Global Business Email Compromise Market size expected to hit USD 3.96 Bn by 2029 from USD 1.15 Bn in 2022 at a CAGR of 19.3% during the forecast periodBusiness Email Compromise Market Overview
A Business Email Compromise (BEC) is a type of cybercrime where phishers use emails to trick individuals into sending money and leaking of confidential company information. The Business Email Compromise Market is expected to grow due to increased remote work and email is a starting point for 91 percent of cyber-attacks. The Business Email Compromise Key Companies such as Abnormal Security, Agari, Avanan and Barracuda Total Email Protection provide the best solutions, which are expected to boost the Business Email Compromise Industry.To know about the Research Methodology :- Request Free Sample Report
Business Email Compromise Market Dynamics
Market Drivers Social, Geographic and Economical Factors Expected to Boost Business Email Compromise Market The increasing poverty and food insecurity around the world and the war situations in many countries are the major contributors to the cybercrimes and are expected to drive the Business Email Compromise Market. Also, developed countries such as the United States facing higher inflation along with increased rates of unemployment and less stable economies are driving people into desperate positions. These factors are the major drivers in the increased cybercrimes such as business email compromise and others and this is expected to drive the Business Email Compromise Market alternatively. Business Email Compromise-Related Attacks Losses nearly US$ 2.3 billion in 2021, Driving Demand for Business Email Compromise Solutions Phishers are now using these types of attacks since they are expected to have attractive payouts. As per the global reports from authentic sources, people and organizations lost almost US$ 2.3 billion to scammers. These scams are highlighting the need for BEC solutions and are expected to drive the Business Email Compromise Market. The major Business Email Compromise Key Companies are also investing in research and development to launch the best solutions against cybercrimes to increase their Business Email Compromise Market Share. Also, it is reported that Australians lost more than US$ 3 billion to phishers in 2022 and millions of Australians experienced financial and non-financial harm. These factors have been driving the adoption of security solutions in regional organizations and government financial institutions. This is expected to propel the growth of the Business Email Compromise Industry in Australia and Asia Pacific. Use of Artificial Intelligence (AI) and Other Technologies Expected to Benefit the Business Email Compromise Market Artificial intelligence technology is evolving and becoming more efficient and intelligent, as it improves an organization’s network security with the help of machine learning and deep learning. The technology also helps in identifying unknown threats of business email compromise and is able to manage vulnerability better and handle a lot of data. Artificial intelligence improves the technologies that companies use to combat cybercriminals and helps organizations keep customer data safe. The adoption of the latest technologies by the Business Email Compromise Key Companies to develop their Business Email Compromise Solutions are expected to drive the global Business Email Compromise Market Growth. Market Restraints The lack of awareness regarding cyber-attacks and business email compromise phishing is expected to limit the Business Email Compromise Market. The high maintenance cost for the Business Email Compromise Solutions is limiting the adoption of these securities since it is difficult for small and medium enterprises to deploy solutions. The report analyzes the market data through SWOT analysis and PESTLE analysis and PORTER’s five force model, which provides solutions on restraining factors of the market and growth opportunities in major geographic regions.Business Email Compromise Market Regional Insights
North America is expected to hold the largest Business Email Compromise Market Revenue Share throughout the forecast period (2023-2029). For instance, on March 13, 2023, it is observed that Silicon Valley Bank’s (SVB) liquidity amidst a downturn in its financial investments quickly turned into an existential crisis. The federal government rushed over the weekend to seek potential buyers to absorb SVB and ensure the continuity of its essential services, while also announcing a guarantee that all depositors are expected to be made whole. This exposed the serious consequences of Business Email Compromising Scams for the bank’s customers and the economy as a whole. These factors are expected to drive the demand for Business Email Compromise Solutions and simultaneously boost the Business Email Compromise Industry in the region. Also, the region’s market growth is expected to be supported by the presence of Business Email Compromise Key Players such as Avanan, Abnormal Security and Agari and others. These are some of the major Business Email Compromise Solution providers, which are expected to have benefits in Business Email Compromising Market Share. The increased digitization of every sector such as healthcare, banking, IT and government across the world has been driving the Business Email Compromise Market. Europe is expected to dominate the market during the forecast period since the increased cases of email phishing. About 79 percent of organizations faced business email compromise attacks in 2022 in which United Kingdom-based organizations are targeted mostly. The UK finance recorded over 122,000 instances of such scams due to which UK businesses losses of nearly 455.8 million euros. These increased Business Email Compromise Threats in European countries are expected to drive the Business Email Compromise Industry. Asia Pacific is expected to grow at the highest CAGR of 18.1 percent during the forecast period in the Business Email Compromise Market. As per the MMR report, Asia Pacific was the most hampered region by the Business Email Compromise Threats. Recently, on January 23, 2023, news popped up that Indian Cricket Council was hit by Business Email Compromise Fraud and lost twenty crores in it. This is expected to increase the need for Business Email Compromise Solutions. This indicates a depth of seriousness regarding Business Email Compromise Frauds and driving the Business Email Compromise Industry in the region.Business Email Compromise Market Competitive Landscape
