PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514962
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514962
Phishing Protection Market size was valued at USD 2,151.6 Million in 2023, expanding at a CAGR of 14.20% from 2024 to 2032.
Phishing prevention is a security solution implemented by industries, businesses, organizations, firms, and homes to combat "phishing attacks." Phishing is a type of cybercrime that targets individuals through email, phone, or text messages. The predator or individual poses as someone else, primarily as a legitimate body, in order to attract prey/individuals. To obtain sensitive personal or financial information, such as bank and credit card numbers, identity cards (used for identity theft), pin codes and passcodes, residential and work addresses, and so on. The collected information is then utilized to get access to vital accounts, credit card information, passwords, social security numbers, and so on. Access to vital accounts, databases, cards, and so on can result in financial loss, identity theft, and loss or theft of personal or professional data.
Phishing Protection Market- Market Dynamics
Rising Frequency and Sophistication of Phishing Attacks
The rising frequency and sophistication of phishing attempts is a major driver in the Phishing Protection Market. As cybercriminals become more sophisticated, the requirement for strong protection measures to address such threats grows. Companies are investing in innovative solutions to stay ahead of developing phishing attempts and thereby secure critical data. It is a force that will propel the market toward increasingly sophisticated and efficient anti-phishing solutions--possibly even guaranteed digital security--for both enterprises and individuals. For instance, in July 2023, Trustwave Holdings, Inc. formed a relationship with Trellix, a cybersecurity firm. The collaboration aims to provide security professionals with superior cyber threat visibility and actionable solutions.
Phishing Protection Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.20% over the forecast period (2024-2032)
Based on Offering segmentation, in 2023, services will account for the vast majority of market revenue.
Based on Type segmentation, in 2023, non-email-based phishing dominated the market.
Based on Deployment Model segmentation, on-premise was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Phishing Protection Market is segmented on the basis of Offering, Type, Deployment Model, End Use, and Region.
The market is divided into two categories based on Offering: Solutions and Services. In 2023, the services category accounts for the majority of market revenue. These protection services frequently offer sophisticated email security and filtering capabilities. These protection services frequently feature URL scanning and analyzing capabilities. They examine website URLs in emails or messages and determine if they go to authentic websites or malicious domains linked with phishing attacks.
The market is divided into two categories based on Type: Email-based Phishing Protection and Non-Email-based Phishing Protection. Non-email-based phishing dominated the market in 2023. Vishing entails utilizing vocal communication to deceive others into disclosing sensitive information. This can include phone calls impersonating reputable businesses or automated audio messages directing people to do specific activities.
Phishing Protection Market- Geographical Insights
Geographically, this market is prevalent in North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. These regions are further segmented according to the countries bringing business. North America has catered to the largest share of all. Smartphone usage, email users, remote location access users, IoT devices, and so on are all growing as a result of increased digitalization. This region will lead due to significant expenditures made by prominent manufacturers in technological advances to the whole cybersecurity system. And, consistent with previous trends, customer acceptance of items is strong there.
Asia Pacific has the greatest growth rate in the Phishing Protection Market. The region's rapid digital transformation, increased usage of cloud-based services, and expanding cybersecurity awareness have emerged as important growth drivers for advanced phishing protection solutions. To address the growing demand for strong cybersecurity measures, the market's key competitors will strive to expand in Asia Pacific.
The phishing protection industry is highly fragmented, owing to the presence of multiple domestic and foreign competitors. Aside from that, the introduction of new entrants has resulted in more healthy competition among long-established service providers in the business. Barracuda Networks, Inc., Cofense Inc., DuoCircle LLC, IRONSCALES LTD, Microsoft Corporation, and others are among the leading competitors in the worldwide phishing protection industry.
In May 2023, IRONSCALES LTD established a cooperation with Infinigate Group, a cybersecurity, and secure cloud reseller. The cooperation planned to provide IRONSCALES' enterprise cloud email security software in Switzerland, Belgium, and the Nordics.
GLOBAL PHISHING PROTECTION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Barracuda Networks, Inc. (KKR & Co. Inc.)
Cofense Inc.
DuoCircle LLC
IRONSCALES LTD
Microsoft Corporation
Mimecast Limited
Proofpoint, Inc. (Thoma Bravo)
OpenText Corporation
Trustwave Holdings, Inc.(The Chertoff Group)
Fortra, LLC (HGGC)
Others