North America Phishing Protection Market Report 2021-2031 by Scope, Segmentation, Dynamics, and Competitive Analysis

Description

List of Tables

The North America phishing protection market was valued at approximately $878.79 million in 2023 and is projected to grow to around $2,203.85 million by 2031, reflecting a compound annual growth rate (CAGR) of 12.2% during the forecast period.

Increasing Threats Drive Market Growth

The rise in sophistication and frequency of phishing attacks is a significant driver for the growth of the phishing protection market in North America. Attackers are now employing advanced techniques, including artificial intelligence (AI) to craft convincing phishing emails and deepfake technology for voice phishing. They also utilize social media to gather detailed information about their targets. The financial impact of phishing has escalated dramatically, with business email compromise (BEC) scams leading to substantial losses. In 2022, the FBI's Internet Crime Complaint Center (IC3) reported 21,832 BEC complaints, resulting in adjusted losses exceeding $2.7 billion, highlighting the urgent need for enhanced phishing protection solutions.

High-profile incidents, such as the 2022 Uber data breach, which stemmed from social engineering tactics, and the 2021 Colonial Pipeline ransomware attack, which began with a phishing email, underscore the critical nature of this threat. A report from Zscaler in 2024 noted a 60% increase in global phishing attacks over the previous year, while ThreatLabz's 2024 Phishing Report documented 2 billion blocked phishing transactions in 2023. Additionally, Check Point Research indicated a 32% rise in cyberattacks on organizations globally compared to the second quarter of 2021. These alarming statistics are prompting organizations to prioritize phishing protection.

According to SlashNext Inc., there was a staggering 1,265% increase in phishing attacks from Q4 2022 to Q3 2023. Regulatory frameworks, such as the General Data Protection Regulation (GDPR) in Europe, impose strict penalties on organizations for data breaches resulting from phishing, further driving investment in phishing protection solutions. Consequently, many enterprises are adopting machine learning (ML) and AI technologies to detect and analyze phishing patterns proactively, allowing them to anticipate attacks and automate their response strategies. Implementing email filtering solutions has proven effective in significantly reducing phishing attempts. The surge in phishing incidents has led organizations to invest heavily in comprehensive phishing protection strategies, including staff training to recognize potential phishing emails and integrating advanced threat intelligence into their security systems.

Overview of the North America Phishing Protection Market

Phishing has emerged as a major concern on the internet, with over 300,000 phishing incidents reported in the US alone by the FBI in 2022. AI and machine learning technologies are increasingly being utilized to detect fraudulent activities before they can inflict serious damage. For example, Microsoft's Office 365 Advanced Threat Protection employs AI to analyze millions of emails for potential risks. A report by Zscaler indicated that the US, UK, and India were the most affected countries by phishing scams, accounting for 55.9%, 5.6%, and 3.9% of global incidents in 2023, respectively, likely due to the high usage of electronic devices in these regions.

Cloud-based phishing protection services are gaining traction, especially among small and medium-sized enterprises (SMEs) in North America. For instance, in 2023, the administration at Midwest University implemented Barracuda's cloud-based email security solution to protect students and faculty from cyber threats, particularly phishing. Proofpoint's 2023 State of Phishing report revealed that their services could identify and block over 10 million phishing emails daily in the US. Companies in the phishing protection sector are focusing on leveraging AI-driven behavioral analysis and enhancing user authentication methods to counter emerging threats effectively.

Market Segmentation

The North America phishing protection market is segmented by offerings, deployment, type, enterprise size, vertical, and country:

Offerings: The market is divided into solutions and services, with the solutions segment holding a larger share in 2023.
Deployment: It is categorized into on-premises and cloud, with cloud solutions dominating the market.
Type: The market is split into email-based and non-email-based phishing, with email-based phishing being the larger segment.
Enterprise Size: It includes large enterprises and SMEs, with large enterprises holding a greater market share.
Vertical: The market is segmented into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, among others, with BFSI leading in market share.
Country: The market is divided into the US, Canada, and Mexico, with the US being the dominant player in 2023.

