Global Phishing Protection Market to Double by End of the Decade

The phishing protection market was valued at USD 2,307.5 million in 2023 and is set to grow at a CAGR of 13.7% , reaching USD 5,609.3 million by 2030. The rise in phishing attacks, technological advancements, and an increasing reliance on remote work and cloud-based communication systems are key growth drivers.

The surge in BYOD (Bring Your Own Device) policies has further amplified the need for robust phishing protection solutions. With employees accessing corporate networks on personal devices, stringent endpoint protection measures are essential to mitigate risks and support market growth.

Cybercriminals are evolving their strategies from traditional phishing emails to sophisticated methods like social engineering and spear phishing. Organizations are compelled to enhance their defenses to counter these dynamic threats effectively.

The BFSI sector dominated the phishing protection market in 2023 with a 35% share, driven by significant investments in data security and increased internet usage. Similarly, the healthcare sector is projected to grow the fastest at a CAGR of 14.4%, owing to frequent phishing attacks caused by human errors, outdated technology, third-party vulnerabilities, and a lack of cybersecurity awareness among healthcare workers.

In terms of geography, the APAC region is expected to exhibit the fastest growth, progressing at a CAGR of 14.2% through 2030. This growth is attributed to the ongoing digital transformation across industries and the adoption of advanced cybersecurity solutions to safeguard digital assets.

The global rise in phishing attacks continues to propel the demand for phishing protection solutions, a trend that is expected to persist throughout the decade.

Frequently Asked Questions

What is the phishing protection market size in 2023?

The phishing protection market was valued at USD 2,307.5 million in 2023.

What is the projected growth rate of the phishing protection market?

The market is expected to grow at a CAGR of 13.7%, reaching USD 5,609.3 million by 2030.

What are the key drivers of growth in the phishing protection market?

The growth is driven by rising phishing attacks, advancements in technology, increased remote working, widespread cloud adoption, and BYOD policies.

Which industry sector holds the largest share of the phishing protection market?

The BFSI sector led the market in 2023, accounting for 35% of the total share due to significant investments in data security and increased internet usage.

Why is the healthcare sector experiencing rapid growth in this market?

The healthcare sector's growth, projected at a CAGR of 14.4%, is due to phishing attacks caused by outdated technology, third-party vulnerabilities, human errors, and insufficient staff training on cybersecurity.

Which region is expected to grow the fastest in the phishing protection market?

The APAC region is projected to grow at a CAGR of 14.2% by 2030, driven by digital transformation across industries and the adoption of advanced cybersecurity solutions.

Why is there a growing global demand for phishing protection solutions?

The rising frequency and complexity of phishing attacks across industries worldwide are driving the demand for advanced phishing protection systems.