Phishing Protection Market is expected to reach US$ 5.94 Billion by 2031

Emergence of Protection Solutions Powered by Artificial Intelligence and Machine Learning Fuel Phishing Protection Market Growth During Forecast Period

According to our latest study, "Phishing Protection Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Application, Node Type and Geography," the market was valued at US$ 2.39 billion in 2023 and is expected to reach US$ 5.94 billion by 2031; it is estimated to record a CAGR of 12.1% from 2023 to 2031. The report includes growth prospects owing to the current phishing protection market trends and their foreseeable impact during the forecast period.

Phishing attacks are becoming more intricate and require smarter real-time defense mechanisms. The integration of advanced technologies such as AI and ML helps better cybersecurity systems. AI and ML-powered phishing protection solutions can quickly analyze vast amounts of data to identify patterns. Advanced algorithms can distinguish between legitimate and malicious communications more effectively to minimize disruption in business operations. Further, there is a continuous demand for advanced phishing protection solutions such as AI-assisted threat-hunting tools and automated incident response systems that can be integrated seamlessly with existing security infrastructures and provide actionable intelligence to security teams. As organizations increasingly recognize the limitations of phishing protection based on traditional rules, the demand for these advanced solutions is expected to grow significantly during the forecast period, in turn, bolstering the growth of the phishing protection market during the forecast period.

Phishing Protection Market Analysis — by Region

Source: The Insight Partners Analysis

Microsoft Corp, Barracuda Networks Inc., SlashNext Inc., IRONSCALES LTD, Proofpoint Inc., Mimecast Services Limited, Open Text Corp, Paubox Inc., Trustwave Holdings Inc., and Cisco Systems Inc. are among the key players profiled in the phishing protection market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the phishing protection market forecast based on offering, type, enterprise size, vertical, and geography. By offering, the market is segmented into solution and services. The solution segment held a larger phishing protection market share in 2023. The geographic scope of the phishing protection market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Taiwan, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Asia Pacific dominated the market in 2023, followed by North America and Europe.

In the modern, digitally interconnected world, phishing attacks pose a significant threat to individuals, organizations, and economies. As a result, the demand for effective phishing protection solutions has grown exponentially, and several companies have emerged as key solution providers in the last few decades. In April 2023, Akamai Technologies Inc., a cloud company, launched the Brand Protector, its new solution to detect and disrupt phishing sites. It also targets fake stores and brand impersonations. The Brand Protector solution enables organizations to retain and increase customer loyalty by minimizing financial losses incurred by a drop in productivity; it also safeguards businesses from bad customer feedback. Further, in September 2023, ZeroFox, an enterprise software-as-a-service provider in external cybersecurity, announced multiple enhancements to its anti-phishing products. Built on advanced AI/ML technologies, the new anti-phishing features enable an escalated alert volume and minimize false positives. Moreover, these features accelerate the stages from threat submission to initial disruption and complete takedowns for all customers.

North America holds a significant phishing protection market share. A robust cybersecurity infrastructure and high awareness drive the demand for phishing protection solutions in this region. Stringent data protection regulations also contribute to the phishing protection market growth in major regions. European countries have the General Data Protection Regulation (GDPR) in place, which compels European organizations to prioritize the implementation of cybersecurity measures. Further, the increasing adoption of cloud-based services and the rising number of targeted attacks fuel the demand for robust protection solutions in the region.  

In Asia Pacific, rapid digitization and the expanding e-commerce industry are expected to drive the phishing protection market in the coming years. The high smartphone penetration makes this region a prime target for phishing attacks. As a result, businesses and individuals are increasingly investing in advanced phishing protection solutions to safeguard sensitive data. In Latin American countries, many businesses rely on digital technologies for their operations. The subsequently rising cybersecurity concerns have contributed to the growth of the phishing protection market in South & Central America. Governments are also taking initiatives to improve cybersecurity awareness. To combat evolving cyberattacks, major companies in the phishing protection market worldwide have developed new forms of solutions. These solutions initiate urgent alarms following successful strikes by attackers.

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