In terms of revenue, the Global Business Email Compromise Market is expected to reach USD 4.4 Billion by 2030, growing at CAGR (Compound Annual Growth Rate) of 20.5% from 2023 to 2030.
The global Business Email Compromise market is experiencing significant growth and is expected to continue on this trajectory over the next decade. BEC attacks are a type of cybercrime where attackers use fraudulent emails to deceive individuals or organizations into transferring money or sensitive information. With an increase in online business transactions, the risk of BEC attacks has become more prevalent, leading to a surge in demand for effective security solutions. The global Business Email Compromise market is projected to reach a valuation of by 2030, growing at a CAGR (Compound Annual Growth Rate) of 20.5% during the forecast period. This growth is being driven by the increasing sophistication of cyber-attacks, coupled with the rise in remote work due to the COVID-19 pandemic.
Key Highlights from the Report
· In terms of Technology, increasing use of advanced technologies to prevent and detect email fraud is a highlight. For example, machine learning algorithms are being used to analyze email traffic patterns and identify suspicious activity. Additionally, blockchain technology is being explored as a way to increase email security and prevent fraud.
· On the basis of Application, growing adoption of BEC solutions across various industries, including banking, financial services, and healthcare is a highlight. This is due to the increasing risk of cyber-attacks in these sectors and the need to protect sensitive information and financial transactions.
· In terms of Region, the Business Email Compromise market is experiencing significant growth across various regions, including North America, Europe, and Asia-Pacific. North America is expected to dominate the market due to the presence of major players in the region and a high level of awareness about cyber threats. Meanwhile, Asia-Pacific is projected to grow at the highest CAGR during the forecast period, driven by increasing investments in cybersecurity and the rise of e-commerce in the region.
The global Business Email Compromise market is witnessing dynamic changes in terms of its growth and development. A number of factors are driving this growth, including the increasing sophistication of cyber-attacks, the rise in remote work, and the growing adoption of email as a primary means of communication. At the same time, there are also several challenges and restraints that are impacting the market.
One key trend in the Business Email Compromise market is the growing adoption of cloud-based solutions. These solutions offer greater flexibility, scalability, and cost-effectiveness than traditional on-premise solutions. Additionally, the increasing use of artificial intelligence (AI) and machine learning (ML) is helping to improve the accuracy and effectiveness of BEC prevention and detection. Another important trend is the rise of multi-factor authentication (MFA) as a way to enhance email security and prevent fraud.
Several drivers are fueling the growth of the Business Email Compromise market. These include the increasing demand for email security solutions, the rise of e-commerce and online business transactions, and the growing awareness among organizations about the risks of cyber-attacks. Moreover, the COVID-19 pandemic has further accelerated the growth of the Business Email Compromise market, as more organizations have shifted to remote work and become more reliant on digital communication channels.
However, there are also several challenges and restraints that are impacting the market. These include the high cost of implementing and maintaining BEC solutions, the lack of awareness among small and medium-sized enterprises (SMEs) about the risks of cyber-attacks, and the difficulty in detecting and preventing attacks that are carried out using legitimate email accounts.
Overall, the Business Email Compromise market presents significant opportunities for growth and development in the coming years, driven by advances in technology, increasing demand for email security solutions, and the growing need to prevent and detect cyber-attacks. However, addressing the challenges and restraints in the market will be key to ensuring sustained growth and success for BEC solution providers.
The Global Business Email Compromise Market is Segmented as follows
- Deployment Mode
- IT & ITeS
- Energy & Utilities
- Retail & eCommerce
- Other Verticals
- Organization Size
- Large Enterprises
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Business Email Compromise Market is
Agari Inc. (U.S.), Armorblox Incorporation (U.S.), Abnormal Security Inc. (U.S.), Area 1 Security Inc. (U.S.), Barracuda Networks Inc. (U.S.), Broadcom Corp. (U.S.), Clearswift GmbH (UK), Cisco Inc. (U.S.), Check Point Inc. (Israel), Fortinet Corp. (U.S.), GreatHorn Inc. (U.S.), Heimdal Security Solutions Company Ltd. (Denmark), IRONSCALES (U.S.), Mimecast Ltd. (UK), Proofpoint Inc. (U.S.), PhishLabs Corp. (U.S.), Trend Micro Inc. (Japan), Tessian Corp. (UK), Terranova Security (Canada), Trustifi Inc. (U.S.), ZeroFox Company (U.S.), Zix Corp. (U.S.)
The Global Business Email Compromise Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|