At 10.3% CAGR, Middle East & Africa Phishing Protection Market is Projected to be Worth US$ 332.09 Million by 2031, says Business Market Insights 

According to Business Market Insights research, the Middle East & Africa phishing protection market was valued at US$ 151.93 million in 2023 and is expected to reach US$ 332.09 million by 2031, registering a CAGR of 10.3% from 2023 to 2031. Increasing sophistication and frequency of phishing attacks and growth in e-commerce industry are among the critical factors attributed to drive the Middle East & Africa phishing protection market growth.

Phishing techniques have become more sophisticated, as attackers now leverage artificial intelligence (AI) to draft convincing e-mails. They also use deep-fake technology for voice phishing. They can use social media to run thorough research on targets. Moreover, the financial implications of phishing attacks have grown exponentially in recent years. Business e-mail compromise (BEC) is a sophisticated scam involving fraudulent transfers of money belonging to businesses or different individuals associated with an institution. In 2022, Uber experienced a significant data breach when an attacker used social engineering to phish an employee's credentials. According to a 2024 report by the cybersecurity firm Zscaler, there was a 60 percent increase in global phishing attacks over the past year. The ThreatLabz 2024 Phishing Report compiled data from 2 billion blocked phishing transactions that occurred between January and December 2023. Also, as per Kaspersky's information, phishing attacks and social engineering aimed at individuals increased by an alarming 230% in the UAE during the second quarter of 2022. Also, according to Check Point Research, cyberattacks on organizations increased globally by 32% compared to the second quarter of 2021. Moreover, in the UAE, organizations experienced an average of 970 weekly attacks in the second quarter of 2022, marking a significant year-over-year increase of 178%. An increasing number of such incidences are inspiring organizations to prioritize phishing protection. Further, 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, the 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 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.

On the contrary, the limited user awareness hampers the growth of Middle East & Africa phishing protection market.

Based on offerings, the Middle East & Africa phishing protection market is bifurcated into solution and services. The solution segment held 74.7% market share in 2023, amassing US$ 113.47 million. It is projected to garner US$ 241.73 million by 2031 to register 9.9% CAGR during 2023–2031.

In terms of deployment, the Middle East & Africa phishing protection market is bifurcated into on-premises and cloud. The cloud segment held 66.2% share of Middle East & Africa phishing protection market in 2023, amassing US$ 110.50 million. It is anticipated to garner US$ 225.05 million by 2031 to expand at 10.6% CAGR during 2023–2031.

By type, the Middle East & Africa phishing protection market is bifurcated into email-based phishing and non-email-based phishing. The email-based phishing segment held 71.8% share of Middle East & Africa phishing protection market in 2023, amassing US$ 109.04 million. It is projected to garner US$ 235.62 million by 2031 to expand at 10.1% CAGR from 2023 to 2031.

Based on enterprise size, the Middle East & Africa phishing protection market is bifurcated into large enterprises and small and medium enterprises. The large enterprises segment held 66.9% share of Middle East & Africa phishing protection market in 2023, amassing US$ 101.70 million. It is predicted to garner US$ 220.22 million by 2031 to expand at 10.1% CAGR between 2023 and 2031.

In terms of vertical, the Middle East & Africa 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 33.0% share of Middle East & Africa phishing protection market in 2023, amassing US$ 50.19 million. It is estimated to garner US$ 117.98 million by 2031 to expand at 11.3% CAGR during 2023–2031.

Based on country, the Middle East & Africa phishing protection market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 42.7% share of Middle East & Africa phishing protection market in 2023. It was assessed at US$ 64.90 million in 2023 and is likely to hit US$ 153.62 million by 2031, registering a CAGR of 11.4% during 2023–2031.

Key players operating in the Middle East & Africa 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 July 2024, The company announced new capabilities to help accelerate users transition to a Zero Trust security model with the general availability of the Microsoft Entra Suite, the industry's most comprehensive secure access solution for the workforce, and the general availability of Microsoft Sentinel within the Microsoft unified security operations platform, which delivers unified threat protection and posture management. These innovations make it easier to secure access, identify and close critical security gaps, detect cyber threats, reduce response times, and streamline operations.
• In Nov 2021, OpenText announced the addition of next-generation Network Detection & Response (NDR) technology to the OpenText Security and Protection Cloud through the acquisition of Bricata.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com