Cloud-based Email Security Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Cloud-based Email Security Market is projected to grow significantly from an estimated USD 0.88 billion in 2023 to about USD 1.39 billion by 2028, showcasing an expected Compound Annual Growth Rate (CAGR) of 9.42% during the forecast period (2023–2028).

Cloud security software plays a pivotal role, safeguarding the entire cloud infrastructure, and remains vital for both cloud service providers and users. Industries heavily reliant on internet-based information exchange, such as e-commerce giants like Amazon, face heightened vulnerabilities to cyber threats. Sectors like finance and healthcare, with substantial financial stakes, are prime targets for cyberattacks. However, entrusting email security to third-party providers entails inherent risks.

Cloud-based email security software serves to thwart phishing, impersonation threats, and malware-based business email compromise attacks by leveraging machine learning to analyze message content and automatically intercept threats. The global user base for emails has been steadily rising and is expected to reach 4.3 billion users in 2023, with spam emails constituting 45% of all emails, translating to an annual cost of around USD 20.5 billion for businesses.

Yet, outsourcing email security entails potential risks, including technical issues or financial instability of security providers, which could impact an organization's confidence in cloud-based security. The prevalence of mobile device usage, where 60% of emails are opened, heightens risks associated with spam, phishing, and other email-related threats. Factors driving market growth include the need for reduced on-site data center footprints, cost savings, and the rise in email-related issues like spam, viruses, and inappropriate content.

Moreover, the pandemic accelerated the adoption of cloud-based services due to remote work setups during lockdowns. Cloud service usage surged significantly, evidenced by Microsoft's 775% increase in monthly users for Teams in Italy and Google blocking 18 million COVID-19-related spam emails daily. However, increased usage of cloud services during the pandemic became a hotbed for cyberattacks as millions worked in unfamiliar, less secure environments.

Trends in the cloud-based email security market underscore the growing adoption within the Banking, Financial Services, and Insurance (BFSI) sector:

The BFSI sector, generating vast customer data, increasingly relies on cloud-based security platforms to store, analyze complex data, and meet customer expectations while complying with regulatory standards. Cybersecurity remains a paramount concern for BFSI firms, especially in safeguarding sensitive financial information and ensuring regulatory compliance.

Cloud-based email solutions offer swift implementation and cost-efficiency, assisting banks in compliance with administrative access control regulations. Email exchanges within the BFSI sector contain valuable data, making them attractive targets for hackers. Investment banking firms encrypt email accounts and employ measures against eavesdropping and hacking.

To bolster IT processes, secure customer data, and meet regulatory compliance, financial institutions are investing in cutting-edge technologies to counter cyber threats. As cybercriminals employ sophisticated tactics, financial services firms face attacks ranging from denial of services to phishing and social engineering.

Furthermore, machine learning and artificial intelligence emerge as sought-after solutions, mirroring the capabilities cybercriminals employ. Increased investments in strengthening security capabilities, leveraging AI and machine learning, are anticipated to mitigate cyber risks effectively.

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