North America Phishing Protection Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 146 | Report Code: BMIRE00031970 | Category: Technology, Media and Telecommunications
No. of Pages: 146 | Report Code: BMIRE00031970 | Category: Technology, Media and Telecommunications
The North America phishing protection market was valued at US$ 878.79 million in 2023 and is expected to reach US$ 2,203.85 million by 2031; it is estimated to register a CAGR of 12.2% from 2023 to 2031.
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, the FBI's Internet Crime Complaint Center (IC3) had 21,832 BEC complaints, with total adjusted losses exceeding US$ 2.7 billion, which signifies the need for advanced phishing solutions. In 2022, Uber experienced a significant data breach when an attacker used social engineering to phish an employee's credentials. The 2021 Colonial Pipeline ransomware attack that disrupted fuel supplies across the Eastern US began with a phishing e-mail. 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, according to Check Point Research, cyberattacks on organizations increased globally by 32% compared to the second quarter of 2021. 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.
Phishing has become one of the largest concerns on 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.
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.
The North America phishing protection market is categorized into offerings, deployment, type, enterprise size, vertical, and country.
Based on offerings, the North America phishing protection market is bifurcated into solution and services. The solution segment held a larger market share in 2023.
In terms of deployment, the North America phishing protection market is bifurcated into on-premises and cloud. The cloud segment held a larger market share in 2023.
By type, the North America phishing protection market is bifurcated into email-based phishing and non-email-based phishing. The email-based phishing segment held a larger market share in 2023.
Based on enterprise size, the North America phishing protection market is bifurcated into large enterprises and small and medium enterprises. The large enterprises segment held a larger market share in 2023.
In terms of vertical, the North America 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 the largest market share in 2023.
By country, the North America phishing protection market is segmented into the US, Canada, and Mexico. The US dominated the North America phishing protection market share in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 878.79 Million |
| Market Size by 2031 | US$ 2,203.85 Million |
| Global CAGR (2023 - 2031) | 12.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offerings
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
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. are some of the leading companies operating in the North America phishing protection market.
The North America Phishing Protection Market is valued at US$ 878.79 Million in 2023, it is projected to reach US$ 2,203.85 Million by 2031.
As per our report North America Phishing Protection Market, the market size is valued at US$ 878.79 Million in 2023, projecting it to reach US$ 2,203.85 Million by 2031. This translates to a CAGR of approximately 12.2% during the forecast period.
The North America Phishing Protection Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Phishing Protection Market report:
The North America Phishing Protection Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Phishing Protection Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Phishing Protection Market value chain can benefit from the information contained in a comprehensive market report.
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