Phishing Protection Market worth $4.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 1, 2024 /PRNewswire/ -- The market for phishing protection will see growth in cloud-based solutions to support remote work environments, a rise in the use of AI and machine learning for advanced threat detection, and convergence of email security and phishing protection. The continual game of cat and mouse between attackers and defenders, regulatory compliance requirements, and continuous innovation will drive the focus on user education, integration with SOAR platforms for automatic incident response, and continuous innovation to battle emerging phishing techniques.

The global Phishing Protection Market is estimated to be worth USD 2.2 billion in 2023 and is projected to reach USD 4.1 billion by 2028, at a CAGR of 13.5% during the forecast period, according to a new report by MarketsandMarkets™. The driving force behind the rapid expansion of the Phishing Protection Market is rooted in the persistent and adaptive nature of cyber threats, particularly the escalating sophistication of phishing attacks. Organizations are compelled to bolster their cybersecurity defenses as they grapple with the growing diversity of deceptive tactics cybercriminals employ. The prevalence of remote work arrangements and the expanding attack surface in an increasingly interconnected digital landscape further accentuate the urgency for robust phishing protection measures. The intensified regulatory landscape and the need to ensure compliance with data protection regulations fuels the demand for advanced cybersecurity solutions. In this intricate cybersecurity landscape, the Phishing Protection Market emerges as a linchpin, offering innovative and resilient strategies to safeguard against a dynamic array of cyber threats, ensuring the integrity of digital communication channels and protecting sensitive information.

Browse in-depth TOC on "Phishing Protection Market"

416 - Tables 
46 - Figures
313 - Pages

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Scope of the Report

By Deployment Mode, the cloud segment registered the highest growth rate during the forecast period.

The cloud segment is poised to exhibit the most substantial growth rate during the specified period. This trend can be attributed to the increasing adoption of cloud-based solutions in the cybersecurity domain. Organizations recognize the advantages of cloud deployment, including scalability, accessibility, and centralized management, which are crucial in effectively countering the evolving challenges posed by phishing threats. The shift towards remote work and the prevalence of cloud-based communication channels amplify the demand for phishing protection technologies tailored to cloud environments. As businesses prioritize flexibility and efficiency in their cybersecurity strategies, the cloud segment stands out as a focal point for dynamic growth within the Phishing Protection Market.

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Based on organization size, the small and medium-sized enterprises segment is to grow at the highest CAGR during the forecast period.

The projection for organization size in the Phishing Protection Market indicates that the small and medium-sized enterprises segment is poised to achieve the highest CAGR during the forecast period. This trend can be attributed to the increasing recognition among SMEs of the imperative to fortify their cybersecurity posture against phishing threats. As cyber threats evolve, SMEs realize the need for specialized and agile solutions tailored to their unique requirements. The growing awareness of the potential risks associated with phishing attacks, coupled with the availability of scalable and cost-effective phishing protection solutions, positions the SME segment for accelerated growth in the dynamic landscape of cybersecurity.

Asia Pacific to grow at the highest CAGR during the forecast period.

During the forecast period, the Asia Pacific region is poised to exhibit the highest CAGR in the Phishing Protection Market. This growth can be attributed to several factors, including the rapid digital transformation across industries, the increasing prevalence of cyber threats, and a heightened focus on cybersecurity measures. As organizations in the Asia Pacific embrace digital technologies and online communication channels, the risk of phishing attacks becomes more pronounced, driving the demand for robust protection solutions. Government initiatives to enhance cybersecurity and the rising awareness of the economic impact of cyber threats contribute to the accelerated adoption of phishing protection measures in the region. The dynamic nature of the cyber threat landscape positions the Asia Pacific market as a key growth area for phishing protection solutions.

Top Key Companies in Phishing Protection Market:

The major players in the Phishing Protection Market are Barracuda (US), Cofense (US), Duocircle (US), Ironscales (Israel), Microsoft (US), Mimecast (UK), OpenText (Canada), Paubox (US), Proofpoint (US), Sophos (UK), Trend Micro (Japan), Trustwave (US), Twilio (US), Virtru (US), Abnormal Security (US), AGARI (US), AppGuard (US), Deepwatch (US), GreatHorn (US), Guardz (US), ImmuniWeb (Switzerland), Inky (US), Redsift (UK), SpyCloud (US), Trustifi (US), Vade (France), Valimail (US), ZeroFOX (US).

Recent Developments

• Jan 2024 - Mimecast acquired the human risk management solutions specialist Elevate Security as part of its initiative to enhance digital workplace protection.
• Dec 2023 - Proofpoint acquired Tessian. By integrating Proofpoint's threat and data loss protection technology and intelligence with Tessan's AI-powered behavioral and dynamic detection, organizations can benefit from the most comprehensive defense against human layer risks. This solution is adaptable to various deployment models, providing a robust security strategy.
• Aug 2023 - Trend Micro collaborated with INTERPOL to take down a notorious phishing operation. The company's close cooperation with law enforcement led to the dismantling of a successful phishing-as-a-service operation.
•  July 2023 - Splunk and Microsoft partnered to build Splunk's enterprise security and observability offerings on Microsoft Azure. The Splunk solutions will be available for purchase on the Microsoft Azure Marketplace.

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Phishing Protection Market Advantages:

• By providing advanced threat detection and prevention capabilities, phishing defence systems improve cybersecurity posture overall by thwarting phishing attempts.
• Organisations may greatly lower the risk of data breaches and unauthorised access to sensitive information by proactively detecting and preventing phishing attempts.
• Phishing assaults that are successful have the power to damage a company's brand and undermine consumer confidence. By stopping successful phishing attacks and data breaches, phishing prevention technologies contribute to the preservation of brand reputation.
• Regulations pertaining to cybersecurity and data protection apply to many businesses. Organisations can stay in line with applicable requirements and steer clear of fines by investing in phishing protection solutions.
• Significant financial losses may arise from cybersecurity incidents and data breaches as a result of reputational harm, legal expenditures, and remediation expenses. By averting successful attacks, phishing defence investments can help reduce these expenses.
• Employee downtime is frequently caused by phishing attempts as they cope with the fallout or go through security awareness training. Organisations can sustain productivity levels and concentrate on essential business tasks by thwarting successful phishing efforts.
• Solutions for preventing phishing attacks frequently include adjustable rules and controls, enabling businesses to customise their security protocols to meet their unique requirements and risk profiles.

Report Objectives

• To define, describe, and forecast the Phishing Protection Market based on segment offerings, sub-types, organization sizes, deployment modes, and verticals with regions covered.
• To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
• To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Phishing Protection Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Phishing Protection Market.
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Phishing Protection Market.
• To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.
• To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.

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