Increasing Focus on Minimizing Email Malware Attacks and Phishing to Bolster Market Growth
The email security landscape has witnessed constant evolution over the past few years and as per the current observations, the email encryption market is set to witness a major overhaul in the near future. The growth of the email encryption market was primarily being driven by privacy regulations that were curated in the 1990s and the 2000s, which leaves tremendous scope for improvement. The current email securing technologies are likely to be replaced with newer alternatives or witness major upgrades in line with modern day requirements. While current technologies fulfil basic security requirements, market players operating in the current email encryption market landscape are increasingly focusing on improving usability.
The increasing demand for secure communications is expected to remain one of the primary factors that is likely to drive innovations across the global email encryption market during the forecast period. The advent of new security solutions coupled with new protocols is anticipated to secure a safe passage for market growth for existing as well as upcoming players in the email encryption market landscape. The increasing need to minimize e-mail-based malware attacks, phishing activities, and spam e-mails is another major factor projected to accelerate the pace of development of new solutions.
At the back of these factors, along with the emergence of the digital era, the global email encryption market is expected to surpass the market value of US$ 25.3 Bn by the end of 2030.
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Surge in Number of Internet Users to Drive Demand
Email encryption has gained immense popularity among business enterprises from several industrial domains in recent years, owing to increasing awareness pertaining to establishing a robust email security solution. As digital communication continues to become more secure, the uptake of email encryption solutions is expected to grow at a steady pace. The demand for end-to-end encryption to safeguard privacy and sensitive has spiked at an exponential rate over the past few years due to which, players involved in the current email encryption market landscape are likely to attract a sizeable number of customers in the upcoming years.
A number of software development companies has taken a leap onto the email encryption wagon train and expressed immense interest in drastically improving the current email encryption technologies. Although email encryption has garnered immense interest in recent times, analysts at the Transparency Market Research are of the opinion that there is a wide scope for improvement in the email encryption market.
Market Players Focus on Adding New Security Layers
Data security and protection have emerged as one of the top priorities for business entities operating across various domains. With considerable rise in the number of data-based applications, end-to-end encryption has gradually become the gold standard for data protection and privacy across the digital communication space. A number of companies operating in the current email encryption market landscape are focusing on improving security features of their email services by adding new security layers to retain existing users and attracting a new customer base.
Over the past few years, major giants, including Google and Microsoft have announced that the companies are increasingly working toward improving security features of their email services. For instance, in 2018, Microsoft revealed that the company is set to integrate a new layer of encryption to Outlook– the company’s email service to prevent breach of data and other security lapses. Similarly, Google revealed plans of adding a new feature to the recent version of Gmail, which is expected to enable users to send e-mails to other Gmail users with an expiry date to the e-mails. Market players are projected to focus on streamlining email encryption and continue to find solutions in tandem with government as well as non-government organizations.
Shift toward Remote Working amid COVID-19 Pandemic to Increase Demand
The COVID-19 pandemic is expected to have a moderate impact on the overall growth prospects of the global email encryption market in the first half of the forecast period. As business organizations continue to allow employees to operate from remote locations in the safety of their homes, there has been a demand for a robust email encryption solution. The significant rise in the number of e-mails that are being circulated in 2024 is another factor likely to generate considerable business for players operating in the current email encryption market landscape. The focus on minimizing phishing activities coupled with cyber-crime is likely to provide lucrative opportunities to the players operating in the current market landscape.
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Email Encryption Market: Overview
- The global email encryption market is projected to cross US$ 25.3 Bn by 2030. The email encryption market is projected to expand at a CAGR of ~25% from 2024 to 2030.
- The preferred mode of deployment for communication platforms across enterprises is shifting toward cloud. The major reason for the adoption of cloud-based deployment is the cost benefit in the long term.
- A report published by Cloud Adoption Risk Report, Skyhigh Networks states that 83.3% of email applications are already on the cloud. However, with cloud-based deployment, one of the major drawbacks is interference of the cloud service provider. Although there are highly regulated policies with regards to privacy of the data, lack of transparency of data is the fundamental constraint in the privacy of data which is shared through the server.
- Demand for email encryption is also increasing with major email application deployment on cloud to improve data security. Email encryption enhances the privacy of the data shared through the email. Cloud services are estimated to be the primary mode of deployment over the next five years for all industries, and with the increase in cloud deployment, the demand for email encryption is also expected to increase.
- It has also been found that 69% of businesses worldwide are currently running Windows 7, 5% run Windows 8, and 14% still run Windows XP, which Microsoft stopped supporting in 2014. This increases the risk of data breach.
- According to a new report from The Cybersecurity Imperative, annual losses from cyber-attacks averaged US$ 4.7 Mn in the last fiscal year 2018, with more than one in 10 firms losing over US$ 10 Mn
- Increasing concern over rising number of vulnerabilities due to cyberattacks on enterprises is driving the email encryption market
