DUBLIN--(BUSINESS WIRE)--The "Email Encryption Market by Component (Solution and Service (Training and Education, and Support and Maintenance)), Deployment Mode (On-premises and Cloud), Organization Size, Industry Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Mandate to comply with data protection directives and rise in spear phishing attacks targeting email information to drive the overall email encryption market
The global email encryption market size is expected to grow from USD 2.3 billion in 2018 to USD 5.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.0% during the forecast period.
Various factors, such as need to protect the confidential email information from spear phishing attacks and mandate to comply with data protection directives are expected to drive the market. However, high cost of email encryption solution may restrain the email encryption market growth.
The SMEs segment to grow at a higher CAGR during the forecast period
Based on organization size, the email encryption market has been segmented into SMEs and large enterprises. The SMEs segment is expected to grow at the highest CAGR in the email encryption market during the forecast period. The growing use of mobile devices in Small and Medium Enterprises (SMEs) for sending mails has influenced data transfer, over business networks, to personal devices, such as mobile phones and laptops. This huge volume of data transfer has increased fraudulent data, cyber-attacks, data losses, and the threat of personal data thefts. These rising security issues have compelled the SMEs to focus on their email encryption solution. In the coming years, email encryption solution would witness high adoption among SMEs across the globe.
The BFSI industry vertical to hold a larger market size during the forecast period
The BFSI industry vertical is expected to hold a larger market size in the email encryption market during the forecast period, due to the increasing instances of email taping, phishing, spear phishing, spam, and insider data thefts in this industry vertical. BFSI is the most targeted industry vertical as it deals with large volumes of sensitive and private data. The enterprises in this industry vertical are demanding for the email encryption solution to ensure irreversible encryption. This industry vertical is the most regulated, as it has to comply with many security requirements. The email encryption solutions in the BFSI industry vertical are witnessing rapid adoption due to the confidential nature of the financial data that needs to be secured all the time.
North America to account for the highest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR
North America is projected to hold the highest share of the email encryption market from 2018 to 2023, owing to the early adoption of the email encryption solution in the region across various industry verticals, specifically in the BFSI and healthcare industry verticals. The concentrated presence of large number of email encryption solution and services providers in the US from the North American region is also expected to drive revenue growth for the region.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period. APAC is expected to witness a notable adoption of the technology as enterprises and SMEs across various industry verticals are now adopting email encryption solutions in order to secure business-critical email information from misuse by computer hackers for monetary gains and sophisticated cyber-attacks. The developed APAC countries such as China, ANZ, and India have implemented email encryption solutions to fulfill compliance requirements and data security needs of businesses.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Email Encryption Market
4.2 Email Encryption Market, Market Share of Top 3 Industry Verticals and Regions, 2018
4.3 Email Encryption Market, By Component, 2018 Vs 2023
4.4 Email Encryption Market, By Service, 2018 Vs 2023
4.5 Email Encryption Market, By Deployment Mode, 2018
4.6 Email Encryption Market, By Organization Size, 2018
4.7 Email Encryption Market, By Industry Vertical, 2018 Vs 2023
4.8 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Regulatory Implications
5.2.1 Advanced Encryption Standards
5.2.2 Federal Information Processing Standards
