Email Security Market - Forecasts from 2023 to 2028

The email security market was evaluated at US$3976.114 million in 2021 and will grow at a CAGR of 17.01% to be worth US$11941.054 million by 2028.

Email security refers to the methodologies and tools used to safeguard email communications and accounts against unauthorized intrusion, potential loss, or compromise. Organizations can bolster their stance on email security to counteract malicious threats, which can range from malware and spam to phishing attacks. BFSI, government, healthcare, and information technology & telecommunications sectors, among others, represent a diverse spectrum of end users served by the email security industry. The email security market is primarily driven by the escalating frequency of cyber-attacks and an increasing emphasis on preventing data leakage

Growing focus on data loss prevention bolsters the email security market growth.

Email security plays a critical role in Data Leakage Prevention (DLP) as it aids in safeguarding sensitive information from unauthorized transmission through emails, a common and often overlooked channel for data leaks Government bodies globally are implementing stringent data protection laws and regulations to ensure the confidentiality and integrity of sensitive data. For instance, according to the Ministry of Electronics & IT, in June 2023, the Indian Computer Emergency Response Team (CERT-In) published a set of guidelines outlining best practices concerning the appropriate usage and management of information security practices.

Increasing phishing attacks drive the email security market expansion.

Phishing attacks pose a considerable threat to both businesses and individual users, particularly in sectors like retail where vast amounts of sensitive data are handled. These deceptive attacks involve seemingly legitimate emails that attempt to deceive recipients into revealing confidential information such as passwords or credit card numbers. The rising prevalence of such threats has amplified the need for robust email security solutions. According to the Anti-Phishing Working Group (APWG) report, in the second quarter of 2022, the APWG reported a total of 1,097,811 phishing attacks globally, marking a significant surge of 246% compared to the 316,747 attacks observed in December 2021.

Technological advancement in email security drives market growth.

The email security industry growth is significantly propelled by advancements in email security solutions, particularly the integration of Artificial Intelligence (AI) and machine learning (ML). By leveraging AI and ML technologies, email security systems can dynamically adapt and evolve to detect sophisticated cyber threats such as phishing, and malware, thereby driving the adoption of cutting-edge email security solutions. For instance, in February 2023, SlashNext unveiled Generative HumanAI which is the first in the industry to leverage generative artificial intelligence technology to counteract advanced cyber threats such as business email compromise (BEC), supply chain attacks, executive impersonation, financial fraud.

North America is projected to dominate the email security market.

North America will be the dominant player in the market due to the significant investments and acquisitions in email security by major companies. For instance, in February 2022, Cloudflare acquired Area 1 Security, for approximately $162 million, which will enable Cloudflare to augment its zero-trust offerings by incorporating a well-established email security product. Additionally, in March 2021, Hornetsecurity acquired Canada-based Zerospam and such a strategic acquisition enabled Hornetsecurity to extend its footprint in the North American market. Growing cyber-attack prevalence is further booming the email security market demand. According to the Microsoft Digital Defense Report, in 2022, out of all the DDoS attacks detected within the past year, 54% were targeted against entities in the United States. Also,

Technological advancements restrain the email security market growth.

Advanced email security solutions, especially those harnessing the capabilities of Artificial Intelligence (AI) and Machine Learning (ML), carry substantial costs that can pose significant challenges for small and medium-sized businesses. These sophisticated technologies, though highly effective in mitigating email threats, often come with a high price tag which can be prohibitive for smaller organizations. For instance, a small enterprise with fewer than 500 employees might typically face configuration fees for email security in the range of $100 to $500, representing a potentially hefty financial burden. Thus, the high cost of adopting and implementing advanced email security solutions, despite their demonstrated effectiveness, can be a notable deterrent for smaller businesses with limited resources.

Key Developments

• April 2023: Armorblox introduced its new Recon Attack Protection and Graymail, purposely crafted to thwart malicious emails and enhance efficiency within security teams. These advanced features represent the company's proactive response to the evolving cybersecurity landscape, aiming to provide effective solutions for detecting and mitigating email threats while streamlining security operations for improved efficiency.
• December 2022: OPSWAT unveiled its cloud-based offering, MetaDefender Cloud Email Security. This new offering retains the advanced email security controls of the previous but with added advantages such as cost-effectiveness, scalability, operational ease, and enhanced efficiency. This shift to a cloud-based model aligns with the evolving needs of organizations, delivering robust email security in a more accessible and efficient manner.
• November 2022: Abnormal Security reshaped the landscape of cloud email security by introducing its Security Posture Management feature designed to shield against email platform attacks. This innovative solution represents a significant step forward in the fight against cybersecurity threats, underscoring Abnormal Security's commitment to developing advanced protection mechanisms for modern email platforms.
• August 2021: Check Point Software Technologies announced its acquisition of Avanan which will be integrated into Check Point Infinity's consolidated architecture. Utilizing Avanan's patented technology, specifically crafted for cloud email environments, this unified solution is capable of safeguarding the remote workforce from malicious files, URLs, and phishing attempts across a range of platforms including email, collaboration suites, web, network, and endpoint.

Company Products

• Cisco Secure Email: Cisco Secure Email, a product of Cisco, offers advanced protection designed to shield inboxes from potential threats. It delivers comprehensive defense mechanisms against some of the most harmful security threats, ensuring expansive email security that safeguards both employees and the organization at large. Moreover, it enhances the capacity of your security response, empowering your team to effectively combat potential cyber threats.
• Forcepoint DLP: Forcepoint's DLP (Data Loss Protection) for Cloud Email provides comprehensive, state-of-the-art security solutions to ensure your sensitive data is safeguarded from potential threats. It is equipped with powerful capabilities to block data theft and implement robust encryption, thereby fortifying your cloud email system against breaches. Additionally, the solution is designed to protect multiple channels, offering extensive coverage and peace of mind. It also has the unique ability to pinpoint high-risk behavior, offering an extra layer of security.

Segmentation

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