Key Players in the Market

Leading companies in the North America phishing protection market include Microsoft Corp, Cisco Systems Inc, Open Text Corp, Barracuda Networks, Inc., SlashNext, Inc., Ironscales, Proofpoint Inc, Mimecast Services Limited, Paubox, Inc., and Trustwave Holdings, Inc.

Product Code: BMIRE00031970

1. Introduction

1.1 Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. North America Phishing Protection Market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 List of Vendors in the Value Chain

5. North America Phishing Protection Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Increasing Sophistication and Frequency of Phishing Attacks
- 5.1.2 Stringent Regulatory Compliance Requirements
- 5.1.3 Growth in E-commerce Industry
5.2 Market Restraints
- 5.2.1 Limited User Awareness
5.3 Market Opportunities
- 5.3.1 Emergence of Protection Solutions Powered by Artificial Intelligence and Machine Learning
- 5.3.2 Surge in Mobile Phishing Attacks
5.4 Future Trends
- 5.4.1 Integration of Behavioral Analysis
5.5 Impact of Drivers and Restraints:

6. Phishing Protection Market - North America Analysis

6.1 North America Phishing Protection Market Revenue (US$ Million), 2021-2031
6.2 North America Phishing Protection Market Forecast Analysis

7. North America Phishing Protection Market Analysis - by Offerings

7.1 Solution
- 7.1.1 Overview
- 7.1.2 Solution: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.2 Services
- 7.2.1 Overview
- 7.2.2 Services: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)

8. North America Phishing Protection Market Analysis - by Deployment

8.1 On-Premises
- 8.1.1 Overview
- 8.1.2 On-Premises: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
8.2 Cloud
- 8.2.1 Overview
- 8.2.2 Cloud: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)

9. North America Phishing Protection Market Analysis - by Type

9.1 Email-based Phishing
- 9.1.1 Overview
- 9.1.2 Email-based Phishing: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
9.2 Non-Email-based Phishing
- 9.2.1 Overview
- 9.2.2 Non-Email-based Phishing: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)

10. North America Phishing Protection Market Analysis - by Enterprise Size

10.1 Large Enterprises
- 10.1.1 Overview
- 10.1.2 Large Enterprises: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
10.2 Small and Medium Enterprises
- 10.2.1 Overview
- 10.2.2 Small and Medium Enterprises: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)

11. North America Phishing Protection Market Analysis - by Vertical

11.1 BFSI
- 11.1.1 Overview
- 11.1.2 BFSI: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
11.2 Media and Entertainment
- 11.2.1 Overview
- 11.2.2 Media and Entertainment: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
11.3 IT and Telecom
- 11.3.1 Overview
- 11.3.2 IT and Telecom: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
11.4 Retail and E-Commerce
- 11.4.1 Overview
- 11.4.2 Retail and E-Commerce: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
11.5 Government and Public Sector
- 11.5.1 Overview
- 11.5.2 Government and Public Sector: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
11.6 Others
- 11.6.1 Overview
- 11.6.2 Others: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)

