Global Cloud-Based Email Security Market, 2024 - Evolution of the Cyber Environment and Related Technologies have Paved the Way for New Threats
DUBLIN, June 27, 2019 /PRNewswire/ -- The "Cloud-Based Email Security Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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The global cloud-based email security market was valued at USD 701.90 billion in 2018 and is expected to reach a value of USD 1147.40 billion by 2024 at a CAGR of 8.68%, during the forecast period (2019 - 2024)
The Evolution of the cyber environment and related technologies have paved the way for new threats. 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.
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.
Competitive Landscape
The global cloud-based email security market is highly concentrated due to fewer players occupying the larger market share. The new players are starting up and trying to penetrate the established market. Some key players in the market are Cisco Systems Inc., Proofpoint Inc., Trend Micro Inc., Fortinet Inc.
Some recent developments in the market include:
-- April 2019 - Trend Micro announced enhancements to its Deep Security and
Cloud App Security products designed to extend protection to virtual
machines on the Google Cloud Platform, Kubernetes platform protection,
container image scanning integration with the Google Kubernetes Engine
(GKE) and Gmail on the G Suite.
-- February 2018 - Cisco announced the completion of its acquisition of
BroadSoft. By combining BroadSoft's open interface and standards-based
solutions, primarily delivered with Cisco's existing portfolio, the
combined company will offer best-of-breed solutions for businesses of
all sizes, which will be delivered through VAR and Service Provider
partners. Together, Cisco and BroadSoft will deliver a full suite of
rich collaboration experiences to power the future of work.
-- November 2018 - Symantec Corporation acquires Appthority to enhance
protection from mobile application vulnerabilities.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Adoption of Internet of Things (IoT) Technology
4.3.2 Reduced Capital Expenses and Faster Deployment
4.4 Market Restraints
4.4.1 Risk of Information Loss
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 Public
5.1.2 Private
5.1.3 Hybrid
5.2 By End-user Industry
5.2.1 BFSI
5.2.2 Government
5.2.3 IT & Telecommunications
5.2.4 Retail
5.2.5 Other End-user Industries
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cisco Systems Inc.
6.1.2 Proofpoint Inc.
6.1.3 Trend Micro Inc.
6.1.4 Fortinet Inc.
6.1.5 Forcepoint LLC
6.1.6 Symantec Corporation
6.1.7 Mimecast Inc.
6.1.8 Sophos Group PLC
6.1.9 Dell Technologies Inc.
6.1.10 FireEye Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/s65dyb
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