The phishing protection market size is expected to reach US$ 5.94 billion by 2031 from US$ 2.39 billion in 2023. The market is estimated to record a CAGR of 12.1% from 2023 to 2031. Integration of the behavioral analysis feature is likely to be a key market trend in the market in the coming years.
The increased frequency and complexity of phishing attacks indicates the need for improved safeguarding measures, which drives the growth of the phishing protection market worldwide. North America leads the global market in terms of share and innovation. Market growth in the region is ascribed to a mature cybersecurity ecosystem and stringent regulations imposed across various sectors, predominantly finance and healthcare. In Europe, different sectors are monitored by the General Data Protection Regulation (GDPR), among other data protection regulations. Asia Pacific is estimated to register the fastest CAGR in the phishing protection market during the forecast period. The market in this region is fueled by rapid digitalization, increasing cyber threats, and growing awareness. Countries such as South Korea, Japan, and Singapore are key growth enablers while developing economies such as India and Indonesia present significant growth opportunities for market growth. Further, the adoption of phishing protection solutions is increasing in the Middle East & Africa and Latin America owing to expanding digital infrastructure and rising cybercrime. However, budget constraints and lack of awareness in some countries posed challenges for the phishing protection market growth.
The scope of the term phishing has extended beyond the practice of stealing America Online (AOL) accounts to include all sophisticated cyber threats targeting individuals and organizations worldwide. The phishing protection market is mature yet developing, as effective phishing protection solutions need to counter increasingly sophisticated threats. These solutions range from e-mail security to web filtering tools for user training platforms. They also include threat intelligence services. Moreover, the importance of phishing protection continues to grow with the acceleration of digital transformation across industries and the growing prevalence of the remote work model.
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Phishing Protection Market: Strategic Insights
Government and regulatory bodies across the world are actively designing and implementing serious data protection regulations. For instance, the GDPR imposed in the European Union in 2018 contains provisions for heavy penalties when there is an invasion of personal information privacy; these also include breaches resulting from phishing attacks. In 2021, the US Executive Order on Improving the Nation's Cybersecurity emphasized the need for enhanced cybersecurity measures in federal agencies, stressing the importance of secured supply chains with the help of improved defense mechanisms against phishing attacks. Countries such as Brazil (with LGPD), China (with PIPL), and India (with proposed data protection laws) are following compliance regulations, which creates a global trend toward stricter data protection regulations.
Other regulatory compliance measures aimed at ensuring data protection in several industries are as follows:
As regulations continue to evolve and become more stringent, target organizations proactively invest in comprehensive phishing protection solutions to avoid potential fines and legal issues, along with demonstrating a commitment to protecting sensitive data; this also helps them restore customer trust in them and improves brand reputation. Thus, stringent regulatory compliance requirements propel the growth of the phishing protection market.
A maximum number of people prefer accomplishing many personal and professional tasks using their mobile devices, such as smartphones and tablets. This trend has created an urgent need for mobile-specific phishing protection solutions. Cybersecurity threats have become more common due to the widespread use of mobile devices. According to the Lookout report, mobile phishing rates were the highest in 2022. The report reveals that, on average, more than 30% of individuals and corporate clients experienced these attacks every quarter of the year 2022. As per Microsoft Corporation, a large-scale mobile phishing attack exploited OAuth 2.0 protocols to gain access to Office 365 accounts in 2021. The attackers used mobile browsers to bypass traditional e-mail security measures, and it affected thousands of users across various organizations. Another phishing campaign targeted WhatsApp users in January 2023. Malicious links in the scam e-mails appeared to be from people they knew well. This led to account takeovers and caused data theft. Such incidents drive the demand for mobile-specific phishing protection solutions.
Enterprises are increasingly using mobile threat defense (MTD) platforms to prevent their staff members from being tricked through illegal website links sent on their phones through channels such as SMS messaging apps and mobile browsers. Moreover, there is a growing emphasis on mobile-focused security awareness training. Companies implement programs that simulate mobile phishing scenarios to educate employees about unique risks associated with mobile devices. As mobile devices continue to be integral to personal and professional life, the need for robust mobile phishing protection is expected to grow during the forecast period, creating significant opportunities for the phishing protection market players.
Key segments that contributed to the derivation of the phishing protection market analysis are offering, deployment, type, and enterprise size.
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. The increasing cyber threats and strict data protection laws such as the General Data Protection Regulation (GDPR) are the significant factors driving the phishing protection market in Europe. Darktrace, a UK-based cybersecurity company, employs machine learning to identify and block advanced phishing e-mails instantly. Large-scale National Health Service (NHS) trusts in Germany and several other European entities have implemented the "Antigena Email" program of Darktrace. Further, F-Secure, Finland, unifies machine learning-based threat intelligence with human knowledge in its phishing prevention products. In collaboration with numerous European banks, the firm shields clients from financial fraud attempts. Thus, these companies contribute notably to the phishing protection market growth in Europe with their innovative offerings.
In 2022, by Trend Micro's Cloud App Security blocked more than 12.7 million perilous e-mails for its customers in Asia Pacific countries. The financial sector in Asia Pacific has been a crucial target of phishing attacks. The health sector is experiencing a significant number of cyber-attacks through e-mails. According to the Australian Signals Directorate, Australia recorded 75% more cybersecurity incidences in 2022. Thus, market players and government bodies are focusing on technology integration and stringent regulatory policies in the area. For instance, in August 2023, DBS Bank announced the implementation of an e-mail protection system utilizing AI, which resulted in a reduction of phishing attacks by 40%. In China, the government's policy on cybersecurity, together with data protection laws, has prompted organizations to invest in cybersecurity measures. A progressive anti-phishing system implemented by the Industrial and Commercial Bank of China (ICBC) in 2022 resulted in a 60% decrease in phishing attacks in the first 6 months after implementation.
The regional trends and factors influencing the Phishing Protection Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Phishing Protection Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.39 Billion |
| Market Size by 2031 | US$ 5.94 Billion |
| Global CAGR (2023 - 2031) | 12.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offerings
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Phishing Protection Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Phishing Protection Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The phishing protection market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
The "Phishing Protection Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Phishing Protection Market
Integration of behavioral analysis is a key trend in the market.
Increasing sophistication and frequency of phishing attacks and stringent regulatory compliance requirements are driving the market growth.
North America dominated the phishing protection market in 2023.
The market is anticipated to expand at a CAGR of 12.1% during 2023-2031.
The market is expected to reach a value of US$ 5.95 billion by 2031.
Microsoft Corp, Barracuda Networks Inc., Open Text Corp, Proofpoint Inc., and Cisco Systems Inc. are major players in the market.