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Messaging Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Messaging Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • March 2021
  • 131 pages
  • ID: 6036762
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until May 20th 2021

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The messaging security market was valued at USD 5.5 billion in 2020 at a CAGR of 15.4% over the forecast period (2021 - 2026). The increase in concern of the security threats on of the information to send over via messaging methods will drive the messaging security market in the forecast period.

- The rapid increase in messaging security incidents and government regulations to provide better solutions is driving the messaging security market. According to a recent survey by Data connectors conducted in 2018, the occurrence of cybersecurity breaches indicated that about 43% of businesses had fallen victim to cybersecurity breaches in the last year, globally.
- Due to advance security threats, there is a rise in demand for security solutions from instant messaging providers that will drive the market in the forecast period.
- However, the high cost of advanced messaging security solutions might hinder a market a bit. Hence, companies are vigorously spending on R&D to find a cheaper solution for the messaging security solution for easy integration of in various industries.

Key Market Trends
Applications in BFSI to Hold the Largest Market Share

- The stored data is continuously growing, with an increase in the number of e-transactions. Email and SMS exchanges within this sector, amongst employees, as well as customers, contain crucial valuable information that is rather lucrative and can result in financial 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.
- According to Kaspersky Lab, in 2018, the share of financial phishing decreased from 53.82% to 44.7% of all phishing detections, accounting for almost half of overall detections, the share of financial phishing encountered by Mac users slightly grew, accounting for 57.6%.

Asia Pacific is Expected to Witness Highest Growth in the Market

- Due to the extensive geographic coverage, government authorities across the APAC countries are implementing strict rules and regulations for messaging traffic, which in return are significant factors driving the growth of the messaging security market in the APAC region.
- The increase in security and privacy in Emails & SMSs in the region and stringent government regulations are the major factors that are driving the adoption of messaging security solutions for various industries.
- 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 in the region which will drive the messaging security market in the region.

Competitive Landscape
The market is fragmented due to the presence of the major companies in the market, like Tata Communications, Macafee, Cisco, Microsoft, and others. Since hackers are continuously trying to penetrate the messaging software security, the companies are spending heavily on updating the firmware and firewall software to prevent users from unnecessary attacks and spams. Some of the recent trends are as follows:
- Sep 2019 - The Cisco Webex Control Hub launched an extended security pack available for users. It enabled customers to protect data from accidental misuse and malicious attacks while delivering messages with the best user experience. It packages full-functionality Cisco Cloudlock CASB for Webex Teams with native Webex anti-malware capabilities powered by Cisco Talos ClamAV in Webex Cloud.
- 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.

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