12. North America Phishing Protection Market - Country Analysis

12.1 North America
- 12.1.1 North America Phishing Protection Market - Revenue and Forecast Analysis - by Country
  - 12.1.1.1 North America Phishing Protection Market - Revenue and Forecast Analysis - by Country
  - 12.1.1.2 United States: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 12.1.1.2.1 United States: North America Phishing Protection Market Share - by Offerings
    - 12.1.1.2.2 United States: North America Phishing Protection Market Share - by Deployment
    - 12.1.1.2.3 United States: North America Phishing Protection Market Share - by Type
    - 12.1.1.2.4 United States: North America Phishing Protection Market Share - by Enterprise Size
    - 12.1.1.2.5 United States: North America Phishing Protection Market Share - by Vertical
  - 12.1.1.3 Canada: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 12.1.1.3.1 Canada: North America Phishing Protection Market Share - by Offerings
    - 12.1.1.3.2 Canada: North America Phishing Protection Market Share - by Deployment
    - 12.1.1.3.3 Canada: North America Phishing Protection Market Share - by Type
    - 12.1.1.3.4 Canada: North America Phishing Protection Market Share - by Enterprise Size
    - 12.1.1.3.5 Canada: North America Phishing Protection Market Share - by Vertical
  - 12.1.1.4 Mexico: North America Phishing Protection Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 12.1.1.4.1 Mexico: North America Phishing Protection Market Share - by Offerings
    - 12.1.1.4.2 Mexico: North America Phishing Protection Market Share - by Deployment
    - 12.1.1.4.3 Mexico: North America Phishing Protection Market Share - by Type
    - 12.1.1.4.4 Mexico: North America Phishing Protection Market Share - by Enterprise Size
    - 12.1.1.4.5 Mexico: North America Phishing Protection Market Share - by Vertical

13. Competitive Landscape

13.1 Company Positioning & Concentration
13.2 Heat Map Analysis by Key Players

14. Industry Landscape

14.1 Overview
14.2 Market Initiative
14.3 Product Development
14.4 Mergers & Acquisitions

15. Company Profiles

15.1 Microsoft Corp
- 15.1.1 Key Facts
- 15.1.2 Business Description
- 15.1.3 Products and Services
- 15.1.4 Financial Overview
- 15.1.5 SWOT Analysis
- 15.1.6 Key Developments
15.2 Cisco Systems Inc
- 15.2.1 Key Facts
- 15.2.2 Business Description
- 15.2.3 Products and Services
- 15.2.4 Financial Overview
- 15.2.5 SWOT Analysis
- 15.2.6 Key Developments
15.3 Open Text Corp
- 15.3.1 Key Facts
- 15.3.2 Business Description
- 15.3.3 Products and Services
- 15.3.4 Financial Overview
- 15.3.5 SWOT Analysis
- 15.3.6 Key Developments
15.4 Barracuda Networks, Inc.
- 15.4.1 Key Facts
- 15.4.2 Business Description
- 15.4.3 Products and Services
- 15.4.4 Financial Overview
- 15.4.5 SWOT Analysis
- 15.4.6 Key Developments
15.5 SlashNext, Inc.
- 15.5.1 Key Facts
- 15.5.2 Business Description
- 15.5.3 Products and Services
- 15.5.4 Financial Overview
- 15.5.5 SWOT Analysis
- 15.5.6 Key Developments
15.6 Ironscales
- 15.6.1 Key Facts
- 15.6.2 Business Description
- 15.6.3 Products and Services
- 15.6.4 Financial Overview
- 15.6.5 SWOT Analysis
- 15.6.6 Key Developments
15.7 Proofpoint Inc
- 15.7.1 Key Facts
- 15.7.2 Business Description
- 15.7.3 Products and Services
- 15.7.4 Financial Overview
- 15.7.5 SWOT Analysis
- 15.7.6 Key Developments
15.8 Mimecast Services Limited
- 15.8.1 Key Facts
- 15.8.2 Business Description
- 15.8.3 Products and Services
- 15.8.4 Financial Overview
- 15.8.5 SWOT Analysis
- 15.8.6 Key Developments
15.9 Paubox, Inc.
- 15.9.1 Key Facts
- 15.9.2 Business Description
- 15.9.3 Products and Services
- 15.9.4 Financial Overview
- 15.9.5 SWOT Analysis
- 15.9.6 Key Developments
15.10 Trustwave Holdings, Inc.
- 15.10.1 Key Facts
- 15.10.2 Business Description
- 15.10.3 Products and Services
- 15.10.4 Financial Overview
- 15.10.5 SWOT Analysis
- 15.10.6 Key Developments

16. Appendix

16.1 About The Insight Partners