Market Trends of Email Encryption Industry
This section covers the major market trends shaping the Email Encryption Market according to our research experts:
BFSI Industry is Expected to Grow at a Significant Rate Over the Forecast Period
- With the increasing adoption of online banking and other financial services, insider threats have also increased significantly. According to Proofpoint's statistics, the financial services sector spent more to contain insider threats per incident than any other industry. Over the last two years, the average BFSI companies' spend was USD 14.3 million to avoid a threat incident versus USD 11.54 million for energy & power companies and USD 10.24 million for the retail companies.
- In July 2019, Capital One Financial Corporation announced that it determined there was unauthorized access by cybercriminals who obtained certain types of personal information relating to customers who had applied for its credit card products.
- Banking giants like JPMorgan Chase & Co. use TLS, a standard encryption protocol for their e-communications and attachments, which can include customers' personal, confidential, or other sensitive data.
- Email encryption solution providers are also focusing on cutting-edge technology-enabled solution development to mitigate the security risk of BFSI players. For instance, in February 2020, Trustifi, a SaaS email security company, announced the launch of a solution that simplifies the receipt and transmission of encrypted emails. This solution is making it easy to send a 256-bit AES encryption as it is to send any other email. This newly developed solution allows users to send encrypted emails only by clicking a checkbox in Gmail or Microsoft Outlook.
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North America Geographic Segment is Expected to Hold a Significant Share Throughout the Forecast Period
- The significant presence of technology providers and increasing cases of infected emails drive the growth of the North American geographic segment. The players in this region are focusing on entering into partnerships, merger-acquisitions, and innovative solutions offerings to stay in the regional and globally competitive landscape.
- As the statistics of Kaspersky Lab, in the last one month (14th May to 13th June 2020), the highest number of infected mail caused by Hoax.Script.Mailoy.gen (12.6%), Trojan.Script.Generic (10.3%), Trojan.Win32.Agentb.gen (9.2%), and Trojan-PSW.MSIL.Agensla.gen (9.1%). As these threats are increasing day by day across North America, is driving the adoption of encrypted emails in the region.
- In May 2019, WireWheel, which is a provider of data privacy management solutions, announced a strategic partnership with Virtru, a data protection platform provider. The alliance鈥檚 combined solutions help enterprises to meet increasingly stringent compliance regulations and increasing customer expectations for how customer data is collected, processed, and shared.
- Technology giants present in the region are also investing more in detecting email threats at the time of the worldwide pandemic, further driving the growth of the market in this region. As stated by Microsoft in April 2020, it tracks thousands of email phishing campaigns that cover millions of fraud messages every week. Email phishing campaigns which are more than just one targeted email for one targeted user. Among the millions of targeted fraudulent messages the users see each day, roughly 60,000 include COVID-19 related malicious URLs.
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