Global Business Email Compromise Market Size To Exceed USD 7.98 Billion By 2033 | CAGR of 19.53%

Global Business Email Compromise Market Size To Exceed USD 7.98 Billion By 2033             

According to a research report published by Spherical Insights & Consulting, the Global Business Email Compromise Market is Expected to Grow from USD 1.34 Billion in 2023 to USD 7.98 Billion by 2033, at a CAGR of 19.53% during the forecast period 2023-2033.

Browse key industry insights spread across 240 pages with 150 Market data tables and figures & charts from the report on the " Global Business Email Compromise Market Size, Share, and COVID-19 Impact Analysis, By Offering (Solution and Service), By Deployment Mode (Cloud and On-premises), By Organization Size (SMEs and Large Enterprise), By Vertical (BFSI, Government, IT and Telecommunications, Energy and Utilities, Manufacturing, Retail and eCommerce, Healthcare, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/business-email-compromise-market

The business email compromise market refers to the detection, prevention, and management of business email compromise attacks, a form of cybercrime in which criminals use malware, phishing, or social engineering to obtain or impersonate legitimate business email accounts to defraud businesses. The industry is concentrated on tools, services, and techniques. The market growth is driven by the pressing need for sophisticated security solutions, which is demonstrated by the growing complexity and frequency of business email compromise (BEC) attacks. Cybercriminals are using sophisticated social engineering techniques to exploit trustworthy communication channels. The interconnection of international business operations increases the potential of cross-border email-based threats. Protecting private conversations and financial transactions must be an organization's priority. Strengthening BEC defenses is necessary to maintain data integrity, operational continuity, and confidence. However, the market growth is hindered by their limited capabilities, as open-source and pirated email security software are widely used, which reduces the effectiveness of BEC threat defense. This inhibits the growth of the market as a whole and erodes confidence in reliable suppliers.

The solution segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the estimated period.

On the basis of offering, the business email compromise market is classified into solution and service. Among these, the solution segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the estimated period. The segmental growth can be attributed to the businesses place a high priority on investing in robust BEC solutions because BEC attacks have a substantial financial impact. Both small and large firms are affected by BEC attacks, which result in significant financial losses. Modern email security technologies, threat intelligence, and real-time monitoring capabilities that identify and get rid of BEC threats before they cause any harm are some of the ways the solutions address these financial issues.

The cloud segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe.

On the basis of deployment mode, the business email compromise market is divided into cloud and on-premises. Among these, the cloud segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe. The segmental growth can be attributed to the widespread adoption of cloud-based email services across numerous industries and company sizes. Programs for cloud-based email, such as Google Workspace, Microsoft Office 365, and others, provide scalability, remote access, and collaboration capabilities that increase productivity and streamline business procedures. As companies shift their email infrastructure to the cloud, cloud-native BEC protection solutions that detect, prevent, and mitigate attacks to cloud-based email systems are growing in popularity.

The SMEs segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected period.

On the basis of organization size, the business email compromise market is segmented into SMEs and large enterprises. Among these, the SMEs segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected period. The SMEs segmental growth can be attributed to the greater awareness and education about the risks of BEC attacks and the importance of cybersecurity. As SMEs learn more about the potential threats and the availability of specialized BEC solutions, they are more likely to invest in these technologies to protect their businesses.

The BFSI segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the predicted timeframe.

On the basis of vertical, the business email compromise market is categorized into BFSI, government, IT and telecommunications, energy and utilities, manufacturing, retail and ecommerce, healthcare, and others. Among these, the BFSI segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the predicted timeframe. The segmental growth can be propagated to the issues of data privacy and regulatory compliance. Financial organizations are subject to stringent regulations specific to their industry. These regulations require BFSI enterprises to implement adequate security measures to safeguard sensitive financial data and ensure the privacy of consumer information. BEC solutions help BFSI institutions satisfy regulatory standards while ensuring compliance and protection by providing state-of-the-art security features, including encryption, multi-factor authentication, and comprehensive audit trails.

North America is anticipated to hold the largest share of the global business email compromise market over the projected timeframe.

North America is anticipated to hold the largest share of the global business email compromise market over the projected timeframe. The region's growth is attributed to its strong regulatory framework and advanced cybersecurity infrastructure. Email security is getting more money and attention as a result of the region's growing BEC occurrence frequency.  Regulatory standards like NIST, PCI DSS, and HIPAA further strengthen organizational protections. As the region's reliance on digital communication and connected devices has increased, so has its attack surface. Together, these factors raise the demand for dependable BEC solutions, which fuels the growth of the North American market.

Europe is estimated to grow at the fastest CAGR of the global business email compromise market during the forecast period. In these regions, international supply lines and corporate networks are interdependent, which increases the impact of BEC attacks in Europe. Many businesses collaborate with overseas partners and suppliers, creating complex ecosystems that are vulnerable to misuse.  Cybercriminals use these links to design BEC attacks that target multiple companies at once, and they use compromised email accounts to perpetrate fraud on a global scale.

Major vendors in the global business email compromise market are Acronis International GmbH., Trend Micro Incorporated, Broadcom, Tessian Limited, Cellopoint International Corp., proofpoint, Check Point Software Technologies Ltd., Mimecast.com, Fortra, LLC, GreatHorn, Inc., Zix, Area 1 Security, Fortinet, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In July 2023, Telefónica Tech, Telefónica's digital business subsidiary, struck a strategic relationship with cybersecurity company Proofpoint to launch advanced corporate email protection services in the Spanish market. This collaboration resulted in two major offerings: Clean Email Enterprise for large corporations and Clean Email Business for medium-sized businesses.  Both services use Proofpoint's cutting-edge technology and are administered by Telefónica Tech's Security Operations Centers. They provide full protection against email-borne threats, including ransomware, Business Email Compromise (BEC), and impersonation assaults.

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global business email compromise market based on the below-mentioned segments: 

Global Business Email Compromise Market, By Offering

• Solution
• Service

Global Business Email Compromise Market, By Deployment Mode

• Cloud
• On-premises

Global Business Email Compromise Market, By Organization Size

• SMEs
• Large Enterprise

Global Business Email Compromise Market, By Vertical

• BFSI
• Government
• IT and Telecommunications
• Energy and Utilities
• Manufacturing
• Retail and eCommerce
• Healthcare
• Others

Global Business Email Compromise Market, By Regional

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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