The email security market is expected to grow at a CAGR of 17.01%, from US$3,976.114 million in 2021 to US$11,941.054 million in 2028.
“The email security market is expected to grow at a CAGR of 17.01% from US$3,976.114 million in 2021 to US$11,941.054 million in 2028.” Knowledge Sourcing Intelligence
NOIDA, UTTAR PARDESH, INDIA, January 12, 2024 /EINPresswire.com/: According to a new study published by Knowledge Sourcing Intelligence, the email security market is projected to grow at a CAGR of 17.01% between 2021 and 2028 to reach US$11,941.054 million by 2028.
One of the key growth drivers for the email security market is the increasing rate of phishing attacks. Phishing is a criminal offense where criminals employ both social engineering and technical subterfuge to steal consumers’ identities, personal data, and financial account credentials. The main source of phishing occurs in emails, which are used by the majority of the global population and institutions. As per the Phishing Activity Trends Report by the Anti-Phishing Working Group (APWG), there has been a significant increase in phishing activity from the third quarter of 2022 to the first quarter of 2023. As per the data, it is found that the financial sector continues to be the most attacked sector, with 23.5% of all phishing attacks. As of April, the number of unique email phishing campaigns amounted to 41,083. As phishing attacks occur, the email security market also comes up with ways to avoid and decrease such attacks by creating better cybersecurity solutions and advanced cloud-based email security solutions.
There are many product launches and developments that are taking place in the email security market. For instance, in July 2023, Cisco announced its acquisition of Armorblox, a company that has pioneered the use of large language models (LLMs) and natural language understanding in cyber security. With this acquisition, Cisco took a new step forward in executing the plan for an AI-first security cloud, which will include the application of Armorblox’s advanced techniques for securing the most common way enterprise users get attacked, which is email. Another instance of a growth opportunity is in December 2022, when OPSWAT announced their new cloud-based solution known as MetaDefender Cloud, which offers a comprehensive cybersecurity platform that includes detection, prevention, and threat intelligence technologies to provide top-grade security against file-borne malware. These solutions and collaboration will provide the necessary fuel for the growth of the email security market during the forecasted years.
Access a sample report or view details: https://www.knowledge-sourcing.com/report/email-security-market
The email security market, based on type, is categorized into five types: spam filter, anti-virus protection, image and control protection, data encryption, and others. An email security solution, which is part of a complete cyber security solution, provides a wide range of features, which include a spam filter that reduces repeated email receipts from the same person or similar content, anti-virus protection, which provides tracking and protection against files that contain malware or a virus, data encryption, which provides security lock protocols for files that are deemed important by the user, and many others.
The email security market, based on method, is categorized into two types: secure email gateways and API-based protection. Secure email gateways (SEGs) are a type of email security solution that acts as a proxy for the organization’s or enterprise’s email server. This proxy will be able to find whether the email contains any form of malware or threat that can damage the enterprise and then notify the user.
The email security market, based on end-users, is categorized into five types: BFSI, government, healthcare, IT & communications, and others. The banking, financial services, and insurance (BFSI) sector continues to be the target of phishing attacks. As per the Phishing Activity Trend Report by the APWG, 23.5% of all phishing attacks were targeted at the BFSI sector. Due to the increased focus on the BSFI sector, they are the largest users of cyber security solutions, which include email security as well.
North America is expected to have dominant growth in the email security market during the forecasted period. The factors that lead to North America being in the dominant position in the global market are the significant acquisitions and investments by leading companies. For instance, in February 2022, Cloudflare announced its acquisition of Area 1 Security, with a focus on expanding its Zero Trust Platform. Area 1 Security’s cloud-native platform provides seamless integration with any email offerings and helps stop phishing attacks by pre-emptively discovering and eliminating them before they can cause irreversible damage to the corporate environment. As of 2021, they have claimed to block more than 40 million malicious phishing campaigns spanning from business emails to other advanced threats. Another instance is in March 2021, when Hornetsecurity acquired Zerospam, a leader in email security from Canada. This provided the necessary expansion into the North American market for Hornetsecurity and its home security solutions.
The research includes several key players from the email security market, such as Cisco, Microsoft, Forcepoint, Fortinet Inc., Broadcom Inc., Mimecast Services Limited, Trend Micro Incorporated., Proofpoint Inc., and Barracuda Networks, Inc.
The market analytics report segments the email security market using the following criteria:
• By Type:
Spam Filter
Anti-Virus Protection
Image and Control Protection
Data Encryption
Others
• By Method:
Secure Email Gateways
API-based Protection
• By End-User:
BFSI
Government
Healthcare
IT & Communications
Others
• By Geography:
North America
• USA
• Canada
• Mexico
South America
• Brazil
• Argentina
• Others
Europe
• Germany
• UK
• France
• Spain
• Others
Middle East and Africa
• Saudi Arabia
• UAE
• Others
Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Other
Companies Mentioned:
• Cisco
• Fortinet Inc.
• Microsoft
• Forcepoint
• Mimecast Services Limited
• Broadcom Inc.
• Proofpoint Inc.
• Trend Micro Incorporated.
• Barracuda Networks, Inc.
Also read: Cloud Security: A Comprehensive Study of Risks, Challenges and Emerging Trends
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