Phishing Protection Market is expected to reach US$ 5.94 billion by 2030

Technological Advancement and Integration of Cutting-edge Technologies to Create Lucrative Opportunities in Phishing Protection Market During 2022–2030

According to our latest market study on "Phishing Protection Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Deployment, Type, Organization Size, and Vertical," the market was valued at US$ 2.39 billion in 2022 and is expected to reach US$ 5.94 billion by 2030; it is estimated to record a CAGR of 12.1% from 2022 to 2030.

The evolution of advanced technologies, such as artificial intelligence (AI), cloud computing, and machine learning (ML), helps businesses analyze large volumes of data used to identify trends and patterns of phishing attacks. The AI and ML algorithms are highly accurate in predicting and identifying phishing attacks by continuously learning from incoming data. AL and ML allow businesses to perform real-time analysis of online content and email communications for quick identification of phishing attacks. This helps businesses respond quickly and prevent potential damage, creating opportunities in the phishing protection market growth during the forecast period. AI algorithms are highly capable of recognizing irregularities and unusual behavior in emails, such as suspicious links or attachments, which indicate a phishing effort. AI technology assists users in avoiding phishing scams by identifying these emails, which increases the demand for AI-based phishing protection solutions among consumers. Moreover, the growing adoption of phishing protection solutions encourages manufacturers to integrate cutting-edge technologies such as AI, ML, and cloud to develop next-generation phishing protection software. A few companies focused on developing and launching such software are mentioned below: 

Phishing Protection Market Report — by Region, 2022

Source: The Insight Partners Analysis

• In January 2024, VADE developed a new method that improves the accuracy and confidence of its spear-phishing detection engine. The company uses both artificial and human-generated threat samples to develop a new spear-phishing detection engine to counter sophisticated attacks. The new spear-phishing detection engine provides flexibility in the phishing prevention systems to adjust according to changing tactics used by attackers.
• In February 2023, SlashNext Inc launched Generative HumanAI, the industry's first AI solution that uses generative AI to protect against advanced business email compromise (BEC), financial fraud, supply chain attacks, and executive impersonation. The company also has the most comprehensive cloud email protection solution that can defend against link-based, natural language-based, and attachment-based BEC attacks.

Additionally, market players are regularly upgrading ML algorithms to develop their knowledge and learn from new attack patterns. ML algorithms support users in the evaluation of several factors and confirm the authenticity of login attempts that can improve multi-factor authentication (MFA) systems. This reduces the possibility of unwanted access, even if credentials are compromised through phishing attempts. Market players are leveraging ML algorithms with cloud platforms to access large amounts of data from numerous sources. This support allows users to learn from previous data breach activities and offers better protection against phishing threats.

The integration of ML technology supports the user in lowering the number of false positives in phishing detection by improving the accuracy of detecting real threats, which allows businesses to increase their efforts and focus on legitimate phishing attempts and preventing unnecessary disruptions. Thus, the growing use of AI and ML in phishing protection solutions is expected to create lucrative opportunities for phishing protection market growth during the forecast period.

The phishing protection market report includes the profiling of various market players such as 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. Several other essential phishing protection market players were also analyzed for a holistic view of the market and its ecosystem. The phishing protection market forecast can help stakeholders in this marketplace plan their growth strategies. The report also provides detailed market insights to help major players strategize their growth.

The phishing protection market analysis is carried out by identifying and evaluating key players in the market across different regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In terms of revenue, North America accounted for the largest phishing protection market share in 2022. Various companies in the US and Canada are highly engaged in adopting AI, cloud, and machine learning technology to secure their sensitive data from phishing attacks. According to a Salesforce Inc survey for 2024, 45% of the US population is already using Generative AI for work communication purposes such as email, SMS, and other communication platforms. These communication platforms are highly vulnerable to phishing attacks, which increases the demand for phishing protection solutions among consumers for protecting credentials.  

Furthermore, US dominated the North America phishing protection market share. Growing investments in AI technology, rising awareness related to phishing attacks, and significant investments in cybersecurity are driving the market in North America. The region is highly focused on adopting comprehensive security solutions for protecting data and credentials from phishing attacks. Also, the growing number of phishing attacks is expected to bolster the market in North America during the forecast period. For instance, according to the AAG report of February 2024, 47% of phishing attacks were faced by organizations in North America by the end of December 2021, which include over-vulnerability exploitation (29%) and brute force (9%). These mishaps compel companies to deploy phishing protection solutions for protecting data, information, and credentials to gain protection against phishing attacks and data breaches. Moreover, the expansion of industries such as banking, financial services, and insurance (BFSI); IT & telecom; media & entertainment; and healthcare are expected to generate significant opportunities for the expansion of the phishing protection market in the near future. Moreover, the phishing protection market trends include targeting online communication platforms and rising awareness related to phishing attacks are boosting the market in North America.

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