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 9.9 billion by 2025, at a CAGR of 23.8% during the forecast period. Major driving factors for the market include rise in business email compromise scams and spear phishing, growing demand for cloud-based services, and rise in awareness about compliance management.
Services segment is expected to grow at the highest CAGR in the email encryption market during the forecast period
The email encryption market is segmented by component into solution and services. The services segment is expected to grow at the highest CAGR from 2020 to 2025. With the increase in the adoption of email encryption solutions, the demand for services associated with it is also growing. The email encryption market by service has been segmented into training and education, and support and maintenance. Email encryption services are offered by solution vendors to enable customers to efficiently use the email encryption solution and maintain it. The email encryption services are used to reduce operational overhead costs and risks, and assist in effectively working with organizations’ complex network infrastructure.
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Banking, Financial Services, and Insurance (BFSI) industry vertical is estimated to dominate the email encryption market in 2020
Enterprises across various industry verticals have been using the email messaging as one of the most common modes of communication for their business purposes. The BFSI industry vertical is expected to generate major share of revenue during the forecast period owing to the increasing adoption of security solutions driven by the growing financial security threats across the organizations, which can lead to theft, hamper the reputation of organizations, and can cause huge financial losses. Additionally, email encryption is expected to play a key role in healthcare enterprises. This is majorly due to the rising spear phishing attacks and possible data breaches over the highly sensitive and confidential information and stringent compliance to regulatory requirements. This has led the healthcare industry vertical to grow at the highest CAGR during the forecast period.
Major email encryption vendors include Micro Focus (UK), Symantech (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). These players have adopted various growth strategies such as new product launches and partnerships, agreements, and collaborations to enhance their presence in the global email encryption market. Partnerships and new product launches have been the most widely adopted strategies by major players and helped them innovate on their offerings and broaden their customer base.
Cisco has been providing distinct products to 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. It has prioritized its customers’ security; hence, 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. In 2018, Cisco spent approximately USD 6.33 billion on R&D activities to support and enhance its competitive position in the market. The company has adopted new product launches, and partnerships and acquisitions strategies to develop advanced email security solutions. For instance, in 2015, Cisco partnered with Zix Corporation to offer enhanced email encryption solutions. In 2018, Cisco launched new email security services to protect users from fraudulent emails. Moreover, in 2018, it partnered with Google to offer new email security features to customers. Cisco invests in its channel partners to stay ahead of its competitors. These channel partners would help the company in driving customer satisfaction.
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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 2018, Micro Focus launched SecureData Sentry, an expansion of its Voltage SecureData portfolio. SecureData Sentry helped businesses protect their users’ email information and data in enterprise applications. Furthermore, the company plans to expand its presence and strengthen its market position by adopting effective partnership strategies. Its robust partner ecosystem comprises existing partners and new partners from NetIQ’s acquisition. 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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