‘Research and Markets’ have found that the international email encryption market is expected to grow from 1.5 billion in 2015 to 4.2 billion in 2020. The research company expects the market to grow at a CAGR of 23.5%.
The growth is largely due to an increase in encryption solutions that are based in the cloud, such as Simply Mail Solution’s email encryption & secure messaging service.
Factors driving the high growth rate include adoptions of standards and privacy regulations, the growing demand for cloud-based services and the rising concern about internal theft among users.
The healthcare, banking, financial and insurance industries are expected to increasingly adopt email encryption services due to their need for regulatory compliance, but the IT & telecom sectors are expected to display the highest growth.
Alongside the US, countries such as China, India, Russia, Japan and Korea are expected to increase their market share during the next five years as the need for technology increases in those countries.
The overall global email security market is expected to grow at a CAGR of 5.9% until 2019 and the global encryption software market is expected to grow 14.27% annually until 2020 (Sandler Research).