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The increasing adoption of Build-your-own-device (BYOD), the rise in cyber-threats, and spams are key drivers fueling market's growth. Concerns about data malware and the implementation of cloud-based solutions are two additional aspects propelling the market upward. Furthermore, the increasing use of email services in commercial, government, and many other divisions to fulfill the purpose of communication and boosts the market's view. For instance, in 2020, according to Hiver, 60% of the organizations are targeted by email-related security threats every week.
Furthermore, the preference for cloud-based secure email gateways, which provide security against all advanced threats such as impersonation, phishing, and spam, and the addition of email fraud prevention, which eliminates fraudulent emails, are driving the expansion of the email security market. For instance, according to Deloitte’s 2020 report, by 2022, more than 90% of the global organizations will be using hybrid cloud. According to a separate poll conducted the same month, 97% of I.T. managers plan to split workload across two or more clouds to maximize resilience, fulfill regulatory and compliance needs, and leverage best-of-breed services from several providers.
The COVID-19 pandemic has positively impacted the email security market. During the lockdown, many organizations and businesses experienced changes in their working environment. Teleworking and remote working have expanded as a result of this transition. Teleworking increased people's reliance on email for communication, which made it ideal for email fraud schemes. As a result, many organizations are adopting email security solutions and services, which is one of the growth factors of the email security market in a pandemic.
The report will cover the following insights-
Healthcare Industry to Boost Market Growth.
Email security in the healthcare industry is among the most advanced and commercial solutions. The demand for this sector is fueled by reasons that can be attributed to an increase in the frequency of cyberattacks, such as ransomware and misinformation campaigns targeting healthcare institutions with electronically protected health information (ePHI). For instance, the Vice Society ransomware operation has attacked the healthcare sector roughly 20%, and breaches on healthcare companies have been on the rise. In the last two years, 43% of the respondents stated their company had been the targetted of a ransomware assault, with 67% saying they only had one and 33% said they had multiple.
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The largest market share belongs to North America. The market in the North American region will be boosted due to regional presence, major R&D efforts, collaborations, acquisitions and mergers, and current initiatives. In May 2021, Agari Data, Inc. was acquired by HelpSystems LLC, a U.S based company, to help protect customers from phishing, business email compromise, and other advanced email-based attacks. Through the combination of data sets, data science, and cloud computing, HelpSystems claims that the acquisition would help companies identify, defend against, and respond to email threats.
Key players in the email security market include Cisco Systems, Inc., Symantec Corporation, McAfee, Inc., Dell, Inc., BAE Systems, Sophos Group plc, Egress Software, Fortinet, Micro Focus, Mimecast Services Limited, and others
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