Email Encryption Market Forecast: What Will You See By 2027?
- Deep Shukla
Updated on: 14/02/2023
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Email encryption has taken the world in a new direction. With the increase in sensitive data security, ‘encryption’ has been a major computing process that has gained immense popularity. With this, various brands have tried to include it in their products such as websites and emails, and more. Since the email encryption market has been in a hustle to offer the best-secured email platforms and other related components, the global email encryption market has seen a major difference.
This article will focus on an overview of the Email encryption market forecast alongside how the global market has been to date.
Essential Points To Note:
- Email encryption is an essential part that secures data and attachments at rest or in transmission.
- There has been an increased need to protect sensitive data across the internet.
- Email encryption has been widely accepted globally and thus the email encryption market is showing significant growth.
- The email encryption market forecast reveals that there would be significant development and growth by the year 2027.
Table of Contents
- What Is Encryption? How Does It Work?
- Why is Data Encryption Necessary?
- What Is Email Encryption?
- Global Email Encryption Market By Far
- Global Email Encryption Market Forecast
- Confidential Data Protection: The Need Of The Era
What Is Encryption? How Does It Work?
Data encryption is basically a computing process that encodes the cleartext or plaintext data into the ciphertext data and is accessible only to authorized users possessing the correct cryptographic key. In simple terms, encryption is a process in which the authorized users (sender and recipient) of a message are able to lock and unlock a text using some sort of alpha-numeric combination. This means that readable data is first converted into unreadable data by the sender before sending. The recipient after receiving the unreadable data converts it into readable data using a password.
So, what is a key or cryptographic key?
A cryptographic key is essentially a string of characters that are used within an encryption algorithm to alter data. This appears random. Similar to a physical key, it locks the data so that a person with the right key can unlock or decrypt the data.
There are basically three kinds of encryption viz, symmetric encryption, asymmetric encryption, and hashing.
It is an algorithm that uses the same key for both encryption and decryption. That said, the computer system or the sender encrypting a message needs to share the secret key with all the authorized parties. This helps the authorized parties to decrypt the message. This kind of encryption algorithm is mostly used to encrypt data in bulk. It is easier and faster to implement than the asymmetric one. The most commonly used symmetric encryption algorithm includes AES (Advanced Encryption Standard with possible keys of 128, 192, or 256 bits), 3-DES, and SNOW. AES is the most used and the best email encryption.
It is a form of encryption algorithm that uses two different but linked keys, a private key and a public key. As the name states, a public key is shared publicly and is thus available for anyone to use. On the contrary, the private key is kept secure and is accessible solely to the owner of the key.
At times, the data is also encrypted two times - once with the private key of the sender and again with the recipient’s public key. This ensures that the data is only available to be decrypted by the intended recipient and validates the sender as well. Some well-known asymmetric encryption algorithm includes RSA (named after its inventors Ron Rivest, Adi Shamir, and Leonard Adleman) and Elliptic curve cryptography.
It is a data encryption approach that generates a fixed-length unique signature for a data set. That said, the data encrypted using the hashing algorithm cannot be reversed back into its original form or plaintext. Thus, it is mostly used for data verification and is the best email encryption in terms of data validation. This means that hashing is a perfect technique for proving that the data has not been tampered with while transmitting.
Data encryption is a great means to keep and transfer data in a secured form that does not let other persons view the data it contains. It offers a great form of anonymity and thus reduces specific damages. If you have been asking where is encryption primarily used, now you have an answer.
Why is Data Encryption Necessary?
There are a couple of reasons that establish the fact that data encryption is absolutely necessary. The reasons have been described below.
1. Data Integrity: Encryption prevents malicious behaviour like on-path attacks. When specific data is transmitted across the web, rigid encryption ensures that the data a recipient receives has not been viewed or tampered with before the recipient has opened it.
2. Privacy: Encryption makes sure that no unauthorized person can read the communications or the data. This keeps the ad networks, hackers, Internet Service Providers (ISPs), and government in some cases from intercepting and reading the sensitive data. This enables the privacy of the users as well.
