Business Email Compromise Market to grow at a CAGR of 19.3 percent reaching USD 3.96 Bn by 2029

Pune, May 30, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global market research firm, has published a competitive intelligence market research report on the "Business Email Compromise Market". The Business Email Compromise market size was valued at USD 1.19 Bn in 2022. The total Business Email Compromise Market revenue is expected to grow at a CAGR of 8 percent from 2023 to 2029, reaching USD 3.96 Bn during the forecast period.

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Business Email Compromise Market Scope and Research Methodology

The research methodology applied to the analysis of the Business Email Compromise Market is comprehensive, aiming to provide a detailed assessment of the market's regional variations, segment analysis, and competitive landscape. The report emphasizes sales forecasting as a key highlight, offering valuable insights for stakeholders, investors, market players, followers, and new entrants. It provides an overall view of the market, enabling stakeholders to formulate effective investment approaches and marketing tactics. The research methodology employed follows a bottom-up approach to estimate the size of the Business Email Compromise Market. This approach begins with a granular analysis, collecting data and insights on individual market segments, regions, and companies. The research leverages secondary data from various sources, including company annual reports, articles, and both paid and free databases. The secondary data serves as the foundation for estimating the size of the market at both regional and global levels.

Business Email Compromise Market Overview

Business email compromise refers to a sophisticated form of cyberattack wherein fraudsters impersonate legitimate entities to deceive employees into transferring funds or providing sensitive information. The Business Email Compromise (BEC) market is experiencing significant growth and garnering increasing attention due to the rising threat of cybercrime targeting organizations. The industry encompasses various solutions and services designed to detect, prevent, and mitigate these attacks. Key stakeholders in the market include cybersecurity companies offering advanced threat intelligence, email authentication, and fraud detection systems. The market potential is driven by the growing adoption of digital communication channels and the increasing sophistication of cybercriminals.

Adoption of Artificial Intelligence Driving Business Email Compromise Market Growth

The adoption of artificial intelligence (AI) is significantly driving the business email compromise (BEC) market. AI technologies play a crucial role in combating BEC attacks by enabling advanced threat detection, analysis, and prevention mechanisms. Machine learning algorithms can analyze large volumes of data and identify patterns, anomalies, and indicators of BEC attempts, helping organizations detect and respond to potential threats more effectively. AI-powered solutions are also enhancing email security by implementing robust authentication and verification processes. Advanced email filtering systems use AI algorithms to detect and block suspicious emails, phishing attempts, and forged sender addresses, reducing the risk of successful BEC attacks. AI-driven systems are analysing historical data, identifying common attack vectors, and proactively identifying potential vulnerabilities, enabling organizations to strengthen their defenses and protect against future BEC attacks. AI is expected to be a key for the industry's potential during the forecast period.

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North America region is expected to fuel the Business Email Compromise Market growth

The North America region is anticipated to play a crucial role in fueling the growth of the Business Email Compromise (BEC) market. Several factors contribute to North America's potential as a growth driver in the BEC market. The region houses numerous large enterprises and multinational corporations that handle substantial financial transactions and sensitive data, making them prime targets for cybercriminals. As a result, organizations in North America are increasingly investing in advanced cybersecurity solutions to protect themselves from BEC attacks and safeguard their operations. The regulatory landscape in North America, particularly in the United States, places a strong emphasis on data privacy and security. Compliance requirements such as the Gramm-Leach-Bliley Act (GLBA) and the Health Insurance Portability and Accountability Act (HIPAA) compel organizations to implement robust security measures to protect sensitive information, including defences against BEC attacks. This drives the demand for BEC prevention solutions and services.

Business Email Compromise Market Segmentation

Based on type of scams, data theft segment to dominate the Business Email Compromise Market over the forecast period

By type of scams, the business email compromise market is segmented into data theft, false invoice schemes, CEO fraud, lawyer impersonation, and accounts compromise. Data theft segment accounted for the highest market share in 2022. Data theft is a prevalent form of BEC scam where cybercriminals gain unauthorized access to an organization's sensitive information. They may exploit weak security measures or use phishing techniques to trick employees into divulging login credentials or other confidential data.

Based on Offerings, Service segment to dominate the Business Email Compromise Market over the forecast period

By offerings, Business Email Compromise (BEC) is categorized into offering & service. The service segment dominated the market in 2022. Thanks to the complex nature of BEC attacks, which require a comprehensive approach that goes beyond technology solutions alone. Services provide organizations with specialized expertise, customized strategies, and ongoing support to address the evolving challenges posed by BEC scams. Services help organizations stay up to date with the latest threat intelligence, regulatory compliance requirements, and best practices in BEC prevention and incident response.

