(MENAFN- America News Hour) Global Spear Phishing Protection Market Key Insights
During the forecast period of 2023-2035, the global spear phishing protection market is expected to reach an estimated value of ~USD 3.2 billion by 2035, by expanding at a CAGR of ~11%. The market further generated revenue of ~USD 1 billion in the year 2022. Major key factors propelling the growth of the spear phishing protection market worldwide are the burgeoning unethical internet utilization and expenditure in cyber security and augmenting adoption of cloud email security systems.
Market Definition of
spear phishing protection
Spear phishing is an email phishing attack that aims at a specific individual or organization in order to obtain access to sensitive or personal documentation. Convicts are more likely to conduct spear phishing attempts in order to obtain corporate secrets, financial details, or military secrets. Spear phishing safeguards filters out spam email and protects a participant's data from hackers. Even though cybercriminals frequently intend to scam information for fraudulent purposes, they may also aspire to install software on a targeted victim's machine.
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Global Spear Phishing Protection Market: Growth Drivers
The growth of the global spear phishing protection market can majorly be attributed to the huge incidence of spear phishing attacks, particularly in the BFSI sector. Based on a report, approximately 214,345 distinctive phishing webpages were recognized, and the number of new phishing attacks has doubled since the beginning of 2020, with more than 50% of IT planners citing phishing attacks as a leading security risk. Also, increased usage of cloud email security solutions and an increase in cybersecurity in various end-user sectors such as banking and finance, defense, medical services, and retail. The industry is also influenced by the need for spear-phishing solutions to be integrated with other mainstream techniques. Based on the India Brand Equity Foundation, digital lending in India increased by USD 75 billion in FY18. The five-fold rise in digital expenditures is expected to raise digital financing to USD 1 trillion by FY2023. By 2023, India's digital financing for micro, small, and medium-sized enterprises (MSMEs) is anticipated to reach USD 100 billion. This increase in digitization will provide additional opportunities for phishing functions, which will boost market demand.
The global spear phishing protection market is also estimated to grow majorly on account of the following:
The unending expansion of internet connectivity around the world The various technological advancements such as 5G, blockchain, cloud services, Internet of Things (IoT), and AI (AI)
Global Spear Phishing Protection Market: Restraining Factor
The lack of knowledge and perception about the vulnerabilities posed by cyberattacks is predicted to stifle market growth. There is still a gap in knowledge about current cyberwarfare and its development that must be discussed. Hence, this factor is expected to be the major hindrance to the growth of the global spear phishing protection market during the forecast period.
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Spear Phishing Protection
By Component (Solutions, Services)
The solutions segment is predicted to have the largest sales volume and the largest CAGR owing massive adoption of such solutions to enhance IT security. Security agencies have been warning about spearfishing in recent years, and the popularity of spear phishing protection solutions has grown. For instance, in February 2021, Barracuda Networks Inc. released a revamped version of their email security solution, Barracuda Email Threat Scanner, to aid in the tracking of email threats such as spear phishing, BEC, conversation hijacking, and so on.
The market in North America is anticipated to expand substantially during the forecast period, owing to the increased digital revolution in the region and major investment by leading corporations in cyber security devices. The market in Europe and Asia-Pacific, on the other hand, are predicted to expand as the primary markets for spear phishing protection, following North America, owing to the rising adoption of cutting-edge cyber security solutions. However, the Asia-Pacific region is expected to increase at the fastest rate during the forecast years.
The market research report on global spear phishing protection also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global
Spear Phishing Protection
Some of the key players of the global spear phishing protection market are Microsoft Corporation, BAE Systems, Barracuda Networks Inc., FireEye, Inc., Cisco Systems, Proofpoint, GreatHorn, Inc., Phishlabs, Intel Corporation, Symantec Corporation, Mimecast Ltd., and others.
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