3. Regulations: The above-mentioned reasons in addition to the security of the data and the users why government regulations and several industries require companies to handle their encrypted user data. The regulatory and compliance standards required for encryption include HIPAA, PCI-DSS, and the GDPR.
4. Security: Encryption is also considered a means to protect from unnecessary data breaches, irrespective of the fact whether the data is at rest or being transmitted. The data on the encrypted devices or hard disks will still be secured if proper encryption had been enabled on the device.
What Is Email Encryption?
Email encryption is referred to as encrypting or concealing the contents of email messages for protecting potentially sensitive information from being read by unauthorized people. In most cases, email encryption often includes authentication. If you have been looking for email encryption meaning, this is all you need to know.
Emails are a pretty vulnerable thing when they are used in an open WiFi or public WiFi that is completely unsecured. However, in a company that is secure, your emails can also be intercepted if someone else possesses or has acquired your login details. Encryption is thus necessary for these contexts so that the information or the attachments in the emails are safe and goes to the intended person.
So, what are the things in email that you need to encrypt? Well, here’s all!
- The connection from your email provider
- The actual email messages
- The stored, archived and/or cached email messages.
This was all that has helped the global email encryption market to flourish and keep data safe in the long run. In the upcoming segments, we will be talking about how the global email encryption market has been doing by far and how it is likely to change in the coming years.
Global Email Encryption Market By Far
The global email encryption market has been doing quite impressive. There has been massive growth in the market. People and companies have shifted from regular emails to the secured emails and opted for privacy browsers to keep their data safe.
Statista, the prominent German market research and consumer data analysis company, has provided the following statistical overview of the email market worldwide.
- Number of email users worldwide: 4.14 Billion
- Number of globally sent and received emails per day: 319.6 Billion.
- Email Marketing Revenue (Global): 8.49 Billion USD
- Email Security Market Size: US$ 3.50 Billion (As of 2021)
By far there has been a lot of partnership, collaborations, agreements, acquisitions, mergers, product launches, and product expansions. Here is a brief outline of the prominent events that occurred in the global email encryption market. This also helps to get a brief idea of what the email encryption market forecast globally would be in the coming years.
1. Partnerships, Collaborations, and Agreements
- Mar 2021: Micro Focus partnered with Snowflake, the Data Cloud organization.
- Feb 2021: Proofpoint partnered with a leading next-generation security cloud provider, VMware Carbon Black.
- Feb 2021: Mimecast partnered with Netskope, the major security cloud service provider.
- Sep 2020: Proofpoint extended its partnership with CyberArk, which is a publicly-traded information security company.
- Sep 2020: Trustifi collaborated with RAH Infotech, a leading provider of remote management services.
- Jul 2020: Entrust Datacard partnered with Red Sift, a data-driven cyber security company.
- May 2020: Broadcom extended its partnership with HCL Technologies, the global IT company.
- Jan 2020: Cisco entered into a partnership with ZixCorp, a security technology company.
- Jan 2020: Trustifi came into partnership with Virtual Graffiti, which is an award-winning specialist in network security and related solutions.
2. Acquisition and Mergers
- Feb 2021: Cisco acquired IMImobile, a cloud communications software and services provider.
- Feb 2021: Proofpoint signed an agreement to acquire InteliSecure. The latter is an innovator in data loss protection managed services.
- Oct 2020: Cisco acquired PortShift, a startup that rigidly focuses on application security.
- Jul 2020: Micro Focus took over ATAR Labs, a Turkey-based cyber security company.
- Jul 2020: Mimecast acquired MessageControl, an email security startup.
- Jan 2020: Mimecast took over Segasec, a digital threat protection provider.
- Oct 2019: Trend Micro acquired Cloud Conformity, an innovative CSPM startup.
- Feb 2019: Micro Focus acquired Interset, a global leader in security analytics software.
- Feb 2019: Entrust Datacard signed an agreement to acquire Thales’s General Purpose Hardware Security Module (GP HSM) business, nCipher Security.