Based on Deployment, Cloud Based segment to dominate the Business Email Compromise Market over the forecast period

Based on deployment, the business email compromise market is segmented into cloud-based and on-premise. The cloud-based segment accounted for the largest market share in 2022. The increasing adoption of cloud technologies across industries, coupled with the benefits of scalability, flexibility, and reduced management overhead, has led to the widespread preference for cloud-based solutions. Cloud deployments offer organizations the agility to scale their BEC prevention capabilities according to their evolving needs, while also benefiting from the expertise and resources provided by cloud service providers.

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Based on Application, the BSFI segment to dominate the Business Email Compromise Market over the forecast period

On the basis of application, the business email compromise market is segmented into BFSI (Banking, Financial Services, and Insurance), Government, IT & ITeS (Information Technology and IT-enabled Services), Energy and Utilities, Manufacturing, Retail and eCommerce, Healthcare, and Other Applications. The BSFI segment accounts for the largest market share in 2022. The banking, financial services, and insurance sector are highly targeted by cybercriminals due to the potential financial gains associated with successful BEC attacks. Therefore, organizations in the BFSI sector invest heavily in robust security measures, including advanced email security solutions, employee training, and incident response capabilities, to protect against BEC scams.

By Type of Scams

• Data Theft
• False Invoice Scheme
• CEO fraud
• Lawyer Impersonation
• Accounts Compromise
  

By Offering

• Solutions
• Services

By Deployment

• Cloud
• On-Premise

By Application

• Hospital and clinics
• Homecare
• Cancer research center
• Others

By Organization Size

• SMEs
• Large Enterprises

Business Email Compromise Market Key Players Include:

• Agari Inc.
• Armorblox Incorporation
• Abnormal Security Inc.
• Area 1 Security Incorporation
• Barracuda Networks Incorporation
• Broadcom Corporation
• Clearswift GmbH
• Cisco Inc.
• Check Point Inc.
• Fortinet Corporation
• GreatHorn Incorporation
• Heimdal Security Solutions Company Ltd.
• IRONSCALES
• Mimecast Limited
• Proofpoint Inc.
• PhishLabs Corp.
• Trend Micro Inc.
• Tessian Corp.
• Terranova Security
• Trustifi Inc.
• ZeroFox Company
• Zix Corporation
• Avanan
• Cofense

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AGARI INC

Agari Inc. is a leading provider of email security solutions and services, specializing in protecting organizations against email-based cyber threats, including Business Email Compromise (BEC) attacks. The company offers innovative technologies and advanced threat intelligence to detect, prevent, and respond to BEC scams effectively. Agari Inc. has established itself as a prominent player in the Email Business Compromise market by offering a comprehensive suite of solutions tailored to combat the evolving threat landscape.

ARMORBLOX INCORPORATION

Armorblox Incorporation is a key player in the Email Business Compromise (BEC) market, specializing in advanced email security solutions and services. The company is dedicated to protecting organizations from the risks and financial losses associated with BEC attacks and other email-based threats. Armorblox offers a comprehensive suite of solutions that leverage artificial intelligence, natural language understanding, and machine learning to detect and prevent BEC scams.

Key questions answered in the Business Email Compromise Market are:

• What are Business Email Compromises?
• What was the Business Email Compromise market size in 2022?
• What is the expected Business Email Compromise market size by 2029?
• What is the growth rate of the Business Email Compromise Market?
• Which are the factors expected to drive the Business Email Compromise market growth?
• Which factors are expected to restrain the Business Email Compromise market growth?
• Which segment dominated the Business Email Compromise market growth?
• What is the demand pattern for the Business Email Compromise market?
• Which region held the largest share in the Business Email Compromise market?
• Who are the key players in the Business Email Compromise market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Product Type, End User, region
• Market Segmentation – A detailed analysis by Scam Types, Offerings, Deployment, Application and Organization Size.
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Healthcare research firm, has also published the following reports:

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Identity Theft Protection Services Market: The total market size was valued at USD 11.36 Billion in 2022 at CAGR 9.9 percent and is expected to reach USD 27.73 Billion by 2029. The growing trend of online transactions is driving the market growth.

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Email Security Market: The total market size is expected to grow at a CAGR of 12.8 percent over the forecast period and the market is expected to reach USD 10.30 Bn by 2029. Increasing need for the protection of sensitive data form breaches is driving market growth.

Enterprise Firewall Market: The total market is expected to grow at 10.03 percent through 2022 to 2029, reaching nearly USD 22.92 Bn. Growing adoption of cloud computing by enterprise is expected to drive the market growth.

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