EMAIL ENCRYPTION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Email Encryption Market Analysis:

The market for email encryption is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period spanning from 2021 to 2026. The proliferation of technology among small and medium-sized enterprises has led to an increase in the use of email for sharing information among clients and employees. These business emails often contain confidential data that must be safeguarded against theft and manipulation. Email encryption is a critical tool that enables businesses to protect their information from malicious programmers or scammers.

As per Right Inbox, the number of email users worldwide exceeded 3 billion in 2019, and this figure is expected to reach 4.3 billion by 2022. In 2018, users sent an estimated 280 billion personal and professional emails per day. Given its widespread use, email remains a significant cybersecurity threat, with approximately 92% of malware being delivered via email, and 56% of IT experts identifying phishing as the top security threat.

In 2018, 73% of organizations that encountered an email-based impersonation attack experienced a direct loss, including data, financial, or loss of customers. Among these events, 39% cited data, 29% financial, and 28% noted lost customers. Furthermore, 38% of those who suffered losses due to email-based impersonation attacks reported data loss as the most severe impact on their organization.

Additionally, most cyberattacks originate from a simple email. More than 90% of successful hacks and data breaches stem from phishing, which involves crafting emails to lure recipients into clicking a link, opening a document, or forwarding information, according to the cybersecurity product and services provider, Herjavec Group.

According to Proofpoint’s “Cost of Insider Threats 2020 Global Report,” larger organizations experience more insider threat incidents. Large enterprises with a headcount of over 75,000 spent an average of USD 17.92 million in the past year, while smaller enterprises with a headcount below 500 spent an average of USD 7.68 million.

Furthermore, Cisco Systems predicts that 70% of public and private companies will be using cloud email services by 2021. This access to email from anywhere and on any device underscores the importance of organizations protecting themselves from increasingly prevalent threats.

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