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The email security market size was valued at USD 3.87 billion in 2022 and is projected to grow from USD 4.25 billion in 2023 to USD 8.90 billion by 2030, exhibiting a CAGR of 11.1% during the forecast period. North America dominated the global market with a share of 33.59% in 2022.
Email security is a software platform that protects email from attacks and unauthorized access. It monitors communications for regulatory issues, compliance, and theft, prevents access to inappropriate content, and protects against malware and targeted cyberattacks. Key players, including Cisco Systems Inc., Broadcom Inc., Open Text Corporation, Proofpoint Inc., Fortinet Inc., Barracuda Networks Inc., DataFlowX, Trend Micro Inc., Sophos Ltd., Intermedia.net Inc., and others, are considered in our scope.
Due to an increase in malware and phishing activity, particularly ransomware and targeted attacks such as business email compromise (BEC) and email account compromise (EAC), is driving the growth of electronic mail security platforms. Cofense Intelligence found that malicious phishing emails increased by 569% in 2022, and threat reports related to credential phishing increased by 478%.
The global email security market share is set to grow due to increased investments and the rising need for business data protection by organizations. According to the 2023 electronic mail security report from Barracuda Networks, 26% of organizations have increased their budgets for electronic mail security spending to prevent and respond to threats as email attacks become more sophisticated and harder to detect. Furthermore, increasing BYOD and mobile device use to increase the adoption of electronic mail security solutions.
Such factors have helped organizations adopt electronic mail security solutions and drive market growth.
Rise in Remote Working and Cyber Frauds Boosted Market Growth amid Pandemic
In response to COVID-19, many organizations have shifted to remote-working models that increased the usage of email communication. This shift made it easier for attackers to steal data, perform phishing activities, or email fraud. According to Armorblox, a 70% increase in phishing attacks are attempted, compared to 63% in 2021. Furthermore, remote working from mobile devices expanded due to an ever-increasing number of users shifting to cloud-based workspaces. This has also increased the cyber fraud risks revolving around cloud-based email security solutions. According to a report from IBM, approximately 60% of all emails are first opened on mobile devices.
The rising use of cloud-based email security solutions during the pandemic is becoming a focal point for cyberattacks, as many individuals work in new and less secure conditions. According to data provided by Google, around 18 million coronavirus spamming emails are blocked by the organization daily.
These factors are expected to boost the market share post-pandemic crisis.
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Increasing Adoption of Cloud-based Solutions to Aid the Market Growth
With increasing phishing attacks, the shift towards cloud-based email solutions continues. The security and risk management leaders started to evaluate the capabilities offered by cloud-based email systems to ensure they could protect against such attacks. Additionally, organizations are adopting cloud-based mailbox services and migrating from on-premises servers to cloud-based ones. Key players are developing functions and features that enhance cloud-based email services, including providing electronic mail security as a cloud Software-as-a-Service (SaaS) solution. For instance,
Companies have started transforming and streamlining a robust cloud governance model that can accelerate their security capabilities, thus electronic mail security solutions to impact the market positively.
Rising Malware, Phishing Activity, and Cyber-Attacks Drive the Demand for Scalable Email Security Solutions
Cyber-attackers have increased the scope of their attacks. They are developing innovative techniques for stealing identities, such as creating external domain names with fake URLs and email header domains. Also, they engage in attacks that combine email and cloud-based accounts or use outbound mail as a bot which threatens an organization’s reputation. Additionally, cyber-attackers have leveraged pandemic-driven fears and uncertainties to launch email phishing activities. For instance,
Such an increase in the volume of attacks continues to evolve, becoming more sophisticated and costly for users to aid the adoption of electronic mail security solutions.
Lack of Awareness to Implement Email Security Solutions and Weak IT Infrastructure May Hinder the Market Growth
Many organizations are not able to set up a fundamental electronic mail security infrastructure for basic operations. They are still not conducting formal training on the dangers of cyber threats, email phishing, and available protections; this network infrastructure is exposed at high risk. For instance,
Moreover, a lack of organizational foresight and weak IT infrastructure impacts the business, processes, and users. The IT and security teams are forced to review their electronic mail security controls due to significant growth in the volume and effectiveness of these attacks, as well as cloud migration. This is hindering the growth of electronic mail security solutions in the market.
