The global email encryption market is expected to grow from 1.5 billion in 2015 to 4.2 billion in 2020, per forecasts from Research and Markets.
Spurred by an increase in cloud-based
encryption solutions, the research data company expects the global market to grow at a compound annual growth rate of 23.5%.
Factors influencing the high growth rate of the market
include adoptions of standards and privacy regulations, the growing demand for cloud-based services and the rising concern about internal theft among users, such as the rise in phishing scams in 2015.
Understandably, the IT and telecom
sectors are expected to display the highest growth in email encryption within the next five years. The healthcare and banking, financial services and insurance industries are also expected to
invest in email encryption services due to regulatory concerns such as HIPPA compliance.
The research firm also forecasts a continued shift from on-premise deployment to cloud-based deployment
services.
Although the United States currently is adopting email encryption at a faster pace, China, Russia, Japan, Korea and India are expected to increase their market share during the next
five years as the need for technology increases in those regions.
Email encryption is expected to grow at a faster rate than both the global email security market and the global encryption
software market combined.
The global email security market is expected to grow at a compound annual growth rate of 5.9% until 2019 according to Sandler Research and the global encryption
software market is expected to grow 14.27% annually until 2020.