Phishing Protection Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

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.

Phishing Protection Market Analysis

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.

Phishing Protection Market Overview

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

Phishing Protection Market

• 
  CAGR (2023 - 2031)

  12.1%
• Market Size 2023
  US$ 2.39 Billion
• Market Size 2031
  US$ 5.94 Billion

Market Dynamics

GROWTH DRIVERS

• Increasing Sophistication and Frequency of Phishing Attacks
• Stringent Regulatory Compliance Requirements

FUTURE TRENDS

• Integration of Behavioral Analysis

OPPORTUNITIES

• Emergence of Protection Solutions Powered by Artificial Intelligence and Machine Learning
• Surge in Mobile Phishing Attacks

Key Players

• Microsoft Corp
• Barracuda Networks Inc
• SlashNext Inc
• IRONSCALES LTD
• Proofpoint Inc
• Mimecast Services Limited
• Open Text Corp
• Paubox Inc
• Trustwave Holdings Inc
• Cisco Systems Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Offerings

• Solution and Services

Deployment

• On-Premises and Cloud

Type

• Email-based Phishing and Non-Email-based Phishing

Enterprise Size

• Large Enterprises and Small and Medium Enterprises

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Phishing Protection Market Drivers and Opportunities

Stringent Regulatory Compliance Requirements Drive Phishing Protection Market

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:

• Payment Card Industry Data Security Standard (PCI DSS) is a global standard for the protection of payment card data.
• The US Health Insurance Portability and Accountability Act (HIPAA) requires healthcare organizations to protect patient data.
• The Gramm-Leach-Bliley Act (GLBA) at the federal level in the US is effective in addition to the New York State Department of Financial Services (NYDFS) in New York.
• The Act on the Protection of Personal Information (APPI) has been one of the essential regulations put in place for data protection in recent years in Japan.
• Australia has a comprehensive data protection framework that is primarily overseen by the Privacy Act 1988 and its amendments.

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.

Surge in Mobile Phishing Attacks to Provide Opportunities for 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.

Phishing Protection Market Report Segmentation Analysis

Key segments that contributed to the derivation of the phishing protection market analysis are offering, deployment, type, and enterprise size.

• By offering, the market is segmented into solutions and services. The solutions segment held a larger share of the phishing protection market in 2023.
• Based on deployment, the market is divided into on-premise and cloud. The cloud segment held a larger share of the phishing protection market in 2023.
• Based on type, the market is divided into email-based phishing and non-email-based phishing. The email-based phishing segment accounted for a larger share of the phishing protection market in 2023.
• Based on enterprise size, the market is divided into large enterprises, and small and medium enterprises. The large enterprises segment accounted for a larger share of the phishing protection market in 2023.
• Based on vertical, the market is divided into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, and others. The BFSI segment held the largest share of the phishing protection market in 2023.

Phishing Protection Market Share Analysis by Geography

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.

Phishing Protection Market Report Scope

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Phishing Protection Market News and Recent Developments

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:

• IRONSCALES, an AI-powered e-mail security leader protecting 13,000 global customers from advanced phishing attacks, announced the General Availability (GA) of its GPT-powered Phishing Simulation Testing solution. This innovative capability, now available to IRONSCALES Complete Protect customers, marks a significant advancement in the ease, efficacy, and accessibility of cybersecurity training and awareness solutions. (Source: IRONSCALES, Press Release, June 2024)
• SlashNext introduced a groundbreaking service—SlashNext Gen AI—for Spam and Graymail. This service is the first of its kind to use a generative AI large language model (LLM) for detecting as well as filtering spam and graymail. It delivers unparalleled accuracy and precision with near-zero false positive rates, which significantly enhances user productivity and security operations center (SOC) efficiency. (Source: SlashNext, Press Release, May 2024)

Phishing Protection Market Report Coverage and Deliverables

The "Phishing Protection Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Phishing protection market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Phishing protection market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Phishing protection market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the phishing protection market
• Detailed company profiles