NEW YORK, June 24, 2024 /PRNewswire/ — The global E-mail encryption market size is estimated to grow by USD 16.03 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 32.4% during the forecast period.
The email encryption market is thriving, driven by the surge in cloud-based services and the consolidation of security solutions. However, high costs remain a hurdle.
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Key Drivers:
- Cloud Adoption: Cloud-based encryption is gaining traction due to its affordability and ease of use.
- Integrated Security: Bundled solutions combining email encryption with data loss prevention (DLP) offer better functionality and streamline management.
Market Leaders:
- McAfee
- Barracuda Networks
- Check Point
- Cisco
- Microsoft
Growth Factors:
- Cybersecurity Threats: Rising data breaches and phishing attacks are making email encryption essential.
- Regulations: Data protection mandates are pushing businesses to adopt encryption for secure communication.
- Remote Work: The need to secure email communication for remote workforces is fueling market growth.
Market Challenges:
- Cost: The total cost of ownership, including licensing, implementation, and maintenance, can be significant.
- Complexity: Advanced encryption methods can be cumbersome for users, hindering adoption.
- Compatibility: Ensuring compatibility across different email platforms and devices is an ongoing challenge.
- Phishing Attacks: Encryption needs to stay ahead of evolving phishing tactics.
Future Outlook:
The email encryption market is expected to maintain its growth trajectory as the demand for secure communication remains paramount. Cloud-based solutions and integrated security packages will be key drivers in this market. However, addressing cost concerns and simplifying encryption for users will be crucial for wider adoption.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
