Phishing Protection Market Size Worth $5.94 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the phishing protection is applicable to a vast array of verticals that are expected to register strength during the coming years.

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Overview of Report Findings:

Market Segmentation:

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Competitive Strategy and Development:

Global Headlines on Phishing Protection:

North America dominated the phishing protection market share in 2023, followed by Europe and Asia Pacific. Phishing has become one of the most significant concerns associated with the Internet. Over 300,000 phishing incidents were reported in the US by the Internet Crime Complaint Center of the FBI in 2022. Artificial intelligence (AI) technologies, along with machine learning, have gained considerable popularity in detecting incidences of fraudulent activities before they cause any serious damage. For instance, Microsoft developed Office 365 Advanced Threat Protection, where AI is used for analyzing millions of e-mails to identify possible risks. As per a report published by Zscaler, Inc., the US, the UK, and India are the most heavily affected countries by phishing scams, as they accounted for 55.9%, 5.6%, and 3.9% of the global total in 2023. Such high incidences can be due to the increasing usage of electronic devices in these countries.

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Cloud-based phishing protection services have become popular in North American countries, particularly among small and medium-sized enterprises (SMEs). In 2023, the Midwest University administration had Barracuda's cloud-based e-mail security solution in place to prevent students and lecturers from being victims of cybercrimes, particularly phishing. According to The State of Phishing report published by Proofpoint in 2023, the company's services could identify and stop more than 10 million phishing e-mails in the US on a daily basis. Companies in the phishing protection market in North America are looking forward to harnessing the capabilities of AI-driven behavior analysis and implementing improved user authentication methods to stay ahead of emerging threats.

According to a report released by SlashNext Inc., a phishing protection company, there has been a 1,265% increase in phishing attacks from the fourth quarter of 2022 to the end of the third quarter of 2023. In addition, regulatory bodies across the world hold organizations accountable for data breaches resulting from phishing attacks. The General Data Protection Regulation (GDPR) in Europe and similar laws worldwide have imposed hefty fines on them for inadequate cybersecurity measures. These actions drive investment in the phishing protection market. As a result, different enterprises and institutes, among others, are leveraging machine learning (ML) and AI to analyze and identify phishing patterns. This proactive approach allows them to predict attacks before their occurrence and helps them automate response strategies. Deploying e-mail filtering solutions can significantly reduce phishing attempts. The escalation in phishing attacks has driven organizations to invest heavily in multilayered phishing protection solutions. In addition, training staff members on ways to identify e-mail samples that could lead to phishing scams allows them to incorporate advanced threat intel into their security platforms. Thus, the increasing sophistication and frequency of phishing attacks fuel the phishing protection market growth.

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Conclusion:

Phishing Protection refers to the technologies, strategies, and solutions designed to detect, prevent, and mitigate phishing attacks. Phishing is a form of cyber-attack wherein malicious malware attempts to deceive individuals into revealing sensitive information, including login credentials or bank and other financial details, by posing as legitimate entities through various digital communication channels. Different techniques employed by phishing protection solutions aim at identifying, avoiding, and minimizing fake approaches that are used by fraudsters to acquire vital data through misleading online messages. The phishing protection market has seen significant growth in recent years owing to factors such as the increasing sophistication of phishing attacks, introduction of higher security standards through stringent data protection regulations, and growing awareness of cybersecurity threats. Key trends in the market include the integration of artificial intelligence and machine learning for improved threat detection and the adoption of multi-layered security approaches. Further, the continued digitalization of operations by organizations is likely to create substantial opportunities for the phishing protection market growth. As phishing tactics continue to evolve with technological advancements, the market is expected to see innovation with a greater emphasis on proactive intelligence-driven protection strategies.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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