The report provides a competitive benchmarking of Business Email Compromise Key Companies based on their Market Revenue, Market share and Business Email Compromise Market size. The report includes recent developments, mergers and acquisitions and the latest Business Email Compromise Solutions by the major Business Email Compromise Key Players. Such as KKR, a leading global investment firm on April 12, 2022, announced the acquisition of Barracuda Networks Inc., a leading provider of cloud-first security solutions, from Thoma Bravo. Barracuda has built an impressive portfolio of solutions that are helping SMEs around the world protect their data and address critical security challenges, which is one of the major factors behind these acquisitions. These factors have been driving the Business Email Compromise Market Penetration across the world. Also, Tech Data, on October 08, 2022, announced its distribution partnership with MailGuard, a world leader in email security. MailGuard 365 is expected to be available in 6 markets across the Asia Pacific & Japan, namely Hong Kong, India, Indonesia, Malaysia, Singapore and Vietnam. This distribution partnership allows Tech Data to add MailGuard 365, a solution built in Azure with the help of the Microsoft team to protect more than 345 million subscribers from online phishing such as Business Email Compromise Threats. These collaborations are expected to boost the Business Email Compromise Industry.Based on Deployment Mode The cloud segment is expected to hold the largest revenue share of the Business Email Compromise Market. Cloud security is a collection of technologies, services, controls and practices specifically designed to protect data and infrastructure from phishing. Major organizations are adopting cloud technologies to maintain data privacy. Organizations can protect their data by adopting the principle of having access to tools for only limited people, use of password managers, multi-factor authentication and implementing encryption in the cloud. These benefits of cloud technologies are expected to propel the growth of the cloud segment in the Business Email Compromise Industry. Many Business Email Compromise Key Companies are developing their security solutions based on the cloud rather than on-premise deployment. Based on Organization The large enterprise segment is expected to have the largest Business Email Compromise Market Share since large organizations are mostly targeted by phishers through business email compromise. Most of the work in every industry is now possible to do it remotely and the remote works have the most threat of phishing. Due to these factors, a large enterprise segment is growing in the Business Email Compromise Service Providing Industry. Based on Application The BFSI sector is expected to hold the largest share of the market over the period. The fraud risks in the BFSI are expected to cause great concern for the fund’s security in financial institutions. With the growth of the banking and financial sector, fraud risks are too expected to increase. These reasons are driving the demand for Business Email Compromise Solutions for deployment in organizations to reduce the threats of phishing. These factors are expected to propel the growth of the BFSI segment in the Business Email Compromise Market.
Business Email Compromise Market Segment Analysis
Business Email Compromise Market Scope: Inquire before buying
Business Email Compromise Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2017 to 2022 Market Size in 2022: US $ 1.15 Bn. Forecast Period 2023 to 2029 CAGR: 19.3 % Market Size in 2029: US $ 3.96 Bn. Segments Covered: by Types of Scams • Data Theft • False Invoice Scheme • CEO fraud • Lawyer Impersonation • Accounts Compromise by Offering • Solutions • Services by Deployment Mode • Cloud • On-Premise by Applications • BFSI • Government • IT & ITeS • Energy and Utilities • Manufacturing • Retail and eCommerce • Healthcare • Other Applications by Organization Size • SMEs • Large Enterprises Business Email Compromise Market, by Region:
• North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)Business Email Compromise 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 • Vade Frequently Asked Questions: 1] What is the growth rate of the Business Email Compromise Market? Ans. The Business Email Compromise Market is growing at a CAGR of 19.3% during the forecast period. 2] Which region is expected to dominate the Business Email Compromise Market? Ans. North America is expected to dominate the Business Email Compromise Market during the forecast period from 2023 to 2029. 3] What is the expected Business Email Compromise Market size by 2029? Ans. The size of the Business Email Compromise Market by 2029 is expected to reach USD 3.96 Bn. 4] Who are the top players in the Business Email Compromise Market? Ans. The major key players in the Business Email Compromise Market are Agari Inc., Armorblox Incorporation, Abnormal Security Inc. and Area 1 Security Incorporation. 5] Which factors contributed to the growth of the Business Email Compromise Market in 2022? Ans. The Business Email Compromise Market is expected to grow due to the rising prevalence of email phishing and security threat.
