end of 2035 by growing at a CAGR of ~23% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 4 Billion in the year 2023. The growth of the market can be attributed to the increasing number of cyberattacks. For instance, internet users across the globe witnessed data breaches of more than 50 million in the second quarter of the year 2022.

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Encryption of email messages is done to protect the content from being read or used by entities other than the intended recipients. SSL, TLS, and STARTTLS are the standard protocols used to secure email transmissions. SSL (Secure Sockets Layer) and its successor, Transport Layer Security (TLS), provide a way to encrypt a communication channel between two computers over the Internet. Most emails are encrypted during transmission, but they are stored in clear text, making them readable by third parties such as email providers. Email encryption is necessary when sharing sensitive information via email. It involves encrypting, or disguising, the content of email messages in order to protect potentially sensitive information. It scrambles the original sent message and converts it into an unreadable or undecipherable format. Therefore, the increasing usage of emails is anticipated to surge the growth of the global email encryption market. More than 300 billion emails were received and sent around the globe in the year 2021

Global Email Encryption Market: Growth Drivers and Challenges

Growth Drivers

• Surging Internet Penetration–The surging use of the internet worldwide has increased the use of email among people. Hence, it is projected to increase the growth of the global email encryption market. According to the World Bank, the percentage of individuals using the internet has increased from 43 per cent in 2016 to 60 per cent in 2020.

• Rising Spear-Phishing Cases – More than 65 per cent of the phishing emails were opened by the target audience.

• High Adoption of Encryption Technologies- More than 55 per cent of the enterprises across the globe have their internet communications encrypted.

• Rising BEC Scams– In the year 2020, the number of business email scams worldwide attempted in 2020 accounted for more than 17, 500.

Challenges

• Issue of Compatibility with the Existing IT Systems

• High Cost of the Email Encryption Solutions

• Lack of Technical Workers for Email Encryption Solutions- The lack of skilled professionals owing the less adaptability of this technology is expected to challenge the market’s growth.

The email encryption market is segmented and analyzed for demand and supply by vertical into BFSI, government & defense, it & telecommunication, energy & utilities, manufacturing, retail & e-commerce, healthcare, and others. Out of these, the BFSI segment is anticipated to hold the largest share over the forecast period owing to the rising number of emails cyberattack cases, and the increasing presence of private data. For instance, more than 20 per cent of the phishing attacks around the globe in the first quarter of 2022 were directed towards financial institutions.

Global Email Encryption Market Regional Synopsis

Regionally, the global email encryption market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of rising prevalence of data breaches and earlier adoption of email encryption solutions to protect emails from cyberattacks. In the United States, more than 65 per cent of the United States organizations have experienced ransomware attacks in the year 2020.

Market Segmentation

Our in-depth analysis of the global email encryption market includes the following segments:

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Key Companies Dominating the Global Email Encryption Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global email encryption market that are included in our report are Micro Focus International PLC, Sophos Group PLC, Zix Corporations, Microsoft Corporation, CISCO systems, Entrust Inc., Proofpoint Inc., BAE Systems, Trend Micro Incorporated and others.

Global Email Encryption Market: Latest Developments

• 9th August 2022 Sophos Inc: Sophos has revealed in its Sophos X-Ops Active Adversary whitepaper, three prominent ransomware gangs namely Hive, LockBit and BlackCat, consecutively attacked the same network. The first two attacks took place within two hours, and the third attack took place two weeks later. Although some of the files of the targeted organization were triple encrypted. The whitepaper has further outlined additional cases of overlapping cyberattacks, including cryptominers, remote access trojans (RATs) and bots, when multiple attackers have targeted the same system.

• 8th June 2021 Proofpoint Inc., Proofpoint has launched people-centric innovations across its three flagship platforms -Threat Protection, Compliance, and the new Information Protection and Cloud Security. Proofpoint’s Information Protection and Cloud Security Platform is the market’s first cloud native solution that combines enterprise data loss prevention (DLP), insider threat management, cloud app security broker (CASB), zero trust network access, remote browser isolation, and a cloud native web security solution.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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