According to our latest study on "Phishing Protection Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Offerings, Deployment, Type, Enterprise Size, and Vertical," the Phishing Protection market size was valued at US$ 2.39 billion in 2023 and is expected to reach US$ 5.94 billion by 2031; it is estimated to record a CAGR of 12.1% from 2023 to 2031.
The Phishing Protection market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and Asia Pacifc respectively. The Europe Phishing Protection market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Many SMEs in Europe are adopting cloud-based phishing protection services. Hornetsecurity, a computer security service provider based in Germany, reported a 40.0% increase in the number of SMEs using its cloud-based e-mail security services in 2022. Market players in European countries are striving to introduce integrated security platforms with innovative multifactor authentication and behavioral analysis features with the evolving forms of phishing attacks to provide comprehensive protection against persistent threats
In terms of revenue, Germany dominated the Phishing Protection market share. Generative AI and language models are likely to make it impossible to judge whether an e-mail or password reset request is authentic, regardless of people's cybersecurity knowledge. In April 2024, a threat actor tracked as TA547 targeted dozens of German organizations with an information stealer malware called Rhadamanthys as part of an invoice-themed phishing campaign. Further, in March 2024, an APT29 phishing attack targeted German political parties. APT29 malware, which was first detected in January as part of a campaign targeting diplomatic entities in Czechia, Germany, India, Italy, Latvia, and Peru, shares several characteristics with other known malware families used by APT29, indicating that the same developer created them. Such incidences are expected to boost the demand for phishing protection solutions in Germany during the forecast period.
Key Findings of Phishing Protection Market Study:
The Phishing Protection market is segmented on the basis of offerings, deployment, type, enterprise size, and vertical. By offerings, the market is segmented into solution and services. Based on deployment, the market is divided into on-premise and cloud segment. Based on type, the market is divided into email-based phishing and non-email-based phishing. Based on enterprise size, the market is divided into large enterprise and small and medium enterprises. Based on vertical, the market is divided into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, and others. By geography, the Phishing Protection market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
Based on vertical, the market is divided 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 banking, financial services, and insurance (BFSI) is a highly regulated sector, as it serves as a prime target for phishing attacks. Organizations in the BFSI sector emphasize on protecting sensitive financial data and preventing fraud. Thus, the adoption of AI-driven solutions to combat sophisticated attacks is increasing in this sector. Stringent regulations such as the General Data Protection Regulation (GDPR) and Payment Services Directive (PSD2) in Europe and the Gramm-Leach-Bliley Act in the US are driving investments in the development and implementation of phishing prevention solutions. To ensure secure transactions, many financial institutions have begun investigating the capabilities of blockchain, machine learning, and AI-based phishing detection systems.
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. are among the key players profiled in the Phishing Protection market report. Several other major players were studied and analyzed during the Phishing Protection market analysis to get a holistic view of the market and its ecosystem. The Phishing Protection market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current Phishing Protection market trends and their foreseeable impact during the forecast period.
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