Global e-mail encryption market to grow threefold by 2020

According to forecasts from Research and Markets, spurred by an increase in cloud-based encryption solutions, 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.

Although the US currently is adopting e-mail encryption, 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.

The global e-mail 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.