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
- Published Date:Apr-2024
- Pages: 119
- Format: PDF
- Report ID: PM4840
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
- Global phishing protection market size was valued at USD 1.96 billion in 2023.
- The market is anticipated to grow from USD 2.18 billion in 2024 to USD 5.79 billion by 2032, exhibiting the CAGR of 13.0% during the forecast period.
Market Introduction
The surge in awareness associated with cybersecurity threats is a key driver for the phishing protection market growth. With cyberattacks growing in sophistication and frequency, individuals and businesses are increasingly realizing the gravity of phishing threats. High-profile breaches and data leaks highlight the potential financial and reputational harm from cybercrime. Regulatory mandates like GDPR and CCPA compel organizations to implement robust cybersecurity measures, including protection against phishing attempts. Moreover, the shift towards remote work and digital adoption expands the attack surface for cybercriminals, necessitating comprehensive phishing protection solutions.
In addition, companies operating in the market are introducing new products to expand market reach and strengthen presence.
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- For instance, in April 2023, Akamai Technologies, Inc. unveiled Brand Protector, a novel offering designed to identify and disrupt phishing websites, counterfeit stores, and instances of brand impersonation. This solution empowers businesses to uphold and enhance customer trust, while simultaneously mitigating revenue loss, decreases in operational efficiency, and negative customer reviews.
Technological advancements in phishing protection solutions are propelling the growth of the market. Innovative solutions leverage advanced algorithms, artificial intelligence, and machine learning to detect phishing attempts in real time with greater accuracy. Cloud-based platforms offer scalable and efficient protection, while behavioral analysis and predictive analytics enhance preemptive threat identification. Features such as email authentication protocols and URL scanning further bolster defense mechanisms.
Industry Growth Drivers
Increasing frequency and sophistication of phishing attacks is projected to spur the product demand
The surge in both frequency and complexity of phishing attacks is fueling growth in the phishing protection market. Cybercriminals continually refine their tactics, deploying advanced social engineering methods like spear phishing and whaling to trick users and access sensitive data. Consequently, businesses are increasingly investing in sophisticated phishing protection solutions. These employ cutting-edge technologies such as AI and machine learning to detect and stop phishing attempts in real-time. Furthermore, awareness training programs educate employees about evolving phishing tactics, enhancing their ability to recognize and report suspicious emails. This heightened demand for robust protection drives innovation and investment in the phishing protection sector, as organizations prioritize safeguarding their data and financial assets.
Growing concern associated with data breaches is expected to drive phishing protection market growth
Growing concerns about data breaches are propelling the phishing protection market. High-profile breaches highlight organizations' vulnerability to cyber threats, underscoring the need for robust protection. The expanding digital landscape, including remote work and cloud computing, increases susceptibility to phishing attacks. Regulatory frameworks like GDPR and HIPAA enforce strict data protection standards, compelling businesses to invest in cybersecurity. The potential financial losses and reputational damage from breaches drive demand for effective phishing protection.
Industry Challenges
Cost constraints are likely to impede the market growth
Cost constraints present a hurdle for the phishing protection market. While businesses acknowledge the importance of mitigating phishing threats, limited budgets can impede investment in comprehensive protection solutions. Small and medium-sized enterprises in particular, may prioritize other operational expenses over cybersecurity, especially if they perceive the risk of phishing attacks as low. Consequently, some organizations may resort to basic, low-cost protection measures or rely on free tools, potentially leaving them vulnerable to sophisticated phishing tactics. Moreover, the perceived complexity and initial setup expenses of advanced protection solutions may deter investment in more robust cybersecurity measures.
Report Segmentation
The phishing protection market analysis is primarily segmented based on offering, type, deployment model, end use, and region.
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By Offering |
By Type |
By Deployment Model |
By End Use |
By Region |
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By Offering Analysis
Solutions segment held significant revenue share in 2023
The solutions segment held significant revenue share in 2023. These solutions offer comprehensive defense mechanisms against various phishing tactics, leveraging advanced technologies like AI and machine learning for real-time threat detection. They aid businesses in complying with stringent regulatory requirements and mitigating evolving cyber threats. Customizable features and scalability cater to diverse organizational needs, while integrated awareness training enhances user vigilance. Market competition drives continuous innovation, ensuring cutting-edge solutions. Businesses prioritize investing in robust protection solutions to safeguard sensitive data and bolster cybersecurity postures.
