Albany, NY -- (SBWIRE) -- 05/02/2018 -- Spear phishing is an email phishing attack that targets an individual or a particular organization, to gain access to confidential information or sensitive data. Spear phishing attempts are more likely to be conducted by convicts for acquiring trade secrets, financial data, or military information. Spear phishing protection is used to filter out all those unsolicited emails and protect an individual's information from hackers. Factors such as the rising adoption of cloud email security solutions, rising number of cybercrimes in different end use industries such as banking and financial sector, defense, healthcare and retail sector, and rise in internet penetration across the world have led to the expansion of the spear phishing protection market.
Moreover, rise in BYOD applications is one of leading factors responsible for the growth of spear phishing protection market over the forecast period. The spear phishing protection market, as a result, is expected to witness an increase in market growth between 2017 and 2025. However, lack of proper knowledge and awareness about cyber-attacks is anticipated to hinder the growth of the spear phishing protection market.
The report states that the global spear phishing protection market stood at US$ 817.2 mn in 2016. The study projects the global spear phishing protection market to expand at a CAGR of 9.6% during the period from 2017 to 2025, rising to a valuation of US$1,839.8 mn by 2025.
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Based on component, the spear phishing protection market is segmented into solutions and services. Solutions segment is further sub segmented into cloud, hybrid and on-premise. Cloud based solution sub-segment held the largest market share in the global spear phishing market in 2016 and is expected to see robust growth over the forecast period.
The services segment is segmented into professional services and managed services. The professional services segment is estimated to account for a significant chunk of the market, followed by managed services during the forecast period. Rising number of cyber-attacks is expected to propel professional services demand over the forecast period. Managed security services is one of the most favored cyber security technologies, and is developing rapidly due to effortlessness operations and management in banking and financial sector, telecommunications, and healthcare.
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The global spear phishing protection market is expected to be driven by the North America region, followed by Europe over the forecast period from 2017 to 2025. Furthermore, South America and Middle East and Africa (MEA) are projected to promote the growth of the overall spear phishing protection market. Globally, North America region held the major market in 2016 and is expected to maintain its leading position in the spear phishing protection market due to huge investment by leading manufacturers in technological up gradation in cyber security protection system and wide product acceptance trends among consumers.
Apart from this, growing incidences of cyber-attack from emerging economies such as China, Japan, India, and countries across South America is expected to drive the market over the forecast period. However, because North America and Europe are mature markets for spear phishing protection in terms of system awareness and acceptance, these regions are estimated to develop at a stable yet relatively sluggish pace over this forecast period.
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The key players profiled in the global spear phishing protection market include Microsoft Corporation, Symantec Corporation, BAE Systems, GreatHorn, Inc., Cisco Systems Inc., FireEye Inc., Proofpoint, Inc., Intel Corporation, Mimecast Ltd., and Phishlabs.