Spear Phishing Protection Market size is anticipated to reach USD 5 Billion by the end of 2035 by growing at a CAGR of 12% during the forecast period , i.e., 2023-2035. In the year 2022, the industry size of the spear phishing protection was over USD 1 Billion. The growth of this market can be attributed to the increasing digitalization globally. Growing digitalization has given rise to criminal activities such as the misuse of someone’s data for malicious purposes. Many hackers nowadays are stealing confidential data from servers and selling that information in the market and making good money out of it. This is increasing criminal activities online, thus, the demand for spear phishing protection is estimated to rise in the forecast period. Around 237 million ransomware attacks took place globally in the first half of 2022.
On the other hand, spear phishing protection is used as a filter to delete unsolicited emails and also works as a shield against critical information from hackers. Growing adoption of cloud email security solutions, increasing cybercrime activities in end-user industries such banking sector, healthcare, defense, finance, and e-commerce sectors. In addition, the global rise in internet infiltration is also estimated to drive this market in the forecast period. The internet penetration rate in the Asia Pacific region went to 47% in 2021.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~12% |
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Base Year Market Size (2022) |
~USD 1 billion |
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Forecast Year Market Size (2035) |
~USD 5 billion |
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Regional Scope |
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End-user (BFSI, Government & Defense, Healthcare, Telecommunication, Retail, Media & Entertainment, Transportation)
The global spear phishing protection market is segmented and analyzed for demand and supply by end users into BFSI, government & defense, healthcare, telecommunication, retail, media & entertainment, transportation, and others. Out of this, the BFSI segment is anticipated to account for the largest market share in the forecast period. In 2021, around five thousand cases of banking fraud were reported in the Asia Pacific region. This can be attributed owing to the growing number of cyber-crimes activities accounted for in the BFSI sector. In most cases, it is done with the help of social media or email. Hackers generally hack the official server and steal confidential and significant data from there, and then they sell that information in the market for hefty tons of money.
Component (Solutions, Services)
The global market of spear phishing protection is segmented and analyzed for demand and supply by component into services (Professional and Manual or Managed) and solutions (Cloud, Hybrid, and On-premises). Out of which, the solution segment is anticipated to account for the largest market share in the forecast period. The growth of this segment can be attributed to the demand of this market in the end-user industries such as BFSI, healthcare, defense, and retail sector to enhance their IT efficiency. The segment keeps an eye on the inbound and outbound email system and also makes sure the data is not shared illegally with any unauthorized sources. The solution segment includes prevention from data loss, spam filtering, intelligence risk, email authentication, malware attack warning, and email archiving.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Protection Type |
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By End User |
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North American Market Forecast
The market in the North American region is estimated to witness the largest growth over the forecast period. This can be attributed to the back of enhanced digitization in the region and the high investment of leading companies in cyber security systems. Besides key market players, the government authorities of the region are also initiating the development of cybercrime systems. For instance, The President's budget for FY19 consists of USD 15 billion in budget authority for cyber-related activities, which is more than the last year. Also, growing digitalization, online browsing, and email accessibility in smartphones in the region are a few significant factors driving the growth of this market in the North American region.
APAC Market Statistics
Additionally, it is anticipated that during the forecast period, the Asia Pacific spear phishing prevention market will expand significantly. The rise in cyberattacks and data theft is to blame for this expansion, which has seen a sharp rise in the use of security tools including email encryption, ransomware defense, and zero-day prevention. Additionally, the region has seen a growth in the use of mobile devices, which has raised the danger of data theft from these devices. The development of government organizations' digital infrastructure through the use of cloud services and BYOD guidelines is another trend that is expected to contribute to the region's growth over the course of the projection period.
Europe Market Forecast
The Europe spear phishing market is estimated to be registering a significant share by the end of 2035. This can be attributed owing to the increasing adoption of advanced cybersecurity solutions. Moreover, increasing digitization in the region may lead to a rise in demand for cyber security services or solutions, which could boost the global spear phishing protection market further.
Author Credits: Abhishek Verma, Hetal Singh
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