Messaging Security Market Size, Share & Industry Analysis, By Component (Solution and Services), By Deployment (On-premise and Cloud-based), By Mode of Communication (Instant Messaging and Email Messaging), By Industry (BFSI, Healthcare & Lifesciences, Media & Entertainment, Automotive & Manufacturing, Education, Retail & Ecommerce, Government and Others), and Regional Forecast, 2024-2032

The global messaging security market size was valued at USD 6.66 billion in 2023 and is projected to grow from USD 7.68 billion in 2024 to USD 30.40 billion by 2032, exhibiting a CAGR of 18.8% during the forecast period (2024-2032).

Messaging security is the practice of encrypting messages on devices to protect the messaging infrastructure. It is used to create a secure network, limit unwanted messages, and the protection of devices from various threats. The security helps ensure the authenticity and confidentiality of the organization's communication methods. Confidentiality refers to ensuring that only the intended recipient can read the message, while authenticity refers to ensuring that the identity of each recipient or sender is verified. Additionally, in the new digital era, businesses rely heavily on messaging platforms for their daily operations. However, fraudsters are increasingly using various communication channels to exploit loopholes and gain unauthorized access to personal data. As a result, the solutions have become an important part of a comprehensive cybersecurity strategy.

However, the unexpected shift to remote work and increased reliance on digital communication platforms during the COVID-19 pandemic led to an increase in the demand for security solutions. Additionally, businesses had to quickly adapt to new working environments to ensure the security and privacy of communication channels. The increased threat of cyberattacks was one of the biggest impacts of COVID-19 on the messaging security space. Cybercriminals took advantage of the pandemic to launch specialized attacks such as phishing campaigns and malware distribution by exploiting weaknesses in messaging platforms. Therefore, the pandemic had a significant impact on the market.

IMPACT OF GENERATIVE AI

Leveraging and Integrating Generative AI in Messaging Security to Boost Operations and Create Business Opportunities

Generative AI in messaging security enhances threat detection by analyzing patterns and anomalies and adapting to evolving risks. It aids in crafting dynamic responses, fortifying defenses against sophisticated attacks, ultimately bolstering cybersecurity in the messaging domain. Additionally, AI can automatically filter out malicious content, including spam, hate speech, and misinformation, improving the overall safety of messaging platforms. AI chatbots can be used to simulate interactions with attackers, gathering intelligence on their tactics and helping train humans to resist manipulation. These factors help boost the global messaging security market growth.

Messaging Security Market Trends

Increasing Number of Malicious Attacks At Messaging Gateway to Fuel Market Growth

Industries across the world face a rapidly changing threat landscape. It can be observed that the volume and complexity of attacks are extremely increasing. The malicious intent behind it, as well as their stealth and speed, result in significant costs for organizations and businesses. Without consistent and robust protection to block spam, viruses, and other malicious attacks at the messaging gateway, the organization is vulnerable to data loss, compliance, and data risk. It also reduces employee productivity. Furthermore, with the increasing use of collaboration tools and unified communication platforms, integrating messaging security solutions with these platforms offer comprehensive protection across various communication channels. Therefore, this factor is expected to drive the global messaging security market growth.

Messaging Security Market Growth Factors

Increasing Demand for Protecting Confidential Information from Malware Attacks across the Globe to Drive the Market Growth

With increasing digitalization and the adoption of connected solutions in business operations, cybersecurity incidents are on the rise globally. Enhanced protection secures personal data, such as financial information, medical records, and communication history, from unauthorized access and misuse. This reduces the risk of identity theft, financial fraud, and data breaches that can cause incredible damage and distress. Additionally, data breaches and malware attacks can be extremely costly for businesses, resulting in lost revenue, fines, and legal costs. Robust cybersecurity measures can significantly reduce the risk of such incidents and save businesses significant costs. Therefore, this factor drives the market growth.