3. Product Launches and Product Expansions
- Mar 2021: Sophos launched its Sophos Email Advanced Portal Encryption.
- Dec 2020: Sophos released four open Artificial Intelligence (AI) developments.
- Nov 2020: Trend Micro introduced a free tool to assist customers to accelerate their privacy online and combat false information.
- Oct 2020: Sophos released Sophos Rapid Response, an industry-first, fixed-fee remote incident response service.
- Feb 2020: Proofpoint released the industry’s first integrated, end-to-end solutions.
- Feb 2020: Entrust Datacard introduced two high-assurance offerings for the company’s united authentication management platform.
- Feb 2020: Trustifi revealed a new AI-enabled feature in its email encryption and DLP (data loss prevention) solution.
- Aug 2020: Micro Focus unveiled ArcSight 2020. The platform provides layered analytics and a customer interface that streamline holistic risk detection.
Global Email Encryption Market Forecast
The global email encryption market forecast period 2021-2027 states that the market will see significant growth of 20.1% CAGR or Compound Annual Growth Rate. This means that the global encryption market in terms of email will reach a worth of $12.9 billion by the end of 2027. Compared to this, the global email encryption market was worth $3.4 billion in 2020. The following are some of the market perspectives that will greatly change by the year 2027.
1. Component Perspective
Considering the components, the global email encryption market comprises:
The solution segment is showing a very promising indication of CAGR by the year 2027. This is mostly due to the progressive cybersecurity awareness by the companies to secure their information and sensitive data from cyber threats in a better way. Thus, the services offered to keep your data safe and secure are also showing great development during this period. It will increase the ethical conduct among the employees within the companies. Additionally, it also aims to safeguard the companies from various cybersecurity threats such as financial losses via email scams, phishing, data theft, trojan, and BEC.
2. Deployment Mode Perspective
The email encryption market has been segregated into the following based on the deployment mode:
In the coming years, both segments are likely to see growth in the CAGR. The on-premise global email encryption market is anticipated to grow at 19.1% CAGR during this time. On the contrary, the cloud market will experience a humongous growth in CAGR of 21.5% by 2027.
3. End User Perspective
The email encryption market globally has been segmented into the following categories based on the end user outlook.
- BFSI (Banking, financial services and insurance)
- Government & Defense
- IT & ITeS (Information Technology & Information Technology Enabled Services)
- Retail & eCommerce
All of the above-mentioned segments look forward to securing their sensitive data. However, the BFSI segment can be considered the most vulnerable of all as it comprises a huge amount of sensitive data. This being the reason, the demand for email encryption solutions in the segment is specifically on the rise ensuring irreversible encryption.
4. Organization Perspective
Based on the organizational perspective, the global email encryption market is divided into two categories:
- Small & Medium Enterprises
- Large Enterprises
The SMEs or the Small and Medium Enterprises market is expected to see the highest CAGR of 22% by 2027. On the other hand, the large enterprises market is projected to possess a CAGR of 19.2% in the same forecasted period.
5. Regional Perspective
The global email encryption market is divided into the following regions:
- Latin America
- The Middle East
- North America
- The Asia Pacific
Out of all the regions, the North America (NA) region is expected to become the leading region considering revenue in the global email encryption market by 2027. During the same time frame, the Asia Pacific (APAC) region will project the highest CAGR in market growth. This is because the SMEs and large enterprises in the APAC region will be in more need of email encryption services.
Confidential Data Protection: The Need Of The Era
The global email market or to be precise the email security market sees constant growth in the competitive landscape. The need to protect various sensitive information such as personally identifiable information (PII) and bank detail from cyber attacks is necessary. This is because cyber threat scenarios are getting more complicated with each passing year. Is encrypted email secure? Are emails end-to-end encrypted? To answer this, the article here is enough of a justification. The email encryption market forecast states how it will perform globally in the coming years to combat the deadly cybersecurity attacks keeping companies and individuals safe.