CHICAGO, April 2, 2021 /PRNewswire/ -- According to the new market research report "Email Encryption Market by Component (Solutions & Services), Type (End-To-End, Gateway, Hybrid, and Client Plugins), Deployment Mode (On-premises & Cloud), Organization Size, Vertical (BFSI, IT & ITeS, and Telecom), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Email Encryption Market size is projected to grow from USD 3.4 billion in 2020 to USD 11.8 billion 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.
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.
North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering email encryption solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Email Encryption Markets growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying email encryption and services.
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