RESTRAINING FACTORS

Scarcity of Knowledge about Cyberattacks among Users May Hinder the Market Growth

A notable weakness of this prevention measure is the lack of user awareness and knowledge regarding cybersecurity. Lack of awareness about malicious cyber attacks and data breaches is one of the main reasons why businesses around the world fall victim to such attacks. For organizations to achieve significant levels of mitigation, it is essential to implement internal awareness and training programs. These programs develop a fundamental level of understanding. This is an immediate action if a company wants to survive a malicious attack. Additionally, several companies worldwide are taking the necessary steps to address this awareness issue. Global companies are beginning to increase their investments in cybersecurity training for their employees. Therefore, these factors slow down the market growth.

Messaging Security Market Segmentation Analysis

By Component Analysis

Rising Adoption of Security Solutions among Organizations to Propel the Market Growth

On the basis of component, the market is categorized into solutions and services.

The solution segment holds the largest market share and is anticipated to continue its dominance during the assessment period. These solutions often include mechanisms to verify the authenticity of messages. This ensures that messages have not been altered or tampered with during transit, maintaining data integrity. To secure messaging systems involving email, instant messaging, and social media, an array of security methods, including encryption, authentication, access controls, and threat detection, are essential.

By Deployment Analysis

Rising Adoption of On-premises Solutions to Boost the Segmental Growth

On the basis of deployment, the market is categorized into on-premises and cloud-based.

The on-premises segment leads the market with the maximum global messaging security market share. These solutions give organizations complete control over their data, which is especially important for industries with strict data sovereignty and compliance requirements. This segment is estimated to retain its dominance in the upcoming years due to the advantage of fully managing the message security environment and guaranteeing that private information and communications remain within its infrastructure, substantially boosting the segment expansion. This factor promotes the market growth.

Furthermore, the cloud-based segment is anticipated to expand at the highest CAGR during the forecast period. The deployment type offers advanced security features and expertise, often exceeding in-house capabilities. This includes encryption at rest and in transit, data loss prevention (DLP), threat detection and analysis, and intrusion prevention systems. Therefore, these factors play a vital role in propelling the industry expansion.

By Mode of Communication Analysis

Rising Cyberattacks and Growing Need for Email Security to Boost the Segmental Growth of Email Messaging

On the basis of the mode of communication, the market is categorized into instant messaging and email messaging.

The email messaging segment dominates the market with the maximum global market share. Email remains the dominant communication channel for businesses, making it a critical target for cyberattacks. Several factors, including the increasing volume of email traffic, the rising sophistication of cyberattacks, and the growing awareness of the need for email security, drive the segment growth.

Additionally, the instant messaging segment is expected to grow at the highest CAGR during the forecast period. This messaging segment plays a significant role in driving the market. Instant Messaging (IM) services, including popular platforms such as WhatsApp, Slack, Microsoft Teams, and Telegram, have become integral to modern communication in personal and business contexts. The widespread adoption of instant messaging, especially in business and remote work scenarios, has increased the demand for messaging security solutions. Therefore, these factors play a crucial role in driving the market growth.

By Industry Analysis

Increasing Messaging Security Applications across the BFSI Sector Led the Segmental Growth

Based on industry, the market is subdivided into BFSI, healthcare & lifesciences, media & entertainment, automotive & manufacturing, education, retail & ecommerce, government, and others.

The BFSI segment held a largest market share in 2022. The industry involves the handling of a vast amount of sensitive consumer data, including financial information, personally identifiable information (PII), and trade secrets. Moreover, BFSIs are prime targets for financial fraud, such as phishing attacks, account takeovers, and ransomware. These security solutions can detect and block malicious messages, preventing fraudulent transactions and financial losses, boosting the market growth.

Moreover, the media & entertainment segment is anticipated to surge at the highest CAGR during the forecast period. This industry relies heavily on digital communication channels, making messaging security critical to defend sensitive information, maintain content confidentiality, and ensure the smooth running of various media-related processes. Thus, this factor boosts the segment growth.

