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 period
Business Email Compromise Market Overview:
The purpose of this report is to provide a thorough examination of the Business Email Compromise Market by segments and geographics. The study goes into great detail on the primary factors influencing the Business Email Compromise market's growth. The study also offers a comprehensive analysis of the market's value chain.
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Business Email Compromise Market Scope:
The "Global Business Email Compromise Market Analysis" is a detailed investigation of the Business Email Compromise market, with a focus on global market trends and analysis. The goal of this research is to provide an overview of the Business Email Compromise market as well as detailed market segmentation by application, end-use, and geography. The Business Email Compromise market is expected to develop substantially over the forecast period. The study contains critical information on the market positions of the leading Business Email Compromise players, as well as noteworthy industry trends and opportunities.
The research method used to assess and anticipate the Business Email Compromise market begins with secondary research using sources that collect revenue data from key suppliers. When calculating market segment estimation, the vendor offerings are also considered. Using the bottom-up method, the whole size of the Business Email Compromise market was calculated using the revenue of significant enterprises.
Business Email Compromise Market Segmentation:
The business email compromise market is anticipated to have the greatest revenue share in the cloud category. Cloud security is a group of tools, services, policies, and procedures created especially to guard against phishing attacks on infrastructure and data. To preserve data privacy, major enterprises are implementing cloud technologies. Organizations can safeguard their data by using multi-factor authentication, cloud encryption, password managers, and the notion of limiting who has access to certain technologies. These advantages of cloud computing are anticipated to fuel the sector's expansion in the business email compromise market. Instead of relying on on-premise deployment, several Business Email Compromise Key Companies are building their security solutions based in the cloud.
Given that phishers typically use business email compromise to target large enterprises, the large enterprise segment is anticipated to have the largest market share. The majority of labor in every field may now be done remotely, and phishing poses the greatest risk for remote employment. These considerations are causing the business email compromise service providers industry to see growth in the major enterprise segment.
Over the forecast period, the BFSI sector is anticipated to hold the biggest market share. The security of the fund in financial institutions is anticipated to be greatly concerned by the fraud risks in the BFSI. Fraud risks should rise along with the banking and financial sector's expansion. Due to these factors, businesses are increasingly using Business Email Compromise Solutions to lessen phishing attacks. These elements are anticipated to fuel the BFSI segment's expansion in the market for business email compromise.
Business Email Compromise Market Size and Forecast, by Types of Scams (2022-2029)
1. Data Theft
2. False Invoice Scheme
3. CEO fraud
4. Lawyer Impersonation
5. Accounts Compromise
Business Email Compromise Market Size and Forecast, by Offering (2022-2029)
1. Solutions
2. Services
3.3. Business Email Compromise Market Size and Forecast, by Deployment Mode (2022-2029)
3. Cloud
3. On-Premise
Business Email Compromise Market Size and Forecast, by Applications (2022-2029)
1. BFSI
2. Government
3. IT & ITeS
4. Energy and Utilities
5. Manufacturing
6. Retail and eCommerce
7. Healthcare
8. Other Applications
Business Email Compromise Market Size and Forecast, by Organization Size (2022-2029)
1. SMEs
2. Large Enterprises
Business Email Compromise Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Business Email Compromise Market Key Players:
The major players covered in the Business Email Compromise market report are
1. Agari Inc.
2. Armorblox Incorporation
3. Abnormal Security Inc.
4. Area 1 Security Incorporation
5. Barracuda Networks Incorporation
6.Broadcom Corporation
7.Clearswift GmbH
8. Cisco Inc.
9.Check Point Inc.
10.Fortinet Corporation
11. GreatHorn Incorporation
12.Heimdal Security Solutions Company Ltd.
13. IRONSCALES
14. Mimecast Limited
15. Proofpoint Inc.
16. PhishLabs Corp.
17. Trend Micro Inc.
18.Tessian Corp.
19.Terranova Security
20.Trustifi Inc.
21.ZeroFox Company
22. Zix Corporation
23.Avanan
24. Cofense
25. Vade
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Regional Analysis:
Global, North America, Europe, Asia-Pacific, the Middle East, Africa, and South America market share statistics are accessible individually. Analysts at Maximize evaluate competitive strengths and conduct competitive analysis for each competitor individually.
COVID-19 Impact Analysis on Business Email Compromise Market:
Aerospace and defense, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among other industries, have all been affected by the COVID-19 outbreak. COVID-19 has had an impact on the Business Email Compromise market in general, as well as the growth rate in 2019-2020, as the impact of COVID-19 spread. Our most recent inquiry, opinions, and bits of knowledge on the market are critical to the businesses and associations in the Business Email Compromise industry,
Key Questions Answered in the Business Email Compromise Market Report are:
- Which segment grabbed the largest share in the Business Email Compromise market?
- What was the competitive scenario of the Business Email Compromise market in 2021?
- Which are the key factors responsible for the Business Email Compromise market growth?
- Which region held the maximum share in the Business Email Compromise market in 2021?
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A spear phishing hacking group, working out of the United Kingdom and Nigeria, has been using business email compromise (BEC) scams and have stolen more than $12 million.
This group targeted small and midsize businesses from various industry groups such as manufacturers, hotels, universities, cloud service operators, and so on.
BEC scams have caused more than $12 billion in losses since 2013, and the threat is increasing in terms of exposed losses.
The destination banks are usually located in China, Hong Kong, UK, Mexico, and Turkey.
Scammers use the IRS W-2 forms and other Personally Identifiable Information (PII) requests to build their campaigns.
Year-end enrollment is one of major sources of PII requests.
