Phishing Protection Market Size Worth $5.94 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

The phishing protection market size is expected to reach US$ 5.94 billion by 2031 from US$ 2.39 billion in 2023 to record a CAGR of 12.1% from 2023 to 2031.

NEW YORK, Oct. 16, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global phishing protection market is observing significant growth owing to increasing sophistication and frequency of phishing attacks and stringent regulatory compliance requirements. Browse Detailed Insights: https://www.theinsightpartners.com/reports/phishing-protection-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the phishing protection is applicable to a vast array of verticals that are expected to register strength during the coming years.

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Overview of Report Findings:

1. Market Growth: The global phishing protection market size is expected to reach US$ 5.94 billion by 2031 from US 2.39 billion in 2023, at a CAGR of 12.1% during the forecast period. The scope of the term phishing has extended beyond the practice of stealing America Online (AOL) accounts to include all sophisticated cyber threats targeting individuals and organizations worldwide. The phishing protection market is mature yet developing, as effective phishing protection solutions need to counter increasingly sophisticated threats. These solutions range from e-mail security to web filtering tools for user training platforms. They also include threat intelligence services. Moreover, the importance of phishing protection continues to grow with the acceleration of digital transformation across industries and the growing prevalence of the remote work model.
2. Increasing Sophistication and Frequency of Phishing Attacks: Phishing techniques have become more sophisticated, as attackers now leverage artificial intelligence (AI) to draft convincing e-mails. They also use deepfake technology for voice phishing. They can use social media to run thorough research on targets. Moreover, the financial implications of phishing attacks have grown exponentially in recent years. Business e-mail compromise (BEC) is a sophisticated scam involving fraudulent transfers of money belonging to businesses or different individuals associated with an institution. In 2022, the FBI's Internet Crime Complaint Center (IC3) had 21,832 BEC complaints, with total adjusted losses exceeding US$ 2.7 billion, which signifies the need for advanced phishing solutions. In 2022, Uber experienced a significant data breach when an attacker used social engineering to phish an employee's credentials. The 2021 Colonial Pipeline ransomware attack that disrupted fuel supplies across the Eastern US began with a phishing e-mail. An increasing number of such incidences are inspiring organizations to prioritize phishing protection.
3. Stringent Regulatory Compliance Requirements: Governments and regulatory bodies across the world are actively designing and implementing serious data protection regulations. For instance, the GDPR imposed in the European Union in 2018 contains provisions for heavy penalties when there is an invasion of personal information privacy; these also include breaches resulting from phishing attacks. In 2021, the US Executive Order on Improving the Nation's Cybersecurity emphasized the need for enhanced cybersecurity measures in federal agencies, stressing the importance of secured supply chains with the help of improved defense mechanisms against phishing attacks. Countries such as Brazil (with LGPD), China (with PIPL), and India (with proposed data protection laws) are following compliance regulations, which creates a global trend toward stricter data protection regulations.
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4. Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.

Market Segmentation:

• Based on offering, the global phishing protection market is segmented into solution and service. The solution segment held a larger phishing protection market share in 2023.
• Based on deployment, the market is categorized into on-premise and cloud. The cloud segment held the largest phishing protection market share in 2023.
• Based on type, the global phishing protection market is divided into email-based phishing and non-email-based phishing. The email-based phishing segment held the largest share of the phishing protection market in 2023.
• Based on enterprise size, the market is classified into large enterprise and small and medium enterprise (SMEs). The large enterprise segment held the largest share of the phishing protection market in 2023.
• Based on vertical, the market is classified into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, and others. The BFSI segment held the largest phishing protection market share in 2023.
• The phishing protection market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Competitive Strategy and Development:

• Key Players: A few major companies operating in the phishing protection market include Microsoft Corp, Barracuda Networks Inc., SlashNext Inc., IRONSCALES LTD, Proofpoint Inc., Mimecast Services Limited, Open Text Corp, Paubox Inc., Trustwave Holdings Inc., and Cisco Systems Inc.
• Trending Topics: AI enhanced phishing attacks, increased focus on insider threats, advanced email security tools, among others.

