The global Phishing Simulator Market is estimated to be valued at US$ 93.3 million in 2022 and is expected to exhibit a CAGR of 7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Phishing simulators help organizations to identify vulnerabilities and educate employees about phishing threats. They conduct simulated phishing attacks and measure the effectiveness of security awareness training programs. Phishing simulators play an important role in improving an organization's security posture by reducing human error. These tools automate the process of sending fake email threats and measure whether employees click on malicious links or attachments. This helps organizations ascertain gaps in their employees' knowledge and tailor subsequent awareness campaigns accordingly. With increasing instances of sophisticated phishing attacks and ransomware incidents, phishing simulation has emerged as a cost-effective approach to bolster an organization's cybersecurity preparedness.
Market key trends:
One of the key trends in the phishing simulator market is the integration of artificial intelligence and machine learning capabilities. Leading vendors are offering phishing simulation platforms that use AI to analyze user behavior and click patterns. This data helps recommend customized training modules for users. AI-powered platforms can also simulate more realistic attacks that closely mimic real-world threats. Another trend is the availability of phishing simulator tools as software-as-a-service. The cloud-based SaaS model provides an affordable and scalable solution for organizations of all sizes to strengthen security awareness on an ongoing basis. SaaS phishing simulators require no upfront infrastructure investment and offer pay-as-you-go pricing. Their easy setup and use is boosting adoption, especially amongst small and medium enterprises.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. While the market is growing, there are significant startup costs involved in developing phishing simulator technology and obtaining necessary security certifications.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have many options to choose from and pricing is an important factor for most organizations.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. While some key technology may have limited sources, overall there are many players providing related solutions.
Threat of new substitutes: The threat of new substitutes is moderate. Emerging technologies focusing on security awareness training could potentiallysubstitute phishing simulators over time.
Competitive rivalry: Intense as major players compete on features, pricing and partnerships.
Key Takeaways
Global Phishing Simulator Market Size is expected to witness high growth, exhibiting CAGR of 7% over the forecast period of 2023 to 2030, due to increasing need to educate employees about cyber threats through practical training. The market size is estimated to reach US$ 93.3 million in 2023.
Regionally, North America dominates the phishing simulator market currently owing to stringent data protection regulations and awareness about security threats. Europe follows in terms of market share on account of proactive measures taken by governments and organizations to curb phishing attacks. Asia Pacific is anticipated to be the fastest growing market during the forecast period due to the influx of global players and growing adoption across countries like India and China.
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