1. Business Email Compromise Market: Research Methodology 2. Business Email Compromise Market: Executive Summary 3. Business Email Compromise Market: Competitive Landscape 3.1. MMR Competition Matrix 3.2. Competitive Landscape 3.3. Key Players Benchmarking 3.4. Market Structure 3.4.1. Market Leaders 3.4.2. Market Followers 3.4.3. Emerging Players 3.5. Consolidation of the Market 4. Business Email Compromise Market: Dynamics 4.1. Market Trends by Region 4.1.1. North America 4.1.2. Europe 4.1.3. Asia Pacific 4.1.4. Middle East and Africa 4.1.5. South America 4.2. Market Drivers by Region 4.2.1. North America 4.2.2. Europe 4.2.3. Asia Pacific 4.2.4. Middle East and Africa 4.2.5. South America 4.3. Market Restraints 4.4. Market Opportunities 4.5. Market Challenges 4.6. PORTER’s Five Forces Analysis 4.7. PESTLE Analysis 4.8. Value Chain Analysis 4.9. Regulatory Landscape by Region 4.9.1. North America 4.9.2. Europe 4.9.3. Asia Pacific 4.9.4. Middle East and Africa 4.9.5. South America 5. Business Email Compromise Market Size and Forecast by Segments (by Value USD) 5.1. Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029) 5.1.1. Data Theft 5.1.2. False Invoice Scheme 5.1.3. CEO fraud 5.1.4. Lawyer Impersonation 5.1.5. Accounts Compromise 5.2. Business Email Compromise Market Size and Forecast, by Offering (2022-2029) 5.2.1. Solutions 5.2.2. Services 5.3. Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029) 5.3.1. Cloud 5.3.2. On-Premise 5.4. Business Email Compromise Market Size and Forecast, by Applications (2022-2029) 5.4.1. BFSI 5.4.2. Government 5.4.3. IT & ITeS 5.4.4. Energy and Utilities 5.4.5. Manufacturing 5.4.6. Retail and eCommerce 5.4.7. Healthcare 5.4.8. Other Applications 5.5. Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029) 5.5.1. SMEs 5.5.2. Large Enterprises 5.6. Business Email Compromise Market Size and Forecast, by Region (2022-2029) 5.6.1. North America 5.6.2. Europe 5.6.3. Asia Pacific 5.6.4. Middle East and Africa 5.6.5. South America 6. North America Business Email Compromise Market Size and Forecast (by Value USD) 6.1. North America Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029) 6.1.1. Data Theft 6.1.2. False Invoice Scheme 6.1.3. CEO fraud 6.1.4. Lawyer Impersonation 6.1.5. Accounts Compromise 6.2. North America Business Email Compromise Market Size and Forecast, by Offering (2022-2029) 6.2.1. Solutions 6.2.2. Services 6.3. North America Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029) 6.3.1. Cloud 6.3.2. On-Premise 6.4. North America Business Email Compromise Market Size and Forecast, by Applications (2022-2029) 6.4.1. BFSI 6.4.2. Government 6.4.3. IT & ITeS 6.4.4. Energy and Utilities 6.4.5. Manufacturing 6.4.6. Retail and eCommerce 6.4.7. Healthcare 6.4.8. Other Applications 6.5. North America Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029) 6.5.1. SMEs 6.5.2. Large Enterprises 6.6. North America Business Email Compromise Market Size and Forecast, by Country (2022-2029) 6.6.1. United States 6.6.2. Canada 6.6.3. Mexico 7. Europe Business Email Compromise Market Size and Forecast (by Value USD) 7.1. Europe Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029) 7.1.1. Data Theft 7.1.2. False Invoice Scheme 7.1.3. CEO fraud 7.1.4. Lawyer Impersonation 7.1.5. Accounts Compromise 7.2. Europe Business Email Compromise Market Size and Forecast, by Offering (2022-2029) 7.2.1. Solutions 7.2.2. Services 7.3. Europe Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029) 7.3.1. Cloud 7.3.2. On-Premise 7.4. Europe Business Email Compromise Market Size and Forecast, by Applications (2022-2029) 7.4.1. BFSI 7.4.2. Government 7.4.3. IT & ITeS 7.4.4. Energy and Utilities 7.4.5. Manufacturing 7.4.6. Retail and eCommerce 7.4.7. Healthcare 7.4.8. Other Applications 7.5. Europe Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029) 7.5.1. SMEs 7.5.2. Large Enterprises 7.6. Europe Business Email Compromise Market Size and Forecast, by Country (2022-2029) 7.6.1. UK 7.6.2. France 7.6.3. Germany 7.6.4. Italy 7.6.5. Spain 7.6.6. Sweden 7.6.7. Austria 7.6.8. Rest of Europe 8. Asia Pacific Business Email Compromise Market Size and Forecast (by Value USD) 8.1. Asia Pacific Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029) 8.1.1. Data Theft 8.1.2. False Invoice Scheme 8.1.3. CEO fraud 8.1.4. Lawyer Impersonation 8.1.5. Accounts Compromise 8.2. Asia Pacific Business Email Compromise Market Size and Forecast, by Offering (2022-2029) 8.2.1. Solutions 8.2.2. Services 8.3. Asia Pacific Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029) 8.3.1. Cloud 8.3.2. On-Premise 8.4. Asia Pacific Business Email Compromise Market Size and Forecast, by Applications (2022-2029) 8.4.1. BFSI 8.4.2. Government 8.4.3. IT & ITeS 8.4.4. Energy and Utilities 8.4.5. Manufacturing 8.4.6. Retail and eCommerce 8.4.7. Healthcare 8.4.8. Other Applications 8.5. Asia Pacific Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029) 8.5.1. SMEs 8.5.2. Large Enterprises 8.6. Asia Pacific Business Email Compromise Market Size and Forecast, by Country (2022-2029) 8.6.1. China 8.6.2. S Korea 8.6.3. Japan 8.6.4. India 8.6.5. Australia 8.6.6. Indonesia 8.6.7. Malaysia 8.6.8. Vietnam 8.6.9. Taiwan 8.6.10. Bangladesh 8.6.11. Pakistan 8.6.12. Rest of Asia Pacific 9. Middle East and Africa Business Email Compromise Market Size and Forecast (by Value USD) 9.1. Middle East and Africa Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029) 9.1.1. Data Theft 9.1.2. False Invoice Scheme 9.1.3. CEO fraud 9.1.4. Lawyer Impersonation 9.1.5. Accounts Compromise 9.2. Middle East and Africa Business Email Compromise Market Size and Forecast, by Offering (2022-2029) 9.2.1. Solutions 9.2.2. Services 9.3. Middle East and Africa Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029) 9.3.1. Cloud 9.3.2. On-Premise 9.4. Middle East and Africa Business Email Compromise Market Size and Forecast, by Applications (2022-2029) 9.4.1. BFSI 9.4.2. Government 9.4.3. IT & ITeS 9.4.4. Energy and Utilities 9.4.5. Manufacturing 9.4.6. Retail and eCommerce 9.4.7. Healthcare 9.4.8. Other Applications 9.5. Middle East and Africa Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029) 9.5.1. SMEs 9.5.2. Large Enterprises 9.6. Middle East and Africa Business Email Compromise Market Size and Forecast, by Country (2022-2029) 9.6.1. South Africa 9.6.2. GCC 9.6.3. Egypt 9.6.4. Nigeria 9.6.5. Rest of ME&A 10. South America Business Email Compromise Market Size and Forecast (by Value USD) 10.1. South America Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029) 10.1.1. Data Theft 10.1.2. False Invoice Scheme 10.1.3. CEO fraud 10.1.4. Lawyer Impersonation 10.1.5. Accounts Compromise 10.2. South America Business Email Compromise Market Size and Forecast, by Offering (2022-2029) 10.2.1. Solutions 10.2.2. Services 10.3. South America Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029) 10.3.1. Cloud 10.3.2. On-Premise 10.4. South America Business Email Compromise Market Size and Forecast, by Applications (2022-2029) 10.4.1. BFSI 10.4.2. Government 10.4.3. IT & ITeS 10.4.4. Energy and Utilities 10.4.5. Manufacturing 10.4.6. Retail and eCommerce 10.4.7. Healthcare 10.4.8. Other Applications 10.5. South America Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029) 10.5.1. SMEs 10.5.2. Large Enterprises 10.6. South America Business Email Compromise Market Size and Forecast, by Country (2022-2029) 10.6.1. Brazil 10.6.2. Argentina 10.6.3. Rest of South America 11. Company Profile: Key players 11.1. Agari Inc. 11.1.1. Company Overview 11.1.2. Financial Overview 11.1.3. Business Portfolio 11.1.4. SWOT Analysis 11.1.5. Business Strategy 11.1.6. Recent Developments 11.2. Armorblox Incorporation 11.3. Abnormal Security Inc. 11.4. Area 1 Security Incorporation 11.5. Barracuda Networks Incorporation 11.6. Broadcom Corporation 11.7. Clearswift GmbH 11.8. Cisco Inc. 11.9. Check Point Inc. 11.10. Fortinet Corporation 11.11. GreatHorn Incorporation 11.12. Heimdal Security Solutions Company Ltd. 11.13. IRONSCALES 11.14. Mimecast Limited 11.15. Proofpoint Inc. 11.16. PhishLabs Corp. 11.17. Trend Micro Inc. 11.18. Tessian Corp. 11.19. Terranova Security 11.20. Trustifi Inc. 11.21. ZeroFox Company 11.22. Zix Corporation 11.23. Avanan 11.24. Cofense 11.25. Vade 12. Key Findings 13. Industry Recommendation