At 13.2% CAGR, Asia Pacific Phishing Protection Market is Projected to be Worth US$ 1,918.72 Million by 2031, says Business Market Insights

According to Business Market Insights research, the Asia Pacific phishing protection market was valued at US$ 712.51 million in 2023 and is expected to reach US$ 1,918.72 million by 2031, registering a CAGR of 13.2% from 2023 to 2031. Stringent regulatory compliance requirements and integration of behavioral analysis are among the critical factors attributed to drive the Asia Pacific phishing protection market growth.

Governments and regulatory bodies across the world are actively designing and implementing serious data protection regulations. For instance, according to Section 66D of the Indian IT Act, phishing refers to fraudulent schemes aimed at acquiring sensitive information from individuals, such as passwords and banking details. This legal provision imposes a penalty of up to three years of imprisonment, a fine of up to US$ 1,150, or both. Countries such as Brazil (with LGPD), China (with PIPL), and India (with proposed data protection laws) are following compliance regulations, which creates a global trend toward stricter data protection regulations.

Other regulatory compliance measures aimed at ensuring data protection in several industries are as follows:

• Payment Card Industry Data Security Standard (PCI DSS) is a global standard for the protection of payment card data.
• The Act on the Protection of Personal Information (APPI) has been one of the essential regulations put in place for data protection in recent years in Japan.
• Australia has a comprehensive data protection framework that is primarily overseen by the Privacy Act 1988 and its amendments.

As regulations continue to evolve and become more stringent, target organizations proactively invest in comprehensive phishing protection solutions to avoid potential fines and legal issues, along with demonstrating a commitment to protecting sensitive data; this also helps them restore customer trust in them and improves brand reputation. Thus, stringent regulatory compliance requirements propel the growth of the phishing protection market during the forecast period.

On the contrary, the limited user awareness hampers the growth of Asia Pacific phishing protection market.

Based on offerings, the Asia Pacific phishing protection market is bifurcated into solution and services. The solution segment held 72.9% market share in 2023, amassing US$ 519.60 million. It is projected to garner US$ 1,360.44 million by 2031 to register 12.8% CAGR during 2023–2031.

In terms of deployment, the Asia Pacific phishing protection market is bifurcated into on-premises and cloud. The cloud segment held 67.3% share of Asia Pacific phishing protection market in 2023, amassing US$ 479.49 million. It is anticipated to garner US$ 1,322.06 million by 2031 to expand at 13.5% CAGR during 2023–2031.

By type, the Asia Pacific phishing protection market is bifurcated into email-based phishing and non-email-based phishing. The email-based phishing segment held 70.9% share of Asia Pacific phishing protection market in 2023, amassing US$ 504.90 million. It is projected to garner US$ 1,341.26 million by 2031 to expand at 13.0% CAGR from 2023 to 2031.

Based on enterprise size, the Asia Pacific phishing protection market is bifurcated into large enterprises and small and medium enterprises. The large enterprises segment held 65.7% share of Asia Pacific phishing protection market in 2023, amassing US$ 468.00 million. It is predicted to garner US$ 1,251.31 million by 2031 to expand at 13.1% CAGR between 2023 and 2031.

In terms of vertical, the Asia Pacific phishing protection market is categorized into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, and others. The BFSI segment held 27.0% share of Asia Pacific phishing protection market in 2023, amassing US$ 192.10 million. It is estimated to garner US$ 580.17 million by 2031 to expand at 14.8% CAGR during 2023–2031.

Based on country, the Asia Pacific phishing protection market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 26.6% share of Asia Pacific phishing protection market in 2023. It was assessed at US$ 189.46 million in 2023 and is likely to hit US$ 561.27 million by 2031, registering a CAGR of 14.5% during 2023–2031.

Key players operating in the Asia Pacific phishing protection market are Microsoft Corp; Cisco Systems Inc; Open Text Corp; Barracuda Networks, Inc.; SlashNext, Inc.; Ironscales; Proofpoint Inc; Mimecast Services Limited; Paubox, Inc; and Trustwave Holdings, Inc. among others.

• In Jun 2024, Cisco Systems, Inc., a global technology leader, has announced the launch of the Cisco Cybersecurity Center of Excellence in Tokyo dedicated to enhancing Japan's cybersecurity defenses and digital resilience. The Center will play a pivotal role in shaping cybersecurity policies, fortifying threat intelligence collaborations, and expanding cybersecurity training to increase the pool of skilled professionals in the field. Its mission is to foster a secure, ethical, and robust digital ecosystem that aligns with Japan's strategic objectives.
• In May 2024, Cisco, the worldwide leader in enterprise networking and security, is expanding its cloud data center footprint for the first time in Indonesia with the launch of new Cisco Edge Data Centers. The new data centers will support network traffic inspection and enforcement to help customers bolster their cyber defenses. This investment in cybersecurity reaffirms Cisco's commitment to support Indonesia's rapidly growing economy, the largest in Southeast Asia.

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