Email Encryption Global Market Report 2024

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 observed in the historical period can be attributed to data privacy concerns, compliance regulations, the rise in cyber threats, the increasing use of mobile devices, and the 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 anticipated growth in the forecast period can be attributed to the evolution of advanced threats, remote work security, quantum computing threats, and 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, and user-friendly encryption interfaces.

The anticipated growth of the email encryption market is expected to be driven by the increasing instances of enterprise email threats. Email threats, a form of email fraud, involve cybercriminals posing as reputable organizations to gain access to private data. Email encryption plays a crucial role in countering such threats by employing advanced technologies to encrypt emails, providing end-to-end protection for businesses and safeguarding against attached email threats. For example, in February 2021, Google LLC, a US-based technology company, reported blocking an average of 100 million harmful emails daily to protect Gmail users. Therefore, the surge in enterprise email threats is identified as a key factor propelling the growth of the email encryption market.

The anticipated growth of the email encryption market is expected to be propelled by the growing number of email users. Email users, referring to individuals or entities utilizing email services for electronic communication, employ email encryption to secure sensitive and confidential information. This ensures that during electronic communication, only authorized recipients can access and decipher the content, enhancing privacy and preventing unauthorized access or interception. For example, in September 2022, Mailbutler, a Germany-based software company, estimated the global email user base to reach 4.37 billion by 2023. Additionally, the daily email volume is projected to increase to 347.3 billion by 2023, with further growth expected to reach 361.6 billion by 2024 and 392.5 billion by 2026. Therefore, the growing number of email users is identified as a key driver for the growth of the email encryption market.

A prominent trend gaining traction in the email encryption market is the shift from traditional email encryption tools to advanced email encryption solutions. Advanced email security involves encoding email content while it is in transit to ensure data security. Major companies are adopting advanced technologies, such as client-side encryption, to enhance the security of organizations' emails. For example, in October 2023, Google LLC, a US-based technology company, introduced client-side encryption in the mobile version of Gmail for business security. This feature encrypts data on the sender's device before transmission to the recipient's device, ensuring that only the sender and recipient possess the keys to decrypt the data, thereby enhancing security and restricting access to unauthorized entities, including Google.

Major companies in the email encryption market are adopting a strategic partnership approach to enhance email security for GoDaddy's customers. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2022, INKY Technology, a US-based cloud-based communication security platform, partnered with GoDaddy Inc., a US-based technology company providing domain registration, web hosting, and related services. Through this partnership, these companies aim to enhance detection capabilities and dynamic banners, providing a safe and user-friendly email experience to hundreds of thousands of GoDaddy customers.

In January 2022, Kiteworks, a US-based technology company specializing in securing sensitive content communications, successfully acquired Totemo, a Switzerland-based email encryption gateway provider. The acquisition, carried out for an undisclosed amount, is intended to broaden the functionality of the Kitework platform. This expansion aims to go beyond user or plug-in activation within the platform, extending into the native interface of the mail client. Through the acquisition of Totemo, Kiteworks seeks to enhance and extend its capabilities in the realm of email security.

Major companies operating in the email encryption market report are 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.

North America was the largest region in the email encryption market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the email encryption market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the email encryption market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components in email encryption can be categorized into solutions and services. Solutions play a crucial role in facilitating efficient management and customization of workflows by aiding in optimal performance, flexible deployment, and key component management. These solutions provide a platform for transformative changes to address specific current and future business issues. Organizations of different sizes, including large enterprises and small and medium enterprises (SMEs), are involved in deploying these solutions through various modes, such as on-premises and cloud. The diverse verticals that utilize email encryption include BFSI (Banking, Financial Services, and Insurance), government and defense, IT and ITEs (Information Technology and Information Technology-enabled Services), telecommunications, energy and utilities, manufacturing, retail and eCommerce, healthcare, and others.

The email encryption market research report is one of a series of new reports that provides email encryption market statistics, including email encryption industry global market size, regional shares, competitors with email encryption market share, detailed email encryption market segments, market trends and opportunities, and any further data you may need to thrive in the email encryption industry. This email encryption market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The email encryption market includes revenues earned by entities by providing boundary email encryption, gateway-to-gateway email encryption, end-to-end email encryption, and hybrid email encryption. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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