In the highly competitive vendor landscape for the global spear phishing protection market, companies are focusing on the development of technologically advanced and innovative spear phishing protection solutions so as to retain consumers and attract new ones. Focus on expansion across lucrative regional markets is also emerging as a leading growth strategy adopted by players with the view of strengthening their positions and improving growth prospects, observes Transparency Market Research in a recent report.
Some of the leading companies in the market are GreatHorn, Inc., Proofpoint, Inc., FireEye Inc., Intel Corporation, Microsoft Corporation, Raytheon Co. and Phishlabs.
The global spear phishing protection market is expected to reach a valuation of US$1,839.8 mn by 2025. In terms of revenue, the market is projected to expand at a CAGR of 9.6% during the forecast period from 2017 to 2025.
Of the large set of threats that that the spear phishing protection solutions provide, the segment of email encryption held the dominant share in 2016 and is forecast to see a steady rise in its overall revenue share in the global market over the forecast period. However, the segment of social engineering protection is projected to outpace other segments over the forecast period due to high rate of adoption among users.
Geographically, the market for spear phishing protection earned a significant share of its revenue from the North America regional segment in 2016. This can be attributed to the high expenditure of a number of industries in the U.S. on regular technological upgrades in the field of cyber security. Like North America, Europe is also a matured market for cyber security protection systems and is expected to lead to promising growth avenues for the spear phishing protection market over the report’s forecast period.
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Rising numbers of Cyber Attacks Compel Enterprise World to Arm-up with Necessary Phishing Protection Solutions
The vast rise in the number and the level of sophistication of cyber-attacks across a number of industries such as banking and finance, defense, and retail and consumer goods has brought about a comprehensive rise in demand for security protection solutions against spear phishing. Spear phishing protection solutions and services are being increasingly used by the enterprise sector to protect their digital assets from spams and thefts by providing email encryptions, email archiving, and prevention of data loss.
The vast rise in internet penetration and investment in data security in telecommunication, healthcare, government and public sector are also expected to help the global spear phishing market pick pace over the forecast period. Rise in demand for cloud-based email security solutions and services from developing economies such as China, India, and countries in South America is also expected to drive the market during the forecast period. However, lack of knowledge and awareness about cyber-attacks could hinder the growth of the spear phishing protection market to a certain extent.