Email Security Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Email Security Market Analysis

The Email Security Market size is estimated at USD 4.64 billion in 2024, and is expected to reach USD 8.48 billion by 2029, at a CAGR of 12.78% during the forecast period (2024-2029).

• Email security remains paramount for both individuals and organizations, especially as cyber threats grow more sophisticated. Spear phishing, a targeted form of phishing, has become both more frequent and more advanced. Attackers now craft emails that impersonate trusted entities—be it colleagues, vendors, or friends—deceiving recipients into revealing sensitive information or taking harmful actions.
• Hackers have recently adopted a new tactic: using QR codes for phishing, a method dubbed 'Quishing'. Here, malicious links or files are hidden within QR codes. This allows attackers to bypass traditional email filters, which often lack the capability to detect or read QR codes. Unlike standard phishing emails that display links or attachments, QR code phishing poses a unique challenge, making it harder for users to recognize and address the threat.
• According to MX Layer, June 2023 saw 5,063 reported cases of QR code phishing. Of these, only 36% were correctly identified and reported. The energy sector emerged as the most susceptible, accounting for 29% of over 1,000 malware-laden phishing email QR codes.
• Data breaches via compromised email accounts account for a significant 30%, highlighting the urgency of email system security. Such breaches can cost organizations over USD 3 million on average, considering lost revenue, recovery expenses, and damage to reputation. This underscores the widespread adoption of email security solutions.
• The ongoing Russia-Ukraine conflict has spurred a rise in cyber attacks, showcasing how global conflicts can be exploited by threat actors. In August 2024, Ukrainian authorities alerted to a malware campaign targeting government entities. The campaign used emails mimicking the Ukrainian Security Service. CERT-UA, Ukraine's Computer Emergency Response Team, noted that these malicious emails were widely disseminated by attackers challenging the Security Service. They've identified over 100 compromised systems, mainly within central and local government bodies in Ukraine, indicating significant market growth.
• Managing email security protocols can become complex with the integration of multiple security tools. Organizations often struggle to balance streamlined security settings with robust protection against varied threats, potentially stunting market growth.
• Post-COVID, the email security landscape has transformed, fueled by a heightened dependence on digital communication and the emergence of advanced cyber threats. With the growing use of mobile devices for email access, especially over unsecured networks, the risk exposure amplifies. This trend underscores the need for strong mobile security measures in addition to conventional email safeguards.

Email Security Market Trends

Cloud to Hold Significant Market Growth

Email Security Industry Segmentation

Email security is the practice of protecting email accounts and communications from unauthorized access, loss, or compromise. Organizations can enhance their email security posture by establishing policies and using tools to protect against malicious threats such as malware, spam, and phishing attacks.

The email security market is segmented by component (solution, services), by deployment (cloud, on-premises), by enterprise size (SMEs, large enterprises), by end-user industry (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, other end-user industries), by geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.