The spear phishing market is expected to grow from an estimated USD 840.7 Million in 2017 to reach USD 1,401.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. The major drivers for the high demand in the market include increasing incidences of spear phishing attacks and increasing adoption of BYOD policy in organizations.
The scope of this report covers the spear phishing market analysis by component, by deployment type, by organization size, by vertical, and by region. The solution segment is expected to grow at the highest CAGR during the forecast period owing to the extensive adoption of these solutions by various enterprises, such as BFSI, government & defense, healthcare, and retail to increase the efficiency of their IT security. These solutions help in monitoring emails and email gateways, and prevent data loss by providing complete visibility of inbound and outbound emails across a range of industries.
The service segment is expected to hold the largest market share during the forecast period owing to the early adoption of email security services as compared to solutions. These services offer lucrative growth opportunities to service vendors by offering data analytics and data visualization services to organizations to detect and reveal attack campaigns, the source of attacks, and targeted users.
The Banking, Financial Services and Insurance (BFSI) vertical segment is expected to hold the largest market share during the forecast period owing to the requirement of security products and services that can protect employees, customers, assets, offices, branches, and operations. Furthermore, enhancement of business operations and expansion of customer base makes the industry a lucrative target for fraudsters, fueling the adoption of spear phishing solutions and services in the BFSI vertical.