Businesses across the globe are adopting phishing protection solutions to protect sensitive data and information against phishing attacks. Businesses are spending a significant amount of money on implementing advanced security strategies and deploying security solutions.

China Dominates Phishing Protection Market in Asia Pacific

The China phishing protection market is projected to expand during the forecast period. China contributes significantly to the market share owing to the increasing number of phishing attacks and data breach activities. According to the Center for Strategic & International Studies, in August 2023, cybercriminals allegedly stole and sold datasets from China’s Ministry of State Security. The full dataset includes personal identification information for approximately 500 million Chinese citizens and classified documents. This encourages the ministry to adopt and deploy phishing protection solutions to protect sensitive and confidential information from attackers. In addition, phishing protection solutions and services help businesses develop a strong cybersecurity culture and adopt safe online practices within organizations, thereby offering protection against cyber threats and phishing attacks.

China is highly focused on adopting comprehensive security solutions for protecting data and credentials from phishing attacks. According to the Center for Strategic & International Studies, in March 2023, a hacker group from South Asia targeted companies in China’s nuclear energy sector in an espionage campaign and planned to target the energy and government sectors of other countries such as Saudi Arabia, Bangladesh, and Pakistan. Such phishing attacks trigger the demand for phishing protection solutions and services among consumers to protect their sensitive data. Phishing protection offers uses with a mitigation technique to minimize the impact of phishing attacks. According to the March 2023 report by the International Trade Administration, China is the second largest AI market in the world after the US. There is a rise in research activities in the field of AI startups and substantial AI adoption by large and small & medium enterprises. Growing investments in AI technology, the availability of advanced technological infrastructure, and rising awareness related to cyber threats in China are expected to generate significant opportunities for the phishing protection market growth in the near future.

Segmental Overview of Phishing Protection Market

Based on offering, the phishing protection market is bifurcated into solution and service. The solution segment recorded a larger market share in 2022. It is anticipated to hold a significant revenue share during the forecast period. On the basis of deployment, the phishing protection market is divided into on-premise and cloud. The on-premise segment held a larger market share in 2022; It is anticipated to hold a significant revenue share during the forecast period. In terms of type, the market is divided into email-based phishing and non-email-based phishing. The email-based phishing segment held a larger market share in 2022, and it is further anticipated to record a higher CAGR during the forecast period. Based on enterprise size, the market is bifurcated into large enterprise and small and medium enterprise (SMEs). The large enterprise segment recorded a larger market share in 2022. The small and medium enterprise (SMEs) segment is projected to register a higher CAGR during the forecast period. In terms of vertical, the phishing protection market is segmented into BFSI, IT & telecom, retail & e-commerce, media & entertainment, government & public sector, and others. The BFSI segment held the largest market share in 2022. The media & entertainment segment is anticipated to record the highest CAGR in the phishing protection market during the forecast period.

Phishing Protection Market Analysis: Competitive Landscape and Key Developments

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 phishing protection market players that are profiled in this report. Several other essential market players were also analyzed for a holistic view of the market and its ecosystem. The phishing protection market forecast can help stakeholders in this marketplace plan their growth strategies. The report provides detailed market insights to help major players strategize their growth. As per the company press release, below are a few key developments

• January 2024 – Mimecast Services Limited acquired Elevate Security to strengthen its offerings and enhance digital workplace protection.
• December 2023 – Proofpoint Inc acquired Tessian to adopt and implement AI technology in their business offerings. Proofpoint Inc uses Tessian’s advanced AI to automatically detect and guard against both evolving email threats and accidental data loss.
• In November 2023, IRONSCALES LTD expanded its platform capabilities to fight against surging QR code attacks by accelerating cyber awareness. The company is strengthening fundamental behavioral analysis with deep image-based detection capabilities to stop email attacks that avoid text analysis, such as QR code phishing attacks (also known as quishing).
• In September 2023, IRONSCALES LTD announced its portfolio availability on Amazon Web Services (AWS) Marketplace. The company provides software and solutions to the AWS marketplace to support customers and partners in securing their cloud email environments immediately.
• August 2023 – Trend Micro Incorporated collaborated with INTERPOL to work together to shut down a well-known phishing operation. Trend Micro Incorporated’s close cooperation with law enforcement led to the dismantling of phishing-as-a-service operations.
• July 2023 – Splunk Inc partnered with Microsoft Corp to build Splunk’s enterprise security and observability offerings on Microsoft Azure. Splunk Inc is making its solutions available for purchase on the Microsoft Azure Marketplace.