According to the report, The global e-mail encryption market was valued at $668 million in 2016 and is projected to reach $3,186 million by 2023, growing at a CAGR of 25.2% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
The key market players operating in the global industry include HP Development Company L.P., Symantec Corporation, Cisco Systems Inc., McAfee (Intel), Trend Micro, Microsoft Corporation, Sophos Ltd., Proofpoint, ZIX Corporation, Entrust Inc. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
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The on-premise segment accounted for the highest revenue share in the global e-mail encryption market. The global e-mail encryption market was led by the on-premise segment in 2015 and is expected to continue this trend during the forecast period. This is attributed to the use of on-premise solutions in businesses to manage confidential data. Furthermore, its ability to customize data storage has further propelled the adoption rate of on-premise solutions among various industry verticals such as healthcare, BFSI, IT telecom, and others.
The cloud segment is expected to witness the highest growth rate in the e-mail encryption industry during the forecast period. In addition, the BFSI segment dominated the global e-mail encryption market in 2016, owing to increased security concerns about debit and credit card numbers, financial details of customers, and bank account numbers. Moreover, the introduction of stringent government regulations such as the Sarbanes-Oxley Act and the Gramm-Leach-Bliley Act has increased awareness among the large small organizations toward the need for securing e-mails. However, the IT telecom segment is expected to grow at the highest rate during the forecast period due to growth in demand for cloud-based services.
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North America dominated the global e-mail encryption market in 2016, and is expected to continue its lead during the forecast period. Furthermore, the regions, such as Korea, Japan, Russia, China, and India, are emerging regions in the market, owing to increase in demand for advanced e-mail encryption technologies and low-cost cloud-based services. The global e-mail encryption market is driven by a rise in demand for cloud-based services, privacy regulations, and the increase in data security concerns. However, the high cost of encryption solutions hinders the e-mail encryption market growth.
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