By Type Analysis
Email-based phishing protection segment held significant revenue share in 2023
The email-based phishing protection segment held significant revenue share in 2023. Email remains a primary attack vector for phishing attempts, driving the demand for robust protection solutions. Regulatory compliance requirements mandate organizations to safeguard email communications, bolstering adoption. Advanced threat detection technologies enhance the effectiveness of these solutions, detecting and mitigating phishing attempts in real-time. Additionally, employee training features promote awareness and reduce susceptibility to phishing attacks.
By Deployment Model Analysis
Cloud-based segment held significant revenue share in 2023
The cloud-based segment held significant revenue share in 2023 owing to its scalability, flexibility, and ease of deployment. These solutions offer rapid implementation without the need for extensive infrastructure, making them cost-effective, especially for SMEs. Cloud-based models follow subscription-based pricing, reducing upfront investment. Remote accessibility and centralized management enhance usability, while robust security measures and reliable uptime ensure data protection. Seamless integration with existing infrastructure and continuous updates from providers further bolster their appeal. Cloud-based solutions cater to global businesses, providing consistent protection across different locations.
By End Use Analysis
The demand from retail and e-commerce segment is expected to increase during the forecast period
The demand from retail and e-commerce segment is expected to increase during the forecast period. These businesses handle substantial financial transactions, making them prime targets for phishing attacks aiming to steal sensitive data. Safeguarding brand reputation is essential, driving investment in protection solutions to prevent breaches and financial losses. Regulatory mandates like PCI DSS necessitate robust security measures to protect customer data. Moreover, the surge in online activity amplifies the risk of encountering phishing scams, increasing the need for proactive protection measures tailored to retail and e-commerce needs.
Regional Insights
North America region accounted for a significant market share in 2023
In 2023, North America region accounted for a significant market share. Its regulatory environment, and high incidence of cyber threats drive the adoption of advanced phishing protection solutions. The region's concentration of large enterprises and financial institutions, combined with increased cybersecurity awareness, further fuels demand. North America's early embrace of cloud technology facilitates the widespread adoption of cloud-based solutions, offering scalability and cost-effectiveness.
Asia-Pacific is expected to experience significant growth during the forecast period. The region's rapid digitalization, driven by increasing internet penetration and e-commerce expansion, creates a larger attack surface for cybercriminals, necessitating robust protection solutions. Moreover, stringent regulatory compliance requirements and rising awareness about cybersecurity risks further propel the demand for phishing protection measures. Additionally, the region's economic growth and increasing incidence of phishing attacks increase the urgency for organizations to invest in comprehensive protection solutions.
Key Market Players & Competitive Insights
The phishing protection market comprises various participants, and the anticipated entry of new competitors is set to escalate competition. Established frontrunners consistently upgrade their technologies to sustain a competitive edge, focusing on efficacy, dependability, and security. These companies prioritize strategic initiatives like forging partnerships, enhancing product offerings, and engaging in collaborative ventures. Their objective is to surpass rivals in the industry, ultimately securing a notable phishing protection market share.
Some of the major players operating in the global phishing protection market include:
- Barracuda Networks
- Check Point Software Technologies
- Cisco Systems, Inc.
- Cofense
- Forcepoint
- Fortinet, Inc.
- IronScales
- Microsoft
- Mimecast
- OpenText
- Proofpoint, Inc.
- Sophos Ltd.
- Trend Micro, Inc.
- Trustwave Holdings, Inc.
- Twilio Inc.
Recent Developments
- In December 2022, BUFFERZONE has officially introduced its latest anti-phishing solution designed to counter disruptive phishing campaigns.
- In June 2023, Guardz unveiled its latest AI-driven phishing protection solution, targeting small and medium-sized enterprises (SMEs) and managed service providers (MSPs) to prevent phishing attacks. This solution harnesses artificial intelligence to deliver automatic detection and remediation of phishing threats for both SMEs and their supporting MSPs.
- In December 2023, Proofpoint, Inc. completed its acquisition of Tessian, a company utilizing advanced AI to detect and safeguard against both accidental data loss and evolving email threats.
Report Coverage
The phishing protection market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, offerings, types, deployment models, end uses, and their futuristic growth opportunities.
Phishing Protection Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2.18 billion |
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Revenue forecast in 2032 |
USD 5.79 billion |
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CAGR |
13.0% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global phishing protection market size is expected to reach USD 5.79 billion by 2032
Key players in the market are Barracuda Networks, Check Point Software Technologies, Cisco Systems, Inc
North America contribute notably towards the global Phishing Protection Market
Phishing Protection Market exhibiting the CAGR of 13.0% during the forecast period.
The Phishing Protection Market report covering key segments are offering, type, deployment model, end use, and region.
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