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Email encryption encrypts or disguises the content of emails to prevent potentially sensitive data from being viewed by someone other than the designated receivers. Authentication is frequently included in email encryption. The process included in the process is known as cryptography and is used to protect e-mail by encrypting the e-mail data. A private key is used to access the information from the encrypted data at the receiver’s end.
Abrupt increase of email usage within the corporate world as well as for personal communication among individuals can be read by unidentified or unauthorized sources. The need to secure this sensitive information against data theft and loss has inspired the organization to adopt email encryption software. These software’s help businesses prevent cyber threats, spams, malware, virus attacks and Business Email Compromise(BEC) attacks which may compromise and expose potentially sensitive information of the organization. Globally, the number of enterprises responding to the use of email is increasing and in order to tackle these situations rapid increase in adoption email encryption software and services has been noted.
Key Market Driver -
• Increasing BEC and phishing attacks can rise the security concerns and could be driving factor for the market. • SMEs have increased their usage of email to communicate with clients and staff.
Key Market Restraint -
• The high cost of encryption systems could restrain the growth of the email encryption business.
Some of the major key players existing in the email encryption market are L.P., Symantec Corporation, BAE Systems, Cisco Systems, Inc., HP Development Company, McAfee (Intel), Sophos Ltd., Trend Micro, Proofpoint, ZIX Corporation, and Entrust, Inc. Micro Focus, Sophos, Entrust Datacard, Echoworx, Mimecast, Egress Software, Microsoft Corporation, ProtonMail, NeoCertified, Deltagon, DeliverySlip, Hornetsecurity, and Datamotion among others. In April 2021, Echoworx enhanced the email encryption platform with biometric authentication, enabling passwordless authentication options that are more secure.
North America is currently holding the largest market share and is expected to continue the domination for the forecasted period of 2021-2028 as it is region which is hub of leading email encryption service providers like Proofpoint, Inc. Cisco Systems, Inc., and Entrust Datacard, etc. along with increasing need for data security and protection from cyber-attacks could be the major factor for driving the market. Similarly, Europe has second largest market share across the globe in email encryption market and is expected to show substantial growth during the forecasted period owing to the presence of several leading vendors of email encryption such as Sophos Group, BAE Systems PLC, and Egress Software Technologies, etc. Along with presence of various industries in the region such as BFSI, automation, healthcare, etc. with rapid expansion in terms of technology.
Asia Pacific region is expected to show the highest CAGR during the forecast period owing to the increasing demand for cloud services, data and privacy security concern, and advanced email encryption services in the region. Along with this the regions like China, Japan, India and South Korea are rapidly adopting the cloud services which would drive the market growth.
Middle East is expected to show growth in the forecasted period since Middle East is one of the world's most technologically advanced regions. Currently organizations in the region continue to prefer control over cloud encryption and are aggressively installing hardware security modules (HSMs) to protect their data against growing security threats which can drive the email encryption market. South America is likely to rise steadily during the estimated period, driving the email encryption market expansion. Due to flexible economic conditions, industrial development policies, political transformation, and rising digitalization.
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