The global Email Encryption market size is projected to grow from USD 6.2 billion in 2023 to USD 16.3 billion by 2028 at a CAGR of 21.3% during the forecast period. The email encryption market is propelled by several key factors, including a marked rise in email data breaches, intensifying governmental regulations and data protection mandates, a growing occurrence of BEC scams and spear phishing incidents, and continuous innovation in encryption methodologies.
Email Encryption Market Definition
Considering the perspectives of various sources and industry opinions, MarketsandMarkets defines Email Encryption as follows: “Email Encryption is described as a security measure utilizing cryptographic procedures to shield email contents from unsanctioned access. This guarantees the preservation of both confidentiality and data integrity during transmission. When emails undergo encryption, their primary content, attachments, and occasionally metadata are converted into an indecipherable format or ciphertext. This ensures the data remains inaccessible to anyone lacking the necessary decryption key.
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The Email Encryption market is led by some of the globally established players, namely Fortinet (US), BAE Systems (UK), Mimecast (UK), Cisco (US), Proofpoint (US), Zoho (India), Broadcom (US), OpenText (Canada), Barracuda Networks (US), Thales (France), HPE (US), Entrust (US), Fortra (US), Sophos (UK), Trend Micro (Japan), Seclore (US). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players adopt to increase their market presence.
Fortinet (US) is a global frontrunner in cybersecurity, instrumental in steering the merger of networking and security. The company aims to secure people, devices, and data across various environments. It achieves this through a portfolio of over 50 enterprise-grade products that offer comprehensive cybersecurity solutions. As of Q2 2023, Fortinet’s billings reached USD 1.541 billion, with 1,285 patents by June 2023.
The company’s email encryption services employ cutting-edge cryptographic methods and recognized protocols like PGP, S/MIME, and TLS, catering to a broad global clientele. As of December 2022, the company used 12,595 individuals, serving 10,000+ customers across 180 countries. Fortinet is listed on the Nasdaq 100 and S&P 500. Furthermore, its prominence is also highlighted by its consistent ranking in Fortune Magazine’s notable lists.
Mimecast (UK) is a prominent player in advanced email and collaboration security and offers protection against a spectrum of threats like cyberattacks, human errors, and tech vulnerabilities. The company serves over 40,000 customers in more than 100 countries, and its services prioritize proactive threat detection, brand protection, training, and data retention. Mimecast is a pioneer in SaaS-based email security and was recognized as a Market Leader for Email Security by Cyber Defense Magazine in 2022. In May 2022, Permira, a private equity firm, bought Mimecast in a deal worth USD 5.8 billion.
In a rapidly changing threat landscape, where email and collaboration tools are integral to businesses, Mimecast remains a beacon of protection, ensuring organizations operate securely and efficiently. The company has a global presence in North America, Europe, Middle East & Africa, and Asia Pacific, operating through 13 offices spanning North America, Europe, the United Kingdom, Africa, Australia, and Singapore, with a workforce exceeding 2,000 employees.
Apart from prominent vendors, other players include Egress Software, Echoworx, LuxSci, Neocertified, SSH Communication, Retarus, Paubox, PreVeil, Sealit Technologies, SendSafely, and Zivver, which are also evolving in the Email Encryption market.
Echoworx (Canada) is a prominent figure in email encryption, leading the charge in secure communication solutions. With a platform that offers a versatile range of encryption delivery methods, it supports 28 languages and nine authentication options, ensuring global, barrier-free, secure communications.
Echoworx’s dedication to state-of-the-art cryptographic standards ensures top-notch encryption and data protection for sensitive emails. Its user-friendly design stands as testimony to its user-centric approach. Echoworx’s standout feature is its commitment to effortless integration. Additionally, businesses effortlessly integrate Echoworx’s advanced email encryption into their existing email systems without needing additional hardware, software, or extensive training. This ease of use and comprehensive offering make Echoworx a preferred choice in the email encryption market.
Neocertified (US) is a distinguished email encryption provider with a 20-year legacy serving large enterprises and smaller entities across the US. Additionally, by emphasizing user-friendly solutions, the company’s offerings are aligned with HIPAA regulations, ideal for healthcare data. Moreover, with integrations for significant applications like Microsoft and Adobe, it promotes efficient encrypted communications. Furthermore, with a commitment to data security, regulation compliance, and a considerable user base, NeoCertified is a top choice for organizations prioritizing secure email communication.
MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the Email Encryption market in the coming years as startups are evolving in the following market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the Email Encryption market.
Email Encryption Market by Offering (Solution and Services), Deployment (On-premises and cloud), Vertical (BFSI, healthcare, government, IT & ITeS, telecommunications, manufacturing, retail & eCommerce) and Region - Global Forecast to 2028
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