Global Headlines on Phishing Protection:

• "Simplified Zero Trust security with the Microsoft Entra Suite and unified security operations platform"
• "Cisco Security Cloud Vision Comes to Life, Transforming Enterprise Defenses"
• "OpenText Buys Cybersecurity MDR Platform"
• "Barracuda expands email security to India"

North America dominated the phishing protection market share in 2023, followed by Europe and Asia Pacific. Phishing has become one of the most significant concerns associated with the Internet. Over 300,000 phishing incidents were reported in the US by the Internet Crime Complaint Center of the FBI in 2022. Artificial intelligence (AI) technologies, along with machine learning, have gained considerable popularity in detecting incidences of fraudulent activities before they cause any serious damage. For instance, Microsoft developed Office 365 Advanced Threat Protection, where AI is used for analyzing millions of e-mails to identify possible risks. As per a report published by Zscaler, Inc., the US, the UK, and India are the most heavily affected countries by phishing scams, as they accounted for 55.9%, 5.6%, and 3.9% of the global total in 2023. Such high incidences can be due to the increasing usage of electronic devices in these countries.

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Cloud-based phishing protection services have become popular in North American countries, particularly among small and medium-sized enterprises (SMEs). In 2023, the Midwest University administration had Barracuda's cloud-based e-mail security solution in place to prevent students and lecturers from being victims of cybercrimes, particularly phishing. According to The State of Phishing report published by Proofpoint in 2023, the company's services could identify and stop more than 10 million phishing e-mails in the US on a daily basis. Companies in the phishing protection market in North America are looking forward to harnessing the capabilities of AI-driven behavior analysis and implementing improved user authentication methods to stay ahead of emerging threats.

According to a report released by SlashNext Inc., a phishing protection company, there has been a 1,265% increase in phishing attacks from the fourth quarter of 2022 to the end of the third quarter of 2023. In addition, regulatory bodies across the world hold organizations accountable for data breaches resulting from phishing attacks. The General Data Protection Regulation (GDPR) in Europe and similar laws worldwide have imposed hefty fines on them for inadequate cybersecurity measures. These actions drive investment in the phishing protection market. As a result, different enterprises and institutes, among others, are leveraging machine learning (ML) and AI to analyze and identify phishing patterns. This proactive approach allows them to predict attacks before their occurrence and helps them automate response strategies. Deploying e-mail filtering solutions can significantly reduce phishing attempts. The escalation in phishing attacks has driven organizations to invest heavily in multilayered phishing protection solutions. In addition, training staff members on ways to identify e-mail samples that could lead to phishing scams allows them to incorporate advanced threat intel into their security platforms. Thus, the increasing sophistication and frequency of phishing attacks fuel the phishing protection market growth.

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Conclusion:

Phishing Protection refers to the technologies, strategies, and solutions designed to detect, prevent, and mitigate phishing attacks. Phishing is a form of cyber-attack wherein malicious malware attempts to deceive individuals into revealing sensitive information, including login credentials or bank and other financial details, by posing as legitimate entities through various digital communication channels. Different techniques employed by phishing protection solutions aim at identifying, avoiding, and minimizing fake approaches that are used by fraudsters to acquire vital data through misleading online messages. The phishing protection market has seen significant growth in recent years owing to factors such as the increasing sophistication of phishing attacks, introduction of higher security standards through stringent data protection regulations, and growing awareness of cybersecurity threats. Key trends in the market include the integration of artificial intelligence and machine learning for improved threat detection and the adoption of multi-layered security approaches. Further, the continued digitalization of operations by organizations is likely to create substantial opportunities for the phishing protection market growth. As phishing tactics continue to evolve with technological advancements, the market is expected to see innovation with a greater emphasis on proactive intelligence-driven protection strategies.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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