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 Pacific, respectively. The US dominated the North American phishing protection market share in 2023, which can be attributed to high-profile cyber-attacks, a demanding regulatory environment, and cybersecurity and infrastructure security in the country. The incorporation of AI and machine learning for phishing detection, and the acceptance of cloud-based security solutions further bolster the market in the US. According to an article published in January 2024 by JPMorgan Chase, the bank invests US$ 15 billion annually. It employs 62,000 technologies to counter ~45 billion potential threats tracked on a daily basis. This data indicates that the demand for phishing security solutions from the banking and financial sectors is expected to rise during the projected period.

A Federal Trade Commission (FTC) investigation showed fraud reports from 2.6 million consumers in 2023, totaling more than US$ 10 billion. According to the Federal Bureau of Investigation (FBI), the 2022 IC3 FBI Crime report revealed a loss of approximately US$ 52 million due to phishing scams. Furthermore, according to the 2023 IBM research, phishing assaults were the second most costly source of compromised credentials. Thus, an upsurge in the number of phishing assaults results in a greater need for phishing protection solutions in the US.

In 2023, Infosys, a major IT services company, launched an AI-driven phishing protection system to protect its global operations, with a particular emphasis on safeguarding its substantial workforce in India. In its debut year, this system prevented more than 1 million possible phishing attacks. Cloud-based security solutions are gaining considerable popularity in Asia Pacific owing to their easy scalability. For instance, by the year 2023, Microsoft recorded 40% growth in the uptake of its cloud-based security services in Asia Pacific. Thus, digital transformation initiatives, increasing cyber threats, and stringent data protection regulations fuel the growth of the phishing protection market in Asia Pacific.

Based on deployment, the market is divided into on-premise and cloud segment. The on-premises held the largest Phishing Protection market share in 2023. Data control, customization, legacy system integration, and compliance are among the key benefits of on-premise deployment. Organizations with stringent data sovereignty opt for on-premise solutions. On-premise systems provide more precise customizations for unique organizational requirements. These solutions may be easier to integrate into the current legacy infrastructure. Cloud-based solutions and services benefit users with scalability, cost-effectiveness, and ease of deployment. Cloud solutions offer real-time threat intelligence updates, which are critical in fighting evolving phishing methods. They also protect the devices of remote workers and distributed teams. The low initial cost of cloud solutions appeals to SMEs. As a result, there is a gradual migration from on-premise to cloud, particularly among mid-sized organizations.

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., Ltd are among the key Phishing Protection market players that are profiled in this market study.

The overall Phishing Protection market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Phishing Protection size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Phishing Protection market.