Spear phishing attacks and cyber threats are increasing rapidly, wherein hackers are using highly advanced techniques to obtain information about an organization or end user account. Spear phishing solutions are implemented by organizations to manage and secure business data. In this report, MarketsandMarkets forecasts spear phishing market growth from an estimated USD 840.7 Million in 2017 to USD 1,401.6 Million by 2022, at a CAGR of 10.8%. Increasing incidences of spear phishing attacks, increasing adoption of BYOD policy in organizations, and growth of cloud email security solutions are expected to drive the spear phishing market.
The key players in this market include BAE Systems PLC (U.K.), Barracuda Networks, Inc., (U.S.), Check Point Software Technologies Ltd. (Israel), Cisco Systems, Inc. (U.S.), Forcepoint LLC (U.S.), GreatHorn, Inc. (U.S.), Intel Security (U.S.), Microsoft Corporation (U.S.), Proofpoint, Inc. (U.S.), RSA Security LLC (U.S.), Sophos Ltd. (U.K.), Symantec Corporation (U.S.), and Trend Micro, Inc.(Japan). These players have adopted various strategies such as new product launches, partnerships, agreements, collaborations, expansions, and mergers & acquisitions, to achieve growth in the spear phishing market.
Companies such as BAE Systems PLC (U.K.), Barracuda Networks Inc., (U.S.), Check Point Software Technologies Ltd. (Israel) and Cisco Systems, Inc. (U.S.),have adopted partnerships, new product launches and acquisitions strategies to develop and provide advanced products/solutions, strengthen their security portfolios, and expand their geographic presence, in the spear phishing market.
BAE Systems PLC, is one of the leading providers of security solutions in this market. The company caters to a wide client base and offers a portfolio for compliant and secure email collaboration, communication, and infrastructure related services for data security as well as supervisory requirements. The company’s long-term strategy is focused towards partnerships, acquisitions, and new product launches to further expand its product portfolio and strengthen its capabilities in solutions and services related to security. For instance, in January 2017, BAE Systems entered into a partnership with Telefonica U.K. Limited, a digital communications company, to offer cyber security solutions to enterprises.
Similar organic and inorganic growth strategies were adopted by Check Point Software Technologies Ltd. to tap into the spear phishing market and to meet the business needs of customers. For instance, in April 2016, Check Point introduced the first real-time zero-day protection for web browsers. As part of its inorganic growth strategy, Check Point entered into a partnership with FireEye, for threat intelligence, to protect customers from advanced attacks in April 2015.
Spear Phishing Market by Component (Solutions, Services), Deployment Type (Cloud, Hybrid, On-Premises), Organization Size (SMEs, Large Enterprises), Vertical (BFSI, Government & Defense, Critical Infrastructure), and Region - Global Forecast to 2022
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