Spear Phishing Protection Market Forecasts to 2028 – Global Analysis By Protection Type (Social Engineering Protection, Data Leak Protection, and Other Protection Types), Component (Services, Solutions, Other Components), Application (Government, Telecomm

Spear Phishing Protection Market Forecasts to 2028 – Global Analysis By Protection Type (Social Engineering Protection, Data Leak Protection, and Other Protection Types), Component (Services, Solutions, Other Components), Application (Government, Telecommunication & IT, Retail and Other Applications), and Geography

According to Stratistics MRC, the Global Spear Phishing Protection Market is accounted for $1401.6 billion in 2022 and is expected to reach $2887.2 billion by 2028 growing at a CAGR of 12.8% during the forecast period. An email or other electronic communication scam known as spear phishing targets a specific person, company, or organisation. The rise of digitization has boosted illegal activities like data theft for nefarious motives. The demand for spear phishing protection is rising as more hackers are breaking into customers' sensitive data and selling it. This is causing an increase in criminal activity online. In addition to protecting sensitive information from hackers, spear phishing defence is employed as a filter to block or put unwelcome emails.

According to the statistics provided by United Nations Conference on Trade and Development (UNCTAD), the total export (%) of ICT goods such as computers, peripheral, communication and electronic equipment among other IT goods around the world grew from 10.62% in 2011 to 11.51% in 2017. The highest was recorded in Hong Kong, with 51.7% in 2017, followed by Philippines, Singapore and Malaysia.

Market Dynamics:

Driver:

Increasing Incidents of Spear Phishing Attacks

Spear phishing is a successful phishing threat made to enterprises by spammers or attackers in an effort to get sensitive and secret business information. Usually, it's done through social media or email. Typically, the attacker uses it to get financial information and trade secrets. To eliminate and guard against any unwanted access to confidential information in the company systems, spear phishing protection is used. The market is driven by a high demand for anti-phishing solutions, as seen by the increase in numbers.

Restraint:

Lack of awareness about cyber threats and cyber warfare

The spear phishing security industry is predicted to experience slow growth in a number of end-use industries due to a lack of awareness and understanding of cyber-attacks. This rising number demonstrates that anti-phishing techniques are ineffective in stopping phishing activities. The market's expansion will be hampered by a lack of understanding regarding the creation and application of anti-phishing solutions.

Opportunity:

Change in lifestyle patterns

The rate of technological development worldwide—whether it is in artificial intelligence (AI), the internet of things (IoT), or virtual reality—is closely correlated with the expansion of the global spear phishing protection market. Over 20 billion gadgets are expected to be online within the next two years. The global digital transformation in various industries is expected to offer value producing opportunities in the global Spear Phishing Protection Market, which is also anticipated to significantly boost market revenue throughout the forecast period. Hundreds of devices are connecting to the internet every second.

Threat:

Service attacks

Targets are carefully chosen by spear phishers so that the assault appears to come from people the target knows and trusts. Additionally, spear phishing assaults can use malware to take control of targets' computers and group them into sizable networks known as botnets that can be exploited for denial of service attacks. Employees must be aware of the dangers, such as the potential for receiving phoney emails, in order to combat spear phishing attacks.

Covid-19 Impact

Since the general economic situation of the majority of people has been adversely impacted by this outbreak, consumer demand has subsequently decreased as people are now more eager to cut non-essential expenses from their individual budgets. Over the course of the forecast period, the aforementioned factors are anticipated to negatively impact the global market for spear phishing protection's revenue trajectory. The global Spear Phishing Protection market is anticipated to rebound, nevertheless, when the relevant governing bodies start to lift these imposed lockdowns.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth, due to an increase in cyber attacks. One of the most popular cyber security solutions, managed security services are expanding quickly because they are simple to use and maintain in the banking and financial sector, telecommunications industry, and healthcare industry.

The banking, financial services and insurance (BFSI) segment is expected to have the highest CAGR during the forecast period

The banking, financial services and insurance (BFSI) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the rise in bank cyber attacks that result in the loss of very valuable assets and consumer data. Attackers who target banking organisations use spear phishing assaults to enter their systems or steal sensitive data, including credentials, transaction logs, and other files connected to the workings of the financial services industry.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rise in cyber attacks 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 defence, 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 organisations' 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.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the region is becoming more digitalized and uses the internet more frequently. Additionally, growing e-mail security issues and breaches are among the key drivers propelling the market in the area. Due to the existence of cutting-edge technology and organisations making significant investments in the spear phishing prevention market for the creation of various software solutions, the US holds the greatest market share in the North American area.

Key players in the market

Some of the key players profiled in the Spear Phishing Protection Market include Intel Corporation, BAE Systems, GreatHorn Inc., McAfee LLC, Barracuda Networks Inc., Mimecast Ltd., Symantec Corporation, Proofpoint, Inc., IronScales Ltd., Votiro Inc., Phishlabs, Microsoft Corporation, Cisco Systems Inc., RSA Security LLC, Trend Micro Incorporated and Check Point Software Technologies Ltd.

Key Developments:

In February 2021, Barracuda Networks Inc. introduced a redesigned version of their email security solution, Barracuda Email Threat Scanner, to help detect email threats like spear phishing, BEC, conversation hijacking, etc., from getting past email gateway.

In December 2020, Microsoft Office 365 users were targeted to spear phishing campaign using exact domain spoofing tactic of Microsoft that lured recipients to click on a malicious link. The link redirected users to a fake login page designed to steal their login credentials.

Protection Types Covered:
• Social Engineering Protection
• Data Leak Protection
• Zero Day Prevention
• Email Encryption
• Ransomware Protection
• Denial of Service Attack Protection
• Multi Layered Malware Protection
• Other Protection Types

Components Covered:
• Services
• Solutions
• Other Components

Applications Covered:
• Government
• Telecommunication & IT
• Retail
• Transportation
• Education
• Healthcare
• Defense
• Banking, Financial Services and Insurance (BFSI)
• Media and Entertainment
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements