Cloud-Based Email Security Market Size Study Reveals Growth Factors and Competitive Outlook for Future 2022-2031

The global cloud-based email security market was valued at USD 762.82 million in 2019, and it is expected to reach a value of USD 1246.99 million by 2025, at a CAGR of 8.68%, during the forecast period. Cyber-attacks have become more targeted, persistent, and technologically advanced, and traditional techniques, thus fall short of providing adequate data protection. Thus, email security is gaining much more importance.

– One of the biggest cyber attacks of 2017, the WannaCry ransomware attack was reported to have infected more than 300,000 computers, across 150 countries. The attack was spread by spam emails.
– There are many threats to the security of email communication. Programs involving malware, viruses, worms, Trojans, and spyware, can intercept emails. Denial of Service (DoS) attacks threatens the ability of email systems to function properly and carry essential business communication. In the current cyber environment, technologists face challenges in creating flexible solutions to meet companies’ security and operational needs.
– Cloud security software is one of the primary tools deployed by cloud service providers and users, to secure the overall cloud infrastructure. Online companies that rely on the internet as a vital source of information exchange, such as e-commerce companies, like Amazon, are more vulnerable to cyber-attacks. Financial institutions and healthcare organizations are among the other businesses with high financial gains, which are also lucrative targets for hackers.
– Factors, such as a need for reducing onsite datacenter footprints and cost savings, coupled with increasing incidences of spam, viruses, inappropriate content through email, and flexible deployment options, are spurring the market growth.

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Scope of the Report

The rising penetration of cloud-based services in enterprises, coupled with the increasing number of cyber-attacks and the sophistication of malware, spam, and phishing attacks occurring across the globe, is expected to drive the adoption rate for cloud-based email security. The application of cloud-based email security has been deployed by publicly, privately and hybridly. It is also used by various end-user such as BFSI, government, IT &Telecommunications, retails.
 

Key Market Trends

BFSI to Hold the Largest Market Share

– The financial sector gathers a massive volume of data generated by its customers. To use the collected data through various data points and improve upon customer satisfaction, banks and financial organizations are increasingly employing services to store and analyze complex data.
– Also, with greater customer expectation, growing technological capabilities and regulatory requirements, banking institutions are pushed to adopt a proactive approach to security. This has resulted in incorporating cloud-based security platforms.
– The data is continuously growing, with an increase in the number of e-transactions. Email exchanges within this sector, amongst employees, as well as customers, contain crucial valuable information that is rather lucrative and can result in a high gain for hackers.
– Additionally, organizations in the investment banking sector, which use emails as the primary mode of communication both internally and externally, are taking measures to encrypt and limit eavesdropping and hacking of their email accounts.
– For instance, in 2017, Bank of America opted Microsoft Cloud as part of its digital transformation strategy. This adoption of Microsoft online suite is a clear indication of banks adopting cloud-based solutions.
– According to Kaspersky Lab, in the year 2018, the share of financial phishing decreased from 53.8% to 44.7% of all phishing detections, accounting for almost a half of overall detections, the share of financial phishing encountered by Mac users slightly grew, accounting for 57.6%.

Asia-Pacific to Register the Fastest Growth

– According to the Asia-Pacific Economic Cooperation, SME’s are the engines of growth and innovation in the region, which account for over 97% of all enterprises and employ over half of the workforce across APAC economies.
– With the growing penetration level of the Internet and the shift towards digitization of the internal processes have been a few instrumental factors in driving the adoption rate of cloud-based services.
– Alongside the digital transformation in the region, companies in Asia-Pacific have been found to be 80% more likely to be targeted by hackers when compared to other regions, owing to ineffective cyber laws and lack of cyber-security awareness. Majority of these attacks were reported around property theft, deception, and invasion of privacy. These threats incur heavy losses and have been increasing over the years.
– In 2017, about 53,081 cybercrimes incidents were reported in India as compared to that of in 2014, with about 44,679 incident. Therefore, this factor is driving the adoption rate of robust cloud security solutions. All these factors, coupled with the healthy growth in the number of out-sourced projects, particularly in India and China, are expected to drive the adoption rate of cloud-based email security market in the region.

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