Global Phishing Protection Market Size – Industry Trends & Forecast Report 2027

The Global Phishing Protection market size was calculated to be USD xx billion in 2020 and is expected to take a rise at a CAGR of xx% till 2027 with a calculated value of USD xx 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.

Global Phishing Protection Market Overview

 Phishing protection is the security measure taken by industries, companies, institutions, firms, households, to prevent the “phishing attacks''. Phishing is a form of cyber-crime, which gets to its prey (individuals) through the medium of email, telephone, or text message. The predator or the individual poses as someone else, mostly as a legitimate body to lure in prey/individuals. To get sensitive personal or financial data, such as bank & credit card details, identity card (used for identity theft), pin codes & passcodes, residential & work address, etc. The obtained information is then used to access important accounts, cards’ details, passwords, social security numbers, etc. Leading to access to important accounts, databases, cards’, etc. resulting in financial loss, identity theft, loss & theft of personal or professional data. 

Global Phishing Protection Market Forecast and Trends

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. 

Impact of COVID 19 on Global Phishing Protection Market

The COVID 19 pandemic did pose a risk of increased cyber-attacks due to high dependency on IT infrastructure, digital tools, cloud computing, network/connectivity-based completion of tasks, etc. Cybersecurity attacks have drastically increased in the past few months during the pandemic. According to a new report by Barracuda Networks, a worldwide leader in Security, Application Delivery, and Data Protection Solutions, 72% of all the COVID-19-related attacks in India happened via scamming or spear-phishing. Enlarging the figures of phishing scams, and hacking campaigns measures taken in countries like China, Japan, Russia, and the U.S. Increasing scrutiny for the identity verification purpose requirements. The temporary halts, lockdowns have led to the outcome of many industrial shortcomings & financial losses, but the networking, connectivity, IT infrastructure, cyber-security, system-security-related businesses, and markets have had a low-paced growth. 

Global Phishing Protection Market: By Type 

Based on type, the global phishing protection market is segmented into Email based Phishing and Non-Email-based Phishing. If we take by comparison, then in the initial stages of this decade. The email-based phishing was at its peak, with the new introduction of the internet over households it became easier for hackers to connect with their targets. As most of the population was unaware of the internet-based technicalities. Therefore, the market is likely to grow in this segment because most of the communications are done in emails nowadays.

Global Phishing Protection Market: By Application 

Based on application, the market is divided into vertices such as BFSI, Education, Government, Healthcare, IT, Telecommunication, Transportation, and Retail. The expansive rise in internet penetration and investment in data security in the fronts like telecommunications, healthcare, IT, government, public, and residential sector allows the phishing protection market. Moreover, phishing protection solutions and services are being increasingly used by the enterprise sector to protect their digital assets from spam and thefts by providing email encryptions, email archiving, and prevention of data loss-aiding the relevant market with growth over the projected timespan. 

Global Phishing Protection Market: Regional Analysis

As per the regional analysis, North America will have the greatest share amongst all. Due to the enhanced digitalization, smartphone usage, email users, remote location access users, IoT devices, etc. This specific region will lead because of high investments being done by top manufacturers in technological advancements of the entire cybersecurity system. And following recent trends in consumer acceptance of products is high there. 

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

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