The revenue generated by the phishing protection market in 2023 amounted to USD 2,307.5 million. It is projected to experience a Compound Annual Growth Rate (CAGR) of 13.7% between 2024 and 2030, reaching USD 5,609.3 million by 2030. This growth of the market can be credited to the growing phishing attacks and ongoing technical improvements.
Furthermore, a surge in remote working and a surge in the acceptance of cloud-based communication surge the cases of phishing threats, which, ultimately, propels the need for phishing protection solutions.
The unceasing growth of phishing attacks and their growing difficulties contribute to market dominance. The organizations need to have in place strong cyber measures that can help reduce the incidences of spike or theft.
Cybercriminals are rapidly getting smarter at using techniques that are always evolving from the old phishing emails that are connected to highly complicated methods like social engineering and spear phishing. Companies must harden their countermeasures to combat these evolving threat types.
Advanced phishing protection is gaining its curious market as it secures private information, and attacks on networks, and protects against financial and reputational damages. These remedies play a vital role in strong defense systems employed to battle the wide variety and constantly changing methods used by cyber thieves.
As organizations realize the crucial value of staying on top of the race of cybersecurity, they will incorporate strong groups that develop solutions for the always-changing nature of cyber-attacks.
Key Insights
• The email-based phishing category is projected to advance at a substantial CAGR of 14.0% over the projection period.
• The category presently holds the largest industry share within the phishing protection industry segment.
• The surge of email-based phishing was distinguished in the past few years of the decade because of augmented internet usage.
• Cyber-criminals turned people's home internet connection. The internet users even those that are in households were taken as the prey for their attacks.
• Inadequacy in understanding internet vulnerabilities at first helped hackers to set traps for individuals.
• The growth of cybersecurity technologies and programs like training on how to protect one's self(and) one's basic cyber information has helped society reduce cyber threats as time goes by.
• After upgrades, though, phishing through email is still a major threat, because email is the most generally used variant of communication among institutions on all levels.
• In 2023, the BFSI category holds the largest industry share, comprising 35%.
• This supremacy is credited to substantial investments in data security within the market and the extensive surge in internet usage.
• Notably, these investments and heightened internet penetration are not confined solely to the BFSI sector but also extend to other sectors.
• APAC is experiencing the fastest market growth, with a CAGR of 14.2% during 2024–2030.
• The growth is fuelled by the ongoing digital transformation across various industries in the region.
• The adoption of advanced cybersecurity measures is increasing to safeguard digital assets.
• Regulatory initiatives in APAC are influencing cybersecurity implementations and defense strategies against phishing attacks.
• Organizations in APAC are recognizing the importance of cybersecurity, driving the demand for robust phishing protection solutions.
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