Phishing Protection Market Size and Share Report by Segment Analysis by Type (Email-Based, Non-Email-Based), Application (BFSI, Education, Government, Healthcare, IT & Telecommunication, Automotive & Transportation, Retail), Organization Size (SMEs, Large Enterprises), Deployment (Cloud, On-Premises), Offering (Services, Solutions) - Global Industry Demand Forecast to 2030

Phishing Protection Market Statistics

Key Information Available in this Report

The phishing protection market generated revenue of USD 2,307.5 million in 2023, which is expected to witness a CAGR of 13.7% during 2024–2030, to reach USD 5,609.3 million by 2030. This can be ascribed to the increasing phishing attacks and ongoing technological advancements. Moreover, an increase in remote working and a rise in the adoption of cloud-based communication surge the cases of phishing threats, which, in turn, drives the demand for phishing protection solutions.

For instance, according to reports, 81% of companies, globally, suffered from phishing attacks since March 2020, and despite these attacks, only 1 in 5 companies give phishing awareness training to their workers once per year.

In addition, technological advancements, emerging vectors, and regulatory compliance boost the demand for flexible and innovative phishing protection strategies. These elements have helped players in continuous battle to stop persistent and dynamic cyber threats.

Further, the growing popularity of the Bring-Your-Own-Device (BYOD) policy in companies shows the need for strict phishing protection measures. Employees use corporate networks on personal devices, which demand specific solutions to protect diverse endpoints and reduce the risks of BYOD-enabled environments. This also adds fuel to the growth of the market.

According to an internet crime report, the average number of complaints of phishing threats is 6,52,000 per year over the last five years globally, and a $10.3 billion loss was incurred with 8,00,944 complaints in 2022.

The Ministry of Electronics and IT, the Government of India, took specific measures to prevent cyberattacks such as the Indian Computer Emergency Response Team (CERT-In), which is the national agency to address the country’s cybersecurity. It issued alerts and advisories about the latest cyber threats/vulnerabilities and countermeasures. Also, CERT-In has issued 70 advisories for organizations and users for the protection of digital technologies.

Trends/Drivers/Challenges

Increased Number of Phishing Attacks

• The continuous escalation of phishing attacks and their complexity is one of the major factors driving the market. Organizations must prioritize and implement strong cybersecurity measures to solve this issue of spike.
• Cybercriminals are extremely skilled at utilizing constantly evolving strategies like changing from old phishing emails to highly complex approaches including social engineering techniques and spear phishing. Organizations need to strengthen their defenses to compete with these emerging threats.
• Advanced phishing protection solutions are becoming more popular as they need to safeguard confidential information, secure networks, and protect from financial and reputational damage. These solutions are essential for giving a proactive defense mechanism in opposition to the diverse and changing tactics used by cybercriminals.
• The outcome of the market increases the demand and encourages the development of superior and innovative phishing protection solutions. Thus, cybersecurity organizations are continually going beyond the limit to develop technologies apart from old methods such as integrating artificial intelligence, machine learning, and behavioral analysis in order to identify and reduce phishing threats in real-time.
• The phishing market will continue to evolve as organizations recognize the critical importance of remaining ahead in the competition of cybersecurity while offering complete solutions for dealing with the dynamic nature of cyber threats.
• For instance, renowned telecommunication company BSNL has suffered from data leakage including sensitive details of fiber and landline users of BSNL.
• Similarly, AIIMS Delhi suffered from a ransomware attack in November 2022, which caused the AIIMS server down for six consecutive days and created issues for the hospital as well as for many patients.
• In December 2023, CERT-In warned people about the new scam called smishing. In this, cybercriminals deceive people through text messages. CERT-In has explained that the latest scam utilizes influencing messages to fool people and extract private or financial information from them.

Rising Number of Third-World Economies

• The market is projected to grow significantly because of the expected growth in the economies of emerging countries. This growth is a result of substantial investments in the development of IT infrastructure, which is currently taking place at full speed.
• Specifically, countries such as India, China, and various nations of South America are observing a surge in cybercrimes and cyberattacks, which highlights the essential need for modern cybersecurity measures specifically for phishing protection.
• For instance, globally, India is the most targeted country, constituting approx. 14% of all cyberattacks.
• Moreover, governments all across the world, including the Middle East and Africa, are more focused on strengthening their cybersecurity defenses. The increasing threat landscape and the awareness of phishing attacks as a serious risk are the driving forces behind their active strategies in this region.
• On the other hand, North America and Europe are leaders in the industry, as they have mature markets. These regions are expected to have stable growth and well-established cybersecurity infrastructures but the dynamic nature of cyber threats makes it necessary to invest in innovative phishing protection solutions to guarantee resilience from sophisticated attacks.
• The global phishing market is projected to have an evolving landscape with different trajectories of growth across different geographical areas as developing nations speed up their technological capabilities.

Variable Characteristics of Cyber Threats

• The dynamic and continuously changing character of phishing attacks poses an ongoing challenge to the market. Cyber attackers exhibit a tremendous ability to quickly adjust their strategies by using new technology and finding holes in newly developed communication channels.
• Cybersecurity solutions need to be flexible, proactive, and innovative to fully stop phishing attacks in the continually changing world. The first issue is to identify and prevent known attack vectors that need strong and advanced defense mechanisms. The second is a bit difficult and is used to defend against new methods adopted by cybercriminals.
• The landscape is not only for the continued use of traditional phishing techniques but also for more difficult and novel strategies such as spear-phishing and business email hacking.
• Organizations are required to make investments in novel technology, employee training, and threat intelligence to solve this major issue.
• Cybersecurity communities with collaborative efforts share insights and best practices with the goal of building a collective defense against the emerging tactics of cyber attackers.

