Proofpoint (US) and IRONSCALES (US) are leading players in Business Email Compromise (BEC) Market
MarketsandMarkets forecasts the global Business Email Compromise (BEC) market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.4% from 2022 to 2027. Growing incidents of BEC scams and spear-phishing attacks, huge financial losses due to BEC crimes, and stringent regulatory standards and data privacy compliances are some of the factors that are driving the market growth.
What is BEC?
According to MarketsandMarkets, BEC is an exploit in which attackers gain access to a business email account and imitates the owner’s (CEO, employees, customers, or partners) identity. This can lead to huge financial losses and also affect an organization’s reputation. BEC solutions powered by AI/ML help identify and block any email compromises in real time. Security awareness training services with simulation techniques are also an integral part to prepare and improve responsiveness toward BEC attacks.
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Competitive overview:
The BEC market is led by some of the globally established players such as Proofpoint, Mimecast, Check Point, Cisco, Broadcom, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
Proofpoint is a cybersecurity technology company that specializes in next-generation security and compliance solutions. The company offers cybersecurity and compliance solutions through channels including cloud, email, web, and social media. It offers products under different segments including email security and protection, advanced threat protection, cloud security, information protection, and digital risk protection. It provides solutions to combat email and cloud threats, combat data loss and insider threat, protect cloud apps, prevent loss from ransomware, and modernize compliance. In the BEC market, it provides the Integrated Proofpoint Platform that delivers an end-to-end integrated solution, which detects and stops email fraud attacks including impersonated supplier domains, domain spoofing, and display name spoofing. It has a strong regional presence which contributes to its strong market share in the BEC market.
Apart from large vendors, some SMEs and start-ups such as IRONSCALES, Area 1 Security, Clearswift, Fortinet, Armorblox, Cellopoint, among others are also evolving in the BEC market space.
Another important player in the BEC market is IRONSCALES. IRONSCALES provides solutions in email phishing protection. The company focuses on providing email security through a variety of products and services. It uses a combination of technologies including ML, AI, and real-time anti-virus engines to provide protection against email-based threats such as phishing, BEC, and spear phishing. It provides solutions for Mailbox-level BEC Prevention with benefits that include providing protection against email threats on any device and web app, preventing targeted executive and employee email attacks, and stopping supply chain fraud and invoice fraud.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide BEC solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
Related Reports:
Business Email Compromise (BEC) Market by Offering (Solutions and Services), Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, Government, Healthcare) and Region - Global Forecast to 2027
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