Spear Phishing Protection Market Size

Global Spear Phishing Protection Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Spear Phishing Protection Market size is estimated to reach ~USD 5 Billion by the end of 2035 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of the spear phishing protection was ~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.

Global Spear Phishing Protection Market: Growth Drivers and Challenges

Growth Drivers

High prevalence of spear phishing attacks, especially in the BFSI sector – Spear phishing is an email phishing threat from spammers to business organizations regarding the spread of their confidential information. Nowadays, many hackers are stealing confidential data from an organization’s server and selling that data in the market, and making hefty amounts. These kinds of cybercrime activities can be widely seen in the BFSI sector. Spear phishing protection works as a shield and protects confidential data from getting in contact with any unauthorized source. The BFSI Sector in India faced a loss of USD 64 million owing to cybercrime activities in FY 2021-22.
Demand for efficient cloud email security solutions and services – Last year, internet usage skyrocketed by 50% to 70% 40 million people in Southeast Asia went online for the first time.
Growing Digitalization - According to India Brand Equity Foundation, India’s digital lending was USD 75 billion in FY19. However, it is projected to reach USD 1 trillion by FY2023 driven by the five-fold increase in digital disbursements.
Rising Internet Penetration – Globally, 5.18 million people are using the internet currently. This number is estimated to increase at an annual growth rate of 1.9%.

Challenges

Less Awareness of Cyber Threats and Cyber Warfare – Less awareness and understanding regarding cyber threats and cyber warfare is considered to be the reason that can hamper the market in the forecast period. As per the FBI, in recent years, Business Email Compromises (BEC) hackers have focused heavily on the real estate sector.
Strict Government Regulations
Less Knowledge Among the Consumers

Global Spear Phishing Protection Market Segmentation

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.

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 spear phishing protection market includes the following segments:

By Component	Services (Professional and Manual or Managed) Solutions (Cloud, Hybrid, and On-premises)
By Protection Type	Data Leak Protection Email Encryption Zero-Day Prevention Ransomware Protection Multi-Layer Malware Protection Social Engineering Protection Denial of Service Attack Protection
By End User	BFSI Government & Defense Healthcare Telecommunication Retail Media & Entertainment Transportation Others

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Global Spear Phishing Protection Market Regional Scope

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.

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.

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.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the spear phishing protection market?

Ans: The rising prevalence of spear phishing, among other cyberattacks, the growing demand for efficient cloud email security solutions and services, and high investment in cyber security technologies are a few of the important factors responsible for the growth of this market.

2) What would be the CAGR of spear phishing protection market over the forecast period?

Ans: The market size of spear phishing protection is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023 â€“ 2035.

3) What are the challenges affecting the spear phishing protection market growth?

Ans: The lack of understanding and awareness of cyber-attacks and cyber threats is estimated to act as a barrier to market growth.

4) Which region will provide more business opportunities for growth of spear phishing protection market in future?

Ans: North America is estimated to create notable growth opportunities for market growth over the forecast period.

5) Who are the major players dominating the spear phishing protection market?

Ans: The major players in the market are BAE Systems, Barracuda Networks Inc., FireEye, Inc., Cisco Systems, Cofenso Inc., Proofpoint, GreatHorn, Inc., and Others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the global spear phishing protection market?

Ans: The market is segmented by the end user, protection type, component, and by region.

8) Which sub-segment captures the largest market size in protection type segment in the global spear phishing protection market?

Ans: The email encryption segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Base Year	2022
Forecast Year	2023-2035
CAGR	~12%
Base Year Market Size (2022)	~USD 1 billion
Forecast Year Market Size (2035)	~USD 5 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)