Global Email Encryption Market: The increasing adoption of Bring Your Own Device (BYOD) trend among organizations, stringent regulations and need for compliance, and the introduction of cloud-based encryption solution will drive the growth of the market.

The global email encryption market size in the post-COVID-19 scenario is projected to grow from USD 3.4 billion in 2020 to USD 11.8 billion by 2027, at a CAGR of 23.1 % during the forecast period. The increasing adoption of Bring Your Own Device (BYOD) trend among organizations, stringent regulations and need for compliance, and the introduction of cloud-based encryption solution will drive the growth of the market.

Over the years, organizations have been massively getting hit by these sophisticated cyber-attacks, such as email-based phishing and BEC scams, leading to huge financial losses. In BEC, adversaries target corporate email accounts, spoofing customers and employees or partners for financial gains such as approving payment transfers to cybercriminals’ account. Fraudulent practices such as spear phishing to steal data for malicious purposes are on the rise. The use of email encryption solution and services are an effective measure to protect email data.

The major challenge faced by companies while adopting email encryption solutions is the high cost involved in deploying these solutions. The email encryption solutions help organizations and users in reducing the risk of data loss. The adoption of the email encryption solutions significantly increases businesses’ overall overhead costs, as the solutions require expansion of IT resources for securing and encrypting emails.

With the growing need to achieve business efficiency, speed, scalability, and reduced cost, organizations are constantly adopting new technologies to cater to evolving business needs. The rapid growth in use of cloud services has given rise to new and sophisticated threats, such as spear phishing, trojans, ransomware, BEC scams, social engineering, and malware and spams, which have put organizations’ critical data at risk.

Requirement of key management and verification solutions for encrypting key management and verification is one of the major challenges in the email encryption market. Encryption solutions are used for securing confidential data, files, folders, and emails. A large number of data in cloud has increased the use of passwords or encryption keys for encrypting data. However, key management is a complex, and a time consuming process, making it difficult to adopt email encryption solutions.

Major vendors in the email encryption market include Micro Focus (UK), Symantec (US), Cisco (US), Trend Micro (Japan), Sophos (UK), Proofpoint (US), BAE Systems (UK), Zix (US),Entrust Datacard (US), Mimecast (UK), Egress Software (UK), Intemedia (US), Virtru (US), Echoworx (Canada), Lux Sci (US), Cryptzone (US)

The market in North America is expected to account for highest market share in the global market over the forecast period, owing to early adoption of email encryption and presence of several vendors that provide email encryption solutions across various countries in this region. The market in Asia Pacific is expected to register significant share in terms of revenue over the forecast period, owing to increase in demand for advanced e-mail encryption technologies and low-cost cloud-based services across various countries in this region.