Email encryption solution is expected to play a key role in the messaging security market and grow at the highest rate from 2017 to 2022
Many organizations rely on messaging security solutions to secure their communications from malware, viruses, Business Email Compromise (BEC) attack, social engineering, zero-hour malware, intrusions, and other cyber threats. Messaging security solutions, such as email encryption, help organizations to protect the sensitive information during transmission while meeting compliance requirements. There has always been more emphasis on securing industrial-sensitive information from external attacks and threats. This rising concern to secure enterprise communications has encouraged organizations to adopt powerful messaging security solutions.
MarketsandMarkets expects the global messaging security market size to grow from USD 2.64 billion in 2017 to USD 5.50 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.8%.
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With the increasing proliferation of cloud-based and virtual appliance-based solutions, the deployment of messaging security solutions on-cloud is preferred by most of the organizations. This helps in better management and maintenance of communications while ensuring robust security. Owing to this reason, many verticals, such as Banking, Financial Services, and Insurance (BFSI), government, healthcare and life sciences, education, media and entertainment, retail and eCommerce, manufacturing, and others (including utilities and logistics, travel and tourism, and telecom and IT) are increasingly adopting messaging security solutions. Furthermore, companies are opting for cloud-based messaging security solutions, as they are cost-effective and offer better management.
The professional services segment of the messaging security market is expected to play a key role in the growth of messaging security services market. This segment is expected to grow at the highest rate during the forecast period. The increasing trend of connected devices and Bring-Your-Own-Device (BYOD) in enterprises pose many security challenges for the communication security. The professional service helps to provide latest techniques, comprehensive strategies, and skills to fulfill the messaging security requirements of organizations.
Among various verticals, the BFSI sector is expected to grow at the highest CAGR during the forecast period. The companies involved in this vertical are at high-security risks and breaches. The major vendors in the messaging security market include McAfee LLC (US), Cisco Systems, Inc. (US), Trend Micro Incorporated (Japan), Symantec Corporation (US), Proofpoint Inc. (US), Forcepoint (US), Microsoft Corporation (US), Sophos Ltd. (UK), Barracuda Networks Inc. (US), F-Secure Corporation (Finland), Trustwave Holdings, Inc. (US), Mimecast Limited (UK), Check Point Software Technologies Ltd. (Israel), Adaptive Mobile Security Limited (Ireland), GWAVA, Inc. (Canada), GreatHorn, Inc. (US), E-lock (US), Retarus Group (Germany), Clearswift Group (UK), Google Inc. (US), Total Defense Inc. (US), Fortinet, Inc. (US), Panda Security, S.L. (Spain), and SonicWall Inc. (US).
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Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022 in the messaging security market. The increasing adoption of email services due to the growing Internet users has led to the growing messaging security and compliance management needs. Furthermore, rapid economic growth in the developing APAC countries, along with the improving regulatory reforms and economic stability is driving the growth of the messaging security market in this region. The Small and Medium-sized Enterprises (SMEs), as well as large enterprises in this region, belonging to a range of verticals, such as BFSI, government, healthcare and life sciences, education, media and entertainment, retail and eCommerce, and manufacturing, are expected to increase their investments in the messaging security.
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