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Global Phishing Protection Market is expected to reach USD bn by 2027 at a CAGR during Forecast Period

The Global Phishing Protection market size was calculated to be USD billion in 2020 and is expected to take a rise at a CAGR of % till 2027 with a calculated value of USD till the forecast year. The market’s growth is credited to the industries’ increasing adoption of the IT structure and online networking. Which would be evident in the forecast period.

Growth Drivers

 

Third world economies taking a rise in the market

A rise in the third worlds’ economies would drive the market expectedly as the investments made for the development of IT infrastructure are taking place in full swing. Because of the growing incidences of cybercrimes and cyber-attacks in countries such as India, China, Japan, and many South American regions. Furthermore, MEA (the Middle East and Africa) and South America are forecast to elevate the market for phishing protection. As the market across North America and Europe is mature then a more stable growth is much expected from these regions.

 

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 being is the fact 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, the application of phishing protection is done, 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 that there is a great demand for anti-phishing solutions, and this drives the market. The new coming age of IoT, better & faster network connectivity options, high-end software as well as hardware devices, all of this is the outcome of digitalization. Which would be considerable growth in the projected period of the relevant market.

Restraint

Absence of relevant knowledge and understanding of Cyber threats and terrorism

As the market is kept on growing, the requirement for suitable candidates and operators is increasing too. The presence of relevant knowledge and understanding of several cyber-attacks & threats is required crucially for the proper functioning of the protection from phishing in industries. Moreover, lack of knowledge will/expected to hamper the market growth, as the targeted individuals’ barely have prior information regarding the existence of such related scams. In recent, the FBI (Federal Branch of Investigation, U.S.) has confirmed that most of the hackers or phishing bodies are focusing or targeting the real estate sector, through emails. And the percentage of transactions that took place due to this activity between the years 2015-2017 was as high as 1100%, with a nearly 2200% increase in monetary loss.

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Recent Developments

  • In December of 2020, IBM Security X-Force initiated a threat intelligence task force dedicated to tracking down COVID-19 cyber threats against organizations that are keeping the vaccine supply chain working. As a result of which, the X-Force team was able to uncover a global phishing campaign targeting organizations associated with a COVID-19 cold chain. “Cold chain is a component of the vaccine supply chain that ensures the safe preservation of vaccines in temperature-regulated environments during their storage and transportation.”
  • In September of 2020, the cloud-linked email security solution GreatHorn announced the launch of its most substantial and comprehensive platform update. The entirely refreshed solution offers more expansive visibility across the entire email security stack for an even more intelligent phishing detection and response capability.

 

Competitive Landscape

The leading players in the market for 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.

 

Scope of the Report

Attribute Details
Years Considered Historical data – 2016-2019

Base Year – 2020

Forecast – 2020 – 2027

Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, UAE, South Africa, Saudi Arabia.
Product/Service Segmentation By Type, By Application, By Region
Key Players BAE Systems, Cisco Systems Inc., FireEye Inc., GreatHorn, Inc., Intel Corporation, Microsoft Corporation, Mimecast Ltd., Phishlabs, Proofpoint, Inc., Symantec Corporation, and among various others.

Scope of the Report

By Type

  • Email-based Phishing
  • Non Email based Phishing

By Application

  • BFSI
  • Education
  • Government
  • Healthcare
  • IT
  • Telecommunication
  • Transportation
  • Retail

By Region

  • Asia Pacific
  • North America
  • Europe
  • Middle East & Africa
  • Latin America

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