Phishing Protection Market To Generate Revenue Worth $5,609.3 Million by 2030

The phishing protection market generated revenue of USD 2,307.5 million in 2023, which is expected to reach USD 5,609.3 million by 2030, advancing at a CAGR of 13.7% during 2024–2030. This is due to the rising cases of phishing attacks and ongoing technological progress. Moreover, the COVID-19 pandemic has increased the trend of remote working and the adoption of cloud-based communication, which also adds fuel to the growth of the market.

In addition, the Bring-Your-Own-Device (BYOD) policy in organizations is becoming important and needs strong phishing protection solutions. In this policy, corporate employees use their gadgets and companies’ sources, which need unique solutions to safeguard different endpoints and minimize the threat of BYOD-enabled environments.

Rising Cases of Phishing Attacks

One of the main drivers of the market is the rising cases of phishing attacks. To compete with these threats, companies need to prioritize and implement strong cybersecurity measures. For instance, globally, the cases of email-based phishing attacks increased to 464% in only the first six months of 2023 as compared to the year 2022.

Companies need to know how they can be ahead in terms of cyber threat trends and must update their security frameworks to combat any latest threats. They do not have to defend against known attack vectors only but also, they must anticipate and mitigate new methods used by cybercriminals to protect their digital assets and reduce large losses. This is because cybercriminals are very experts with continually evolving strategies, and they can go from traditional phishing emails to sophisticated approaches that involve advanced social engineering techniques and spear phishing.

Hence, with the increasing cases of phishing attacks and their complexity, the demand for phishing protection solutions is rising.

Email-Based Phishing Is the Fastest and Largest Category

Based on type, the email-based phishing category holds the largest market share and it is also expected to witness the highest CAGR, of 14.0%, during 2024–2030. Email is the primary source to communicate personally as well as professionally. Thus, the cases of email-based phishing are increasing due to many advancements in technology with awareness campaigns to eliminate the risk of cyber threats.

BFSI Category Dominates Market

Based on application, the BFSI (banking, financial services, and insurance) category dominates the market, with a revenue share of 35% in 2023. This dominancy is due to the heavy usage of the internet and large investments in data security. Other sectors such as education, government, healthcare, IT, telecommunication, transportation, and retail have also witnessed high investments as well as increased internet usage. Also, there is a proper requirement to fight rising cyber threats in these domains, which enhances the adoption of phishing protection solutions.

APAC Market Will Experience the Highest CAGR

Geographically, the APAC market is expected to witness the fastest growth, advancing at a CAGR of 14.2%, during 2024–2030. This can be attributed to the dynamic nature and region’s progression toward digital transformation of numerous industries to utilize modern cybersecurity strategies to safeguard digital resources.

Cybersecurity threats do not have an impact only on growth but also highlight regulatory efforts that are being executed in the region. Moreover, APAC is observing an increment in digitalization, which gives rise to the demand for advanced phishing approaches.

Some of the major market players are Microsoft Corporation, Mimecast Services Limited, Proofpoint Inc., GreatHorn Inc., FireEye Inc., Symantec Corporation, Cisco Systems Inc., Phishlabs Inc., and Intel Corporation.