Phishing Type Analysis

• The email-based phishing category is projected to grow at the highest CAGR, of 14.0%, during 2024–2030, as well it holds the largest market share. Email-based phishing was on the rise during the starting phase of this decade. The extensive usage of the internet in households helped cybercriminals to connect with their targets and exploit them.
• Initially, people were not aware of the internet-based vulnerabilities, which made them prey to cybercriminals. However, as the decade proceeded, advancements in cybersecurity and awareness campaigns have contributed to reducing cyber threats.
• Moreover, the email-based phishing market will continue to grow in the coming years, because email is widely used as a main form of communication in all sectors.
• The frequency of email-based communications for both personal and professional purposes is always a target for cyber threats. Therefore, phishing solutions need to be upgraded to combat with evolving strategies used by cybercriminals.

During the study, we have analyzed two phishing types in the report:

• Email-Based Phishing (Faster and Larger-Growing Category)
• Non-Email-Based Phishing

Application Analysis

• The BFSI (Banking, Financial Services, and Insurance) category holds the largest market share, of 35%, in 2023. This is due to the large investments in data security and increased internet utilization. The investment and internet penetration are not limited to this sector only, these also go to other sectors.
• The need to combat the surging cyberattacks in diverse industries is a driving force for the increasing adoption of phishing protection systems.
• Businesses are recognizing the importance of phishing solutions and increasing utilization to safeguard their digital assets. These solutions include email archiving, email encryptions, and prevention of data loss, which contribute to the overall growth of the market.
• Whereas, the healthcare category is projected to witness the highest CAGR, of 14.4%, during 2024–2030 in the market. This growth is associated with the increasing number of phishing attacks in the healthcare industry, due to human errors, third-party vulnerabilities, outdated technology, and the unawareness of healthcare staff about online threats.
• Globally, healthcare organizations dealt with many cyberattacks mainly network, application, and malware between October 2021 and September 2022. Further, this domain has faced high data breach costs in the past few years.
• The Health Insurance Portability and Accountability Act (HIPPA) controls healthcare organizations and protects patient's data from cyber threats. Also, HIPPA reported, in January 2021, that the private information of 3.5 billion people was available to attackers for many years.

Below are the major applications in which phishing protection plays an important role:

• BFSI (Largest End-User Category)
• Education
• Government
• Healthcare (Fastest End-User Category)
• IT
• Telecommunication
• Transportation
• Retail

Region and Country Analysis

• Geographically, APAC is the fastest-growing market, advancing at a CAGR of 14.2% during 2024–2030. This can be ascribed to the ongoing and dynamic digital transformation of diverse industries and the surging adoption of advanced cybersecurity measures to protect digital assets in the region.
• The evolving threat landscape is not only increasing the growth but also reflects the regulatory initiatives that are being implemented across APAC.
• Governments and regulatory bodies are actively involved to promote and apply cybersecurity methods and influencing to amplify their defense against the rising rate of phishing attacks.
• The essence of cybersecurity is getting recognition by organizations in APAC, which acts as a key driver. As the number of businesses is rising, the risk of cyber threats is also increasing, which, in turn, raises the demand for strict phishing protection solutions.
• The region is also seeing a surge in digitalization, which boosts the demand for modern phishing solutions.
• On the other hand, North America held the largest market share, of around 55%, in 2023. This dominancy is due to the region’s modern state of digitalization, high utilization of smartphones, a significant amount of email users, a large number of remote system users, and an increased adoption of internet of things (IoT) devices.
• Digital technologies are being adopted in different aspects of daily life, which further increases the exposure to cyberattacks and hence the region needs to have strong phishing protection measures.

Further, regions and countries analyzed for this report include:

• Asia-Pacific (APAC)
  • China (Largest Country Within APAC)
  • Japan
  • India (Fastest-Growing Country Within APAC)
  • South Korea
  • Australia
  • Rest of APAC
• Europe
  • Germany (Largest Country Within Europe)
  • UK (Fastest-Growing Country Within Europe)
  • France
  • Italy
  • Spain
  • Rest of Europe
• North America
  • U.S. (Largest and Fastest-Growing Country Within North America)
  • Canada
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Within Latin America)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Within MEA)
  • South Africa
  • U.A.E. (Fastest-Growing Country Within MEA)
  • Rest of MEA

Phishing Protection Companies News

• Mimecast increased its protection of the digital workplace by acquiring the human risk management solutions specialist Elevate Security in January 2024.
• Tessian was acquired by Proofpoint in December 2023. This acquisition was done to provide strong security by combining Tessian’s AI-powered behavioral and dynamic detection with Proofpoint’s threat and data loss prevention technology.
• INTERPOL collaborated with Trend Micro in August 2023 to close a popular phishing scheme.
• Splunk and Microsoft signed a deal in July 2023 to provide enterprise security and observability solutions for Splunk on Microsoft Azure.
• A threat intelligence task was formed by IBM Security X force in December 2020 to investigate COVID-19 cyber threats at businesses that are responsible for maintaining the vaccine supply chain.
• Great Horn launched a large and expensive platform update in September 2020 to provide wider visibility into the whole email security stack.

Competitive Analysis

The market has a high degree of fragmentation, owing to many domestic and international players. The continual appearance of new entrants is impacting the established and new service providers. Organizations can choose any service to fulfill their particular cybersecurity needs, due to the presence of numerous players.

Top Phishing Protection Service-Providing Companies:

• Microsoft Corporation
• Mimecast Services Limited
• Proofpoint Inc.
• GreatHorn Inc.
• FireEye Inc.
• Symantec Corporation
• Cisco Systems Inc.
• Phishlabs Inc.
• Intel Corporation