Global Phishing Protection Market is Growing at a CAGR of 8.4% in 2021-2027
Published | 08 October 2021
The growing frequency of cyber-attacks across several end-use industries, such as banking and financial services, defense, and retail and consumer products, has resulted in the widespread adoption of security protection against phishing...
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global phishing protection market is expected to grow at a CAGR of 8.4% during the forecast period (2021-2027). The growing frequency of cyber-attacks across several end-use industries, such as banking and financial services, defense, and retail and consumer products, has resulted in the widespread adoption of security protection against phishing. Many corporations have recently been targeted with spam emails, data loss, and spam data, among other concerns. These organizations benefit from phishing protection solutions and services such as spam filtering, email encryption, email archiving, and data loss prevention.
The Surge in Adoption of Digitalization in the Industry
Since the wave of digitization took place, everything and multiple sectors of labored works got compact and easier to access. The reason for it is that digitalization makes calculations, data entry & collection, etc., work faster and efficiently. However, the increase in phishing attacks via email and social media has surged, leading to the loss or compromise of corporate secrets and financial loss. Therefore, phishing protection is applied, removing and protecting confidential information from all unauthorized and unspecified, untrusted access in the systems. As per IBM’s Cost of Data Breach Report, the average cost of a data breach is 3.88 million USD, in which 90% of data breaches account for phishing. The phishing attacks in Webmail and Online Services have increased from 12% to 26% in the past few years. The indicated increase in the number shows a great demand for anti-phishing solutions, which drives the market. The new coming age of IoT, better & faster network connectivity options, high-end software, and hardware devices is the outcome of digitalization, which would be considerable growth in the projected period of the relevant market.
Global Phishing Protection Market: By Type
Based on type, the global phishing protection market is segmented into email based phishing and non-email-based phishing. Out of these, email-based phishing has accounted for a significant market share in 2020 and is likely to dominate the segment during the forecast period. With the new introduction of the internet over households, it became easier for hackers to connect with their targets as most of the population was unaware of the internet-based technicalities. Therefore, the market is likely to grow in this segment because most communications are done in emails nowadays.
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Impact of COVID-19
The rise in remote work has contributed to a greater focus on cybersecurity due to the greater exposure to cyber risk. For instance, In June 2020, Swissinfo.ch registered figures from the NCSC (National Cyber Security Center) pointing that there were nearly 350 reported cases of cyberattacks (phishing, fraudulent websites, direct attacks on companies, etc.) in Switzerland in April, as compared to the norm of 100-150. Cybercriminals perceive the pandemic as an opportunity to ramp up their criminal activities by exploiting the susceptibility of remote workers and relying on the public's intense interest in coronavirus-related news (e.g., malicious fake coronavirus-related websites). Therefore, the rise in such cyberattacks has given immense opportunities to phishing protection companies; hence, in the upcoming years, the market is likely to witness an upward trend.
Asia-Pacific is the Fastest-Growing Region in the Global Phishing Protection Market
Asia-pacific is the fastest-growing region in the market during the forecast period. The significant growth rate in the Asia Pacific can be attributed to companies in the region seizing possibilities to move beyond ensuring regulatory and compliance and using technology to combat threats on corporate devices. Guidelines for protection against cybercrime and fraudulent activities have been released by government agencies around Asia. Additionally, China's Cyberspace Administration (CAC) published a notice emphasizing rules and regulations on data privacy and big data analytics, including China's Cybersecurity Law, which includes personal information protection rules.
The global phishing protection market is highly fragmented due to the presence of numerous leading and emerging players involved in the market. Companies active in new product development, expansion, and acquisition can stay competitive in the market. Some of the leading players are increasing their global footprint by purchasing overseas producers.
Some key players in the global Phishing Protection market are BAE Systems, Cisco Systems Inc., FireEye Inc., GreatHorn, Inc., Intel Corporation, Microsoft Corporation, Mimecast Ltd., Phishlabs, Proofpoint, Inc., Symantec Corporation, and among various others.
In February 2021, Barracuda Networks Inc. released a revised version of their email security tool, Barracuda Email Threat Scanner, to aid in the detection of email threats such as spear phishing, BEC, conversation hijacking, and many others that make it past the email gateway.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global phishing protection market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global phishing protection market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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