How big is the Messaging Security Market?

The Messaging Security Market size is expected to reach USD 9.10 billion in 2024 and grow at a CAGR of 22.45% to reach USD 25.05 billion by 2029. Read More

What is the current Messaging Security Market size?

In 2024, the Messaging Security Market size is expected to reach USD 9.10 billion. Read More

Who are the key players in Messaging Security Market?

Microsoft Corporation, Tata Communications, Trend Micro, Cisco Systems and Mcafee Corporation are the major companies operating in the Messaging Security Market. Read More

Which is the fastest growing region in Messaging Security Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Messaging Security Market?

In 2024, the North America accounts for the largest market share in Messaging Security Market. Read More

What years does this Messaging Security Market cover, and what was the market size in 2023?

In 2023, the Messaging Security Market size was estimated at USD 7.43 billion. The report covers the Messaging Security Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Messaging Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Messaging Security Market Trends

Market Trends of Messaging Security Industry

This section covers the major market trends shaping the Messaging Security Market according to our research experts:

Applications in BFSI to Hold a Significant 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 customer satisfaction, banks and financial organizations are increasingly employing services to store and analyze complex data. With greater customer expectations, growing technological capabilities, and regulatory requirements, banking institutions are pushed to adopt a proactive approach to security, thereby incorporating cloud-based security platforms.
Email security solutions help reduce risks, implementation time, and costs for banks that try to keep pace with regulations regarding organizational access control. The data is continuously growing, primarily due to the increase in e-transactions. Email exchanges within this sector amongst employees and customers contain crucial valuable information that is lucrative and can result in a high gain for hackers.
To secure their IT processes and systems, secure customer critical data, and comply with government regulations, private and public banking institutes are focused on implementing the latest technology to prevent cyber attacks.
Modern consumers are accustomed to digital interactions in all aspects of their life, and financial services are no exception. The BFSI industry, however, frequently needs to catch up. Numerous Fintech companies are taking advantage of the weaknesses of traditional banks to enter the finance industry with more advanced digital solutions. Consumers can now get credit cards and small business loans from companies like Apple and Amazon. Interestingly, customers want to test them.

Messaging Security Market - Average total cost of a data breach in financial industry, in USD million, Global, 2019 - 2022

Understand The Key Trends Shaping This Market

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North America is Expected to Witness Highest Growth in the Market

North America is a primary hub for all major organizations globally. The region is among the leading innovators and pioneers in terms of technological adoption. It has a strong foothold over messaging security solution vendors, contributing considerably to the market's growth.
There has been exponential data growth, with an increase in e-transactions. Email exchanges, especially within end-user industries like the BFSI, government, retail, and e-commerce, among employees and customers, contain crucial information that is rather lucrative and may result in a high gain for hackers. Hence, organizations based out of the region, which use emails as a primary mode of communication, both internally and externally, are taking measures to encrypt and limit eavesdropping and hacking of their email accounts.
The expansion of the various end-user industries and the growth of IoT are driving the demand for smart devices in the region. The risks of attacks impacting the market may vary from corporates to governments. Thus, securing the data has become a priority in the region. Moreover, cyberattacks in the North American region, especially in the United States, are rising rapidly. They have reached an all-time high, primarily due to the region's rapidly increasing number of connected devices.
Governments and corporations may both be subject to the risk of malicious assaults impacting the market. Thus, protecting the data has taken on increased importance, driving the development of message security.
Americans have been alerted by the Federal Communications Commission (FCC) to an upsurge in SMS (Short Message Service) phishing attacks that aim to steal their money and personal information. Scammers behind such attacks, often known as smishing or robotexts (as the FCC does), may employ a variety of enticements to persuade people to provide sensitive information. Instead of call or text traffic, the FCC tracks consumer complaints, and until June last year, complaints about unwanted text messages increased progressively from around 5,700 in 2019 to 14,000 in 2020 to 15,300 in 2021.