REGIONAL INSIGHTS

In terms of region, the global market is divided into five key regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.

North America accounts for the largest market share. The high market share is due to the growing reliance on digital communication and the proliferation of safe messaging services and encoded communication channels. These are the key trends and opportunities in the messaging security market in this region. Additionally, easy-to-use and affordable solutions are key to widespread adoption, especially among small and medium-sized businesses. Integration into existing communication platforms and workflows is essential for successful implementation. Thus, these factors promote the market growth in the region.

The Asia Pacific market is anticipated to witness the highest CAGR during the forecast period. This growth is driven by solutions that solve the region's unique e-commerce ecosystem challenges, integrating secure messaging with payment gateways and fraud detection systems. Messaging security providers have an opportunity to meet their customers' needs. Additionally, businesses are increasingly moving to cloud-based messaging solutions, which often have built-in security features. Moreover, due to the strong healthcare sector in the region, China and Japan are the market leaders, generating more than 60% of the total revenue.

The Europe market is anticipated to exhibit steady growth over the forecast period. The region is home to some of the world's most important technology centers and is also an important promoter and user of modern technology. Companies across the region are seeing increased adoption of BYOD and smartphones, as well as increased use of consumer messaging apps by employees. These factors lack the necessary physical and technical safeguards for corporate communications, leaving businesses exposed to security risks. Thus, this factor boosts the market growth.

Similarly, the South America market is showing substantial growth in forecasted period due to the increasing awareness, evolving digital threats, and the availability of user-friendly secure messaging solutions. Moreover, governments are taking some initiatives to promote AI and digital transformation strategies, invest in the region, expand their offerings, and develop tools to simplify this security application for businesses.

The Middle East & Africa (MEA) market is expected to witness prominent growth in the coming years due to increased investment and government funding for digitization.

List of Key Companies in Messaging Security Market

Industry Players Deploy Acquisition and Merger Strategies to Expand their Operations

Key industry players are actively broadening their global presence through the introduction of specialized solutions that cater to specific sectors. They are strategically acquiring local businesses and entering into collaborations to establish a strong foothold in various regions. These industry players are concentrating on developing new solutions and creating effective marketing strategies for maintaining and increasing their market share. The rising demand for messaging security solutions is expected to create lucrative opportunities for market players.

List of Key Companies Profiled:

• McAfee, LLC (U.S.)


• Trend Micro (Japan)


• CISCO Systems, Inc.(U.S.)


• Broadcom (U.S.)


• ProofPoint, Inc. (U.S.)


• Sophos Ltd. (U.K.)


• Barracuda Networks, Inc. (U.S.)


• F-Secure (Finland)


• Check Point Software Technologies Ltd. (Israel)


• Microsoft Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• November 2023: Trend Micro launched Trend Companion, a new generative AI tool aimed at assisting security analysts with streamlining workflows and increasing productivity.


• October 2023: CISCO and Bang & Olufsen announced new true wireless earbuds packed with critical features for the hybrid workforce, including improved security and device management for IT teams. This partnership would provide customers with a premium audio experience whether they are at home, at work or on the go, delivering premium aesthetics and sound combined with advanced security and management features.


• June 2023: CISCO Group announced the launch of a new solution powered by new powerful generative AI technology. These solutions provide an unparalleled experience for hybrid workers while protecting a business from advanced cyber threats.


• February 2023: Sophos Ltd., a cybersecurity-as-a-service innovator and provider, revealed details of two large pig butchering rings (Sha Zhu Pan) that fraudsters are operating out of Asia. These scammers target people on all social media platforms and direct messages and are not limited to abusing cryptocurrencies.


• February 2023: Trend Micro announced the acquisition of Anlyz. This acquisition would expand Trend's orchestration, integration capabilities, and automation, enabling enterprises and managed security service providers to improve operational efficiency, cost efficiency, and security outcomes.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

Report Scope & Segmentation