The global Email Encryption Market size is projected to grow from USD 3,406 million in 2020 to USD 11,880 million by 2026, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period. Major driving factors for the market include rise in BEC scams and spear phishing, growing number of email users globally, high demand for cloud-based email encryption services, and mandate to comply with data protection directives.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the email encryption platform in an organization. As the adoption of the email encryption platform increases, the demand for these services is also expected to increase. Email encryption can be provided through Managed Security Services (MSS) analysts who provide remote assistance and incident response to clients in case of suspicious activities. These services include training and education, and support and maintenance. As the adoption of the email encryption platform increases, the demand for these services is also expected to soar. Email encryption services ensure 24/7 protection against increasing sophisticated architectures, SOCs manned by security experts, and quick incident response services. Email encryption vendors offer customized subscriptions and professional services for threat intelligence, threat prevention, detection, and response to assist end users in easy planning and deployment of email encryption platform.
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Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period
The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyberattacks, such as ransomware and misinformation campaigns on healthcare organizations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the COVID-19 outbreak. Email phishing attacks have spiked due to COVID-19, more so, across the healthcare sector. The American Marketing Association (AMA) and the American Health Association (AHA) have partnered on COVID-19 cyber threats guidance for hospitals and physicians, including recommendations regarding VPNs and cloud-based services, COVID-19-themed phishing emails, telehealth deployments, and medical-device security. The healthcare industry remains one of the most highly targeted for cyberattacks. With the adoption of technologies such as BYOD and centralized patient information, the vertical has become highly susceptible to cyber-attacks. The email encryption technology has emerged as a valid solution to address issues, such as data security, patient safety, and enhanced productivity, to accelerate the overall process.
Key and innovative vendors in the email encryption market include Micro Focus (UK), Broadcom (US), Cisco (US), Trend Micro (Japan), Sophos (UK), Proofpoint (US), BAE Systems (UK), Zix (US), Entrust Datacard (US), Mimecast (UK), Egress Software (UK), ProtonMail (Switzerland), Trustifi (US), Barracuda Networks (US), Intemedia (US), Clearswift (UK), Virtru (US), Echoworx (Canada), NeoCertified (US), Deltagon (Finland), DeliverySlip (US), Hornetsecurity (Germany), Datamotion (US), Virtru (US), Smarsh (US), Retarus (Germany), Lux Sci (US), Cryptzone (US), SecureAge Technology (Singapore), Paubox (US), Sendinc (US), and Frama (Denmark).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the email encryption market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2021 to innovate their offerings and broaden their customer base.
Micro Focus has become the largest pure-play software player, post its merger with HPE’s software division and NetIQ. The company’s innovative offerings make it one of the most trusted and deployed solution providers in the email encryption market. It makes investments in organic and inorganic growth strategies, depending on the evaluation of its security portfolio. It has been consistently focusing on strengthening its portfolio with the help of new product launches and product enhancements. For instance, in January 2020, Micro Focus introduced Voltage SmartCipher. This offering ensures secure file encryption across collaboration platforms such as email/ cloud hosted environments. The solution provides improved privacy compliance with a persistent unstructured file encryption. Furthermore, the company plans to expand its presence and strengthen its market position by adopting effective partnership strategies. It also has a specific partner program, partner portal, and partner community. This illustrates its focus on achieving growth and increasing its presence by following the strategy of managing its partners, which include business partners, solution partners, consulting and System Integrator (SI) partners, authorized distributors, training partners (commercial and academic), and authorized instructors.
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Cisco has been providing distinct products in the email encryption market. The company offers its product portfolio to various industry verticals with the help of technology integrators, resellers, and individual software vendors. Its products and services aim at providing security solutions for not only protecting and safeguarding the digital economy, business interests, and customer experiences, but also creating a competitive advantage. The company’s Research & Development (R&D) center designs and develops new technologies and solutions to meet the changing technology needs of customers. Cisco’s security solutions portfolio includes the SecureX platform, Secure Firewall, Secure Endpoint, Secure Email, Secure Workload, Anyconnect (VPN), Identity Services Engine (ISE), and Services for Security. Cisco offers email encryption capabilities with the help of its solutions Cisco Secure Email Encyrption Service, Cisco Secure Email, Cisco Advanced Phishing Protection, Cisco Cloud Mailbox Defense, and Cisco IronPort Email Encryption. The company has adopted new product launches, and partnerships and acquisitions strategies to develop advanced email security solutions.
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