PUBLISHER: Polaris Market Research | PRODUCT CODE: 1478626
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1478626
The global phishing protection market size is expected to reach USD 5.79 billion by 2032, according to a new study by Polaris Market Research. The report "Phishing Protection Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Type; By Deployment Model; By End Use; By Region; Segment Forecast, 2024- 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Stringent regulatory requirements are a key driver of the phishing protection market. Mandates such as GDPR and HIPAA impose strict obligations on organizations to safeguard sensitive data and combat cyber threats, including phishing attacks. Non-compliance can lead to significant penalties and reputational harm, compelling businesses to invest in robust protection solutions. Furthermore, as cybercrime tactics evolve, regulatory frameworks continuously adapt, necessitating the adoption of advanced phishing protection technologies. These regulations incentivize organizations to prioritize cybersecurity measures, ensuring compliance, protecting sensitive data, and mitigating legal and financial risks associated with non-compliance.
The surge in remote work culture has fueled the demand for phishing protection solutions. With more employees working from diverse locations, the risk of phishing attacks has escalated. Remote workers, relying heavily on digital communication, are targeted through deceptive emails containing malicious links or requests for sensitive information. To mitigate these threats, organizations are investing in advanced phishing protection technologies. These solutions, incorporating AI, machine learning, and behavioral analysis, detect and thwart attacks in real time. Additionally, comprehensive security awareness training educates remote employees on phishing risks and mitigation strategies. Thus, the proliferation of remote work culture drives the need for effective phishing protection measures.
The rise in cloud-based solutions influences the phishing protection market. As organizations increasingly transition their operations and data to cloud platforms, the risk of phishing attacks escalates. Cybercriminals exploit cloud vulnerabilities to target sensitive data and users. To counter these threats, businesses are embracing cloud-based phishing protection solutions. Offering centralized management and seamless integration with existing cloud environments, these solutions provide comprehensive protection against evolving phishing threats.
The burgeoning expansion of e-commerce and online banking is accelerating the demand for phishing protection solutions. With more financial transactions and sensitive activities occurring online, cybercriminals increasingly target these platforms through phishing attacks. Fraudulent emails and websites mimic legitimate e-commerce and banking interfaces, deceiving users into disclosing personal information. To combat these threats, businesses invest in advanced phishing protection solutions leveraging AI, machine learning, and behavioral analysis to detect and disrupt phishing attempts promptly. Additionally, organizations conduct customer education and awareness initiatives to empower users in recognizing and reporting phishing scams.
In 2023, the solutions segment held significant revenue share owing to growing cyber threat landscape, regulatory compliance, and technological advancement.
In 2023, the email-based phishing protection segment held significant revenue share owing to widespread usage, advanced threat detection, and continuous evolution of threats.
In 2023, the cloud-based segment held significant revenue share owing to scalability and flexibility, ease of deployment, and cost-effectiveness.
The demand from retail and e-commerce segment is expected to increase during the forecast period owing to increased online activity, and significant volume of financial transactions.
In 2023, North America region accounted for a significant market share owing to high incidence of cyber threats, presence of large enterprises and financial institutions, and early adoption of cloud technology.
The market is highly competitive owing to the existence of market players with a global presence, including Barracuda Networks, Check Point Software Technologies, Cisco Systems, Inc., Microsoft, Mimecast, OpenText, and Proofpoint, Inc. among others.
Polaris Market Research has segmented the Phishing Protection market report based on offering, type, deployment model, end use, and region: