The Messaging Security Global Market on the Rise, Projected to Reach $17.18 Billion by 2028

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In the rapidly evolving cyber landscape, the rise in the messaging security market has been undeniable. With a growth from $7.20 billion to $8.56 billion between 2023 and 2024, it exhibits a compound annual growth rate CAGR of 18.9%. So, what's driving the rate of expansion in the historic period? The answer lies in the surge in cyber threats, stricter regulatory compliance requirements, digital communication growth, an expansion of remote and hybrid work models, and advancements in encryption technology.

What Does the Future Hold for the Messaging Security Market Growth?

Riding on the back of key growth drivers, the messaging security market is poised for steep growth in the coming years. Its valuation is estimated to reach a staggering $17.18 billion by 2028, showcasing a CAGR of 19.0%. The forecasted period's growth can largely be traced back to the increased adoption of cloud-based solutions, substantial development in artificial intelligence and machine learning, a proliferation of mobile devices, a focus on pursuing digital transformation initiatives, and a rise in investment for zero-trust security models. Emerging trends such as the rise of unified threat management solutions, increasing demand for end-to-end encryption, growth of secure mobile messaging options, the promising rise of secure collaboration tools, and the growing adoption of multi-factor authentication also play a crucial role in shaping the market’s dynamics.

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Why is the Messaging Security Market Gaining Momentum?

A key driving factor propelling the messaging security market is the soaring prevalence of cyberattacks. These malevolent attempts of Unauthorized access, disruption, or damage to computer systems, networks, or data amplify the need for messaging security. In fact, this security measure ensures the confidentiality, integrity, and availability of communications while preventing data breaches and information leaks. The significance of this becomes clearer when one considers that approximately 94,000 cybercrime reports were submitted to ReportCyber during the 2022-23 financial year. This denotes a 23% increase compared to the 2021–22 financial year, as stated by the Australian Signals Directorate, a federal agency based in Australia. Factors like increased digitalization, the expansion of remote work, and the growing sophistication of attackers exploiting systems and network vulnerabilities continually feed into the rise in cyberattacks, driving the messaging security market's growth trajectory.

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What Role are Leading Companies Playing in the Messaging Security Market?

As we move through the era of rapid digitalization, major companies contributing to the messaging security market are stringently focused on developing innovative solutions. For example, the Finland-based cybersecurity company, SSH Communications Security, launched Secure Messaging 2024 in November 2023. Serving as an encrypted transmission platform, it ensures privacy and compliance of sensitive information exchanged between parties, prominently used in sectors like healthcare for protecting patient data. The platform facilitates end-to-end encryption and secure file transfers, ensuring compliance with rigorous data privacy regulations. It also integrates advanced identity management and access controls to facilitate secure organizational communication, thereby enhancing data protection and lessening the risk of unauthorized beckoning.

How is the Messaging Security Market Segmented?

The report's focus areas for the messaging security market segmentation are:

1 By Component: Solution, Services
2 By Mode Of Communication: Email Messaging, Instant Messaging
3 By Deployment: Cloud-based, On-premise
4 By Industry: Banking, Financial Services And Insurance BFSI, Healthcare And Lifesciences, Media And Entertainment, Automotive And Manufacturing, Education, Retail And E-commerce, Government, Other Industries

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