Phishing Protection Market worth $ 4.1 billion by 2028, growing at a CAGR of 13.5 %: Report by MarketsandMarkets™
Chicago, March 05, 2024 (GLOBE NEWSWIRE) -- The global Phishing Protection Market is estimated to be worth USD 2.2 billion in 2023 and is projected to reach USD 4.1 billion by 2028, at a CAGR of 13.5% during the forecast period, according to a new report by MarketsandMarkets™.
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416 - Tables
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313 - Pages
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Phishing Protection Market Dynamics:
Drivers:
Rising instances of phishing attacks
Surge in mobile phishing
Rise in stringent data protection regulations and compliance
Restraints:
Resource constraints
Increase in false positives
Opportunities:
Increasing cloud adoption
Global awareness campaigns
List of Key Players in Phishing Protection Market:
Barracuda
Cofense
Duocircle
Ironscales
Microsoft
Mimecast
OpenText
Paubox
Proofpoint
Sophos
The growing complexity of cyber threats, the need for real-time threat detection, and the scarcity of skilled cybersecurity professionals drive the phishing protection market as organizations seek comprehensive and outsourced solutions to enhance their security postures.
Organizations grappling with an unprecedented surge in phishing attacks must fortify their defenses against an evolving landscape of deceptive tactics. The increasing integration of technology into daily business operations and the rise in remote work scenarios accentuate the urgency for robust phishing protection measures. As regulatory compliance requirements become more stringent, businesses are prompted to invest significantly in advanced cybersecurity solutions to safeguard sensitive data and maintain the trust of stakeholders. The relentless nature of cyber threats, marked by continually evolving phishing techniques, underscores the indispensability of the phishing protection market in providing adaptive and resilient strategies to counteract these dynamic and persistent digital risks.
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The phishing protection market in the Asia Pacific region is positioned for accelerated growth, driven by several key factors. The risk of phishing attacks becomes more pronounced as the Asia Pacific region witnesses rapid digital transformation and an increased reliance on online communication channels. The region's Governments and businesses recognize the critical need for robust cybersecurity measures to protect sensitive information and critical infrastructure. The escalating frequency of cyber threats, including sophisticated phishing tactics, propels the demand for advanced protection solutions. The heightened awareness of cybersecurity risks and regulatory initiatives further contribute to the surge in the adoption of phishing protection measures in the Asia Pacific market. As organizations across diverse sectors prioritize digital security, the Asia Pacific phishing protection market is poised to play a pivotal role in fortifying the region's cybersecurity posture.
The cloud segment of the phishing protection market is anticipated to experience a notably higher growth rate, underlining the increasing shift towards cloud-based solutions in the cybersecurity landscape. Organizations are recognizing the benefits of cloud deployment, such as scalability, flexibility, and centralized management, in effectively addressing the evolving challenges posed by phishing threats. The surge in remote work arrangements and the widespread adoption of cloud-based email services amplify the demand for cloud-native phishing protection technologies. As businesses prioritize digital resilience and the ability to adapt to dynamic cyber threats, the cloud segment emerges as a focal point for innovation and growth within the phishing protection market.
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The major players in the phishing protection market are Barracuda (US), Cofense (US), Duocircle (US), Ironscales (Israel), Microsoft (US), Mimecast (UK), OpenText (Canada), Paubox (US), Proofpoint (US), Sophos (UK), Trend Micro (Japan), Trustwave (US), Twilio (US), Virtru (US), Abnormal Security (US), AGARI (US), AppGuard (US), Deepwatch (US), GreatHorn (US), Guardz (US), ImmuniWeb (Switzerland), Inky (US), Redsift (UK), SpyCloud (US), Trustifi (US), Vade (France), Valimail (US), ZeroFOX (US). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. The dynamic interplay of escalating digital demands, complex application architectures, and the need for security propels companies to invest in and adopt phishing protection in an increasingly interconnected landscape. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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