5.2.3 Payment Card Industry Data Security Standard
5.2.4 Health Insurance Portability and Accountability Act
5.2.5 General Data Protection Regulation
5.2.6 Gramm-Leach-Bliley Act
5.3 Encryption Algorithms
5.3.1 Data Encryption Standard and Triple Data Encryption Standard
5.3.2 Advanced Encryption Standard
5.3.3 Aes-256 Bit Encryption
5.3.4 Aes-128 Bit Encryption
5.3.5 Xxtea-128 Bit Encryption
5.3.6 RSA
5.3.7 Blowfish
5.3.8 Twofish
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Rise in Business Email Compromise Scams and Spear Phishing
5.4.1.2 Mandate to Comply With Data Protection Directives
5.4.2 Restraints
5.4.2.1 High Cost of Email Encryption Solutions
5.4.3 Opportunities
5.4.3.1 Need to Shift From Traditional Encryption Tools for Advanced Data Security
5.4.3.2 Increase in Adoption of Multi-Cloud Services
5.4.4 Challenges
5.4.4.1 Requirement of Key Management and Verification Solutions for Encrypting Keys
5.5 Use Cases
5.5.1 Adoption of Email Encryption Solution Among Leading Financial Service Providers
5.5.2 Adoption of Email Encryption Solution Among Retail Companies
5.5.3 Dependence of Government Agency on Email Encryption Solution and Services
5.6 Best Practices in Email Encryption Market
5.7 Innovation Spotlight
5.7.1 Paubox
5.7.2 Sendinc
5.7.3 Frama
6 Email Encryption Market, By Type
6.1 End-To-End Email Encryption
6.2 Gateway Email Encryption
6.3 Boundary Email Encryption
6.4 Hybrid Email Encryption
6.5 Client Plugins
7 Email Encryption Market, By Component
7.1 Introduction
7.2 Solution
7.2.1 Asia Pacific to Record Highest Growth Rate in Solution Segment
7.3 Services
7.3.1 Training and Education
7.3.1.1 Growing Need Among Enterprises for Eliminating Knowledge Gaps to Boost Growth of Training and Education Services
7.3.2 Support and Maintenance
7.3.2.1 Support and Maintenance Services to Continue to Gain Popularity During the Forecast Period
8 Email Encryption Market, By Deployment Mode
8.1 Introduction
8.2 0N-Premises
8.2.1 On-Premises Deployment Model to Enable Organizations to Manage System Updates and Data on Their Own
8.3 Cloud
8.3.1 Cost-Effectiveness of Cloud-Based Offerings to Drive Adoption of Email Encryptiopn Solution
9 Email Encryption Market, By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Rising Adoption of Email Encryption Solution Among Small and Medium-Sized Enterprises to Cost-Effectively Streamline Business Operations
9.3 Large Enterprises
9.3.1 Availability of Huge Infrastructures to Drive Large Enterprises to Adopt Email Encryption Solution
10 Email Encryption Market, By Industry Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Increasing Instances and Sophistication of Spear Phishing Attacks in Financial Transactions to Fuel Growth of Email Encryption Market
10.3 Government and Defense
10.3.1 Growing Need to Protect Sensitive Credentials of Citizens and Employees to Boost Market Growth in Government and Defense Industry Vertical
10.4 IT and Telecom
10.4.1 IT and Telecom Companies Deploy Email Encryption Solution to Address Challenges Related to Security and Privacy of Digital Identities
10.5 Healthcare
10.5.1 Rising Security Breaches to Drive Need for Email Encryption Solution in Healthcare Industry Vertical
10.6 Manufacturing
10.6.1 Manufacturing Industry Vertical to Deploy Email Encryption Solution for Addressing Challenges Related to Security and Privacy of Email Data
10.7 Energy and Utilities
10.7.1 Email Encryption Solution to Enhance Operational Efficiency and Mitigate Potential Spear Phishing Attacks in Energy and Utilities Industry Vertical
10.8 Retail
10.8.1 Retail Industry Vertical to Adopt Email Encryption Solution for Protecting Confidential and Private Information of Customers
10.9 Others
11 Email Encryption Market, By Region
12 Competitive Landscape
12.1 Competitive Leadership Mapping
12.2 Key Developments in Email Encryption Market
12.3 Competitive Scenario
13 Company Profiles
13.1 Introduction
13.2 Micro Focus
13.3 Symantec
13.4 Cisco
13.5 Trend Micro
13.6 Sophos
13.7 Proofpoint
13.8 Bae Systems
13.9 Zix
13.10 Entrust Datacard
13.11 Mimecast
13.12 Egress Software
13.13 Intermedia
13.14 Virtru
13.15 Lux Scientiae (Lux Sci)
13.16 Cryptzone
13.17 Echoworx
For more information about this report visit https://www.researchandmarkets.com/research/q5kxkw/email_encryption?w=4