Growing Usage of Cloud-Based Email Security to Boost the Market Growth
Based on the deployment, the market is segmented into cloud, on-premises, and hybrid. The cloud-based email security accounted for a larger market share and is projected to grow with a high CAGR during the forecast period as organizations digitally transform and adapt to remote working environments. The usage of cloud-based email security solutions allows remote fingerprint scanning, facial recognition, and document verification to integrate with the servers. Moreover, companies have started adopting these solutions and are realizing that it helps in cost reduction, increasing operational efficiency, and improving security. For instance,
Thus, increasing demand for cloud-based email security solutions creates a growth opportunity for the market.
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IT & Telecom to Dominate the Market Due to Increasing Pressure for Digital Transformation
Based on the deployment, the market is segmented into BFSI, Government, Healthcare, IT & Telecom, Media & Entertainment, and Others (Retail, Defense, etc.). Many businesses are rapidly moving toward adopting electronic mail security solutions due to evolving needs, and the transformation of these solutions has become a growing priority. IT & Telecom to lead as it is teams are constantly under increasing pressure to simplify the deployment and management of security technology, reduce the complexity of their security environments, and strengthen their overall security structure. Organizations are implementing electronic mail security solutions to help protect their digital environments and critical infrastructure from emerging cyber threats. Moreover, the increase in cyber-attacks within the industry has realized organizations adopt electronic mail security solutions. For instance,
Thus, electronic mail security solutions in IT & Telecom have helped deliver strong data governance and a secure framework, leading to a larger market share.
North America Email Security Market Size, 2022 (USD Billion)
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This market is geographically studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific, and each region is further studied across countries.
North America dominated the global market in 2022, owing to the increasing adoption of mobile devices among organizations, stringent regulations, and the introduction of cloud-based email security solutions. Moreover, due to the pandemic's spike in phishing and email scam rates, businesses in the region have increased their attention to safeguarding confidential data stored on email servers. Due to the increasing demand among enterprises, electronic mail security solutions are gaining momentum to protect business information and infrastructure. For instance,
Such factors helped organizations in the region adopt electronic mail security solutions.
Asia Pacific has the highest adoption rate due to cyber-attackers leveraging Artificial Intelligence (AI) and advanced social engineering to perform data theft in their email phishing attempts. Additionally, companies in Asia Pacific continue to be exposed to a growing rate of cyber threats as the attackers exploit economic and geopolitical disruptions. Such factors are resulting in the rise of electronic mail security solutions across the region. For instance,
Strategic Acquisition, Product Enhancements, and Increasing Investments to Boost Market Expansion of Key Players
In direct response to cybercriminals' activities, vendors of electronic mail security solutions are adding new features and functions to their offerings. This includes using various security solutions, such as threat intelligence, browser isolation, profiling and behavioral analysis, forensics, etc. Deeper integration with other security solutions and wider functionality are growing the adoption of electronic mail security solutions.
In addition, players are adopting partnerships and acquisition strategies to expand their businesses into new regions, enhance offerings, and reduce email fraud.
April 2023 – Cisco, the leader in enterprise networking and security, unveiled its most recent advancement toward its vision of the Cisco Security Cloud. Organizations were able to better safeguard the integrity of their entire IT ecosystems due to the introduction of advanced Duo MFA features and the brand-new XDR solution from Cisco. Cisco XDR analyzes and correlates the six telemetry sources that Security Operations Center (SOC) operators consider essential for an XDR solution: email, identity, DNS, the endpoint, the network, and a firewall.
May 2022 – Broadcom Inc. and VMware, Inc., a prominent innovator in enterprise software security, announced that Broadcom acquired all of VMware's remaining shares in cash and stock at a valuation of USD 61.0 billion. The Broadcom Software Group also announced rebranding as VMware post the transaction's completion, including Broadcom's existing infrastructure and security software solutions into an expanded VMware portfolio.
An Infographic Representation of Email Security Market
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This market research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
CAGR of 11.1% from 2023 to 2030
Value (USD Billion)
By Deployment, Application, and Region
The market is projected to reach USD 8.90 billion by 2030.
In 2022, the market stood at USD 3.87 billion.
The market is projected to grow at a CAGR of 11.1% in the forecast period (2023-2030).
IT & Telecom is likely to lead the market.
Rising malware, phishing activity, and cyber-attacks are leading to a demand for scalable electronic mail security solutions.
Cisco Systems Inc., Broadcom Inc., Open Text Corporation, Proofpoint Inc., Fortinet Inc., Barracuda Networks Inc., DataFlowX, Trend Micro Inc., Sophos Ltd., and Intermedia.net Inc. are the top players in the market.
North America is expected to hold the highest market share.
Asia Pacific is expected to grow with the highest CAGR during the forecast period.
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