Phishing Protection Industry Growth, Development and Forecast Report, 2030

NEW YORK - Sept. 16, 2024 - PRLog -- The phishing protection market generated USD 2,307.5 million in revenue in 2023. It is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 13.7% between 2024 and 2030, potentially reaching USD 5,609.3 million by 2030. This growth is attributed to the rising frequency of phishing attacks and continuous advancements in technology.

Additionally, the increase in remote work and the growing adoption of cloud-based communication have led to more phishing threats, amplifying the need for effective phishing protection solutions.

The persistent rise in phishing attacks and their increasing complexity contribute to the market's prominence. Organizations are required to implement robust cybersecurity measures to mitigate the risks of breaches and data theft.

Cybercriminals are becoming increasingly adept at using evolving tactics, moving beyond traditional phishing emails to more sophisticated methods such as social engineering and spear phishing. To counter these advanced threats, companies must strengthen their defensive strategies.

Advanced phishing protection solutions are gaining traction as they protect sensitive data, defend against network breaches, and help prevent financial and reputational harm. These solutions are integral to the robust security systems needed to combat the diverse and ever-evolving methods used by cybercriminals.

As businesses recognize the importance of staying ahead in the cybersecurity race, they will integrate specialized teams focused on developing solutions to tackle the ever-changing landscape of cyber-attacks.

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Key Insights:

• The email-based phishing segment is expected to grow at a significant CAGR of 14.0% throughout the forecast period.
• This segment currently holds the largest share within the phishing protection market.
• The rise in email-based phishing has been particularly notable over the past decade due to increased internet usage.
• Cybercriminals have targeted individuals' home internet connections, turning unsuspecting users into easy targets.
• Growth in cybersecurity technologies and educational programs, such as cybersecurity training, has helped reduce the threat of phishing over time.
• In 2023, the BFSI (Banking, Financial Services, and Insurance) sector held the largest market share, accounting for 35%.
• Notably, these investments and internet penetration extend beyond the BFSI sector into various other industries.
• The Asia-Pacific (APAC) region is witnessing the fastest market growth, with a CAGR of 14.2% projected for 2024–2030.
• This growth is driven by ongoing digital transformation across industries and increased adoption of advanced cybersecurity measures to safeguard digital assets.
• Regulatory efforts in APAC are also influencing the implementation of cybersecurity strategies and defenses against phishing threats.
• Organizations in APAC are increasingly acknowledging the significance of cybersecurity, fueling the demand for comprehensive phishing protection solutions.