Because data privacy is becoming a growing concern, email encryption is increasingly being adopted by many organizations where email is a means of communication and transmission of some confidential information. This is because email encryption helps in securing important and private information from loss or theft by the hackers. Therefore, there has been a substantial growth in demand for email encryption in many sectors.
Major Driving Factors
The market for email encryption is growing increasingly because of advancements in technology and growth in adoption of email encryption in small and medium enterprises across many industry verticals. The other contributing factors for the growth of this market are:
• Growing use of BYOD policies in organizations
• Enforcing of regulatory requirements and privacy concerns by the government
• Increase in exchange of confidential emails add to the risk to data theft
• Increased email access on mobile devices
However, less knowledge about the usage and benefits of email encryption can hamper the growth of this market, especially in APAC region.
Market Analysis
The global email encryption market has been forecasted to reach USD 4.2 Billion by 2020 from USD 1.5 Billion in 2015, growing at a CAGR of 23.5% over the forecast period. At present, North America is the fastest-growing market due to the widespread use of BYOD and cloud, followed by Europe. Asia-Pacific is also expected to pick up pace over the next few years.
Among the industry verticals, this market is making its presence felt in healthcare and BFSI since they are making use of email encryption solutions in order to protect their customers’ confidential details from hacking and theft.
Currently, On-premises deployment type has a notable presence on the global map for email encryption market, owing to the higher demand for it since there is a security risk involved with cloud. However, over the coming years, cloud deployment is expected to go ahead of on-premises because of developments on technology and advanced software for securing the data stored in cloud.
The market for email encryption comprises some eminent market players like HP, Symantec, McAfee, Sophos, TrendMicro, Cisco, Proofpoint, Entrust, Zix Corporation, and Microsoft. These companies are adopting numerous strategies like collaborations with other companies, developments and launching of new products into market, and expansion of business in order to cater to the needs according to current market trends.
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Research Scope
Researchers have studied and analyzed the worldwide market for email encryption by segmenting it on the basis of deployment types, end users, and geographical regions, which are as follows:
• Deployment Types: On-premises, Cloud
• End Users: BFSI, Healthcare, Government, Retail, IT & Telecom, Education, Manufacturing, Others
• Regions: North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
