Business Email Compromise Market worth $2.8 billion by 2027, growing at a CAGR of 19.4%: Report by MarketsandMarkets™

Chicago, June 07, 2023 (GLOBE NEWSWIRE) -- The global Business Email Compromise Market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.4% from 2022 to 2027, according to a new report by MarketsandMarkets™. BEC attacks are one of the most financially damaging cyber scams. These attacks have been on rise in the past years, and this pattern is expected to follow in the coming years. Vendors in the market provide comprehensive solutions to stop BEC email fraud tactics. There have been significant partnerships and organic strategies in the BEC space, which is expected to boost the market growth.

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261 - Tables
45 - Figures
227 - Pages

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Scope of the Report

BEC and Artificial Intelligence and Machine Learning:

AI and ML technologies are being combined with the traditional email security solutions to create intelligent email protection solutions. These solutions are used for analyzing historical records and can scan the email content, user behavior, and email-based threats for identifying risks and developing a reference point for user behavior. These email protection solutions scan attachments for Trojans, BEC threats, and malware.

Awareness in regional markets about BEC:

The increasing digitalization and regulatory compliances being implemented have led to an increase in the adoption of BEC solutions. North America is anticipated to have the largest share in the global BEC market because of the dominance of the BEC market vendors present in the region. The increased digitalization and the rise in the adoption of BEC solutions by SMEs and large enterprises are expected to drive the market growth in APAC. The presence of stringent data privacy laws in Europe is expected to increase the adoption of BEC solutions by organizations in the region. Digitalization initiatives being taken by governments and increasing cyberattacks in the region are expected to drive the market growth in the Middle East and Africa and Latin America. The threat landscape is continuously evolving across the globe, which has urged every region to spend a significant amount on BEC solutions to combat these threats and protect important data and information from cyberattacks. Strict regulations and governmental concerns over the increasing rate of cybercrimes are giving rise to multi-collateral relationships among various countries to come up with information security norms.

The solutions segment by offering is projected to have the larger market size

BEC solutions are witnessing increased demand in recent years due to the increased risk of BEC attacks. According to the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3), in 2020 alone 20,000 complaints of business email compromise were recorded with adjusted losses of over USD 1.8 billion. These solutions are designed for organizations to gain real-time threat-related insights and safeguard their security posture against future attacks. BEC solutions detect, curb, and remediate occurrences of BEC threats. For example, Proofpoint Advanced BEC Defense leverages AI/ML to analyze billions of emails every day to protect organizations against BEC attacks. Some of the prominent solution vendors in the BEC market are Proofpoint, Trend Micro, Cisco, and Broadcom.

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Increasing number of email users globally:

With high technological proliferation and digitalization initiatives, the number of email users is growing manifold worldwide. With the advent of COVID-19, there is a high adoption of mobile devices, internet penetration, and cloud deployment models. Such factors are expected to boost the use of email platforms, such as Gmail, Outlook, and Yahoo, to communicate either through personal devices or office devices. As per Statista, in 2019, the number of global email users amounted to 3.9 billion. Email services are promptly being used in emerging economies, such as Brazil, Mexico, and India as well. This high usage of email services calls for a secure communication channel to access, store, and transfer emails without them being tampered with. BEC solutions fill this gap with a multi-layered security approach to prevent future instances of phishing and malware crimes. Hence, the upscale in the number of global email users indirectly drives the need for robust BEC solutions and services.

Frequently Asked Questions (FAQ)

What is the definition of Business Email Compromise?

According to MarketsandMarkets, BEC is an exploit in which attackers gain access to a business email account and imitates the owner’s (CEO, employees, customers, or partners) identity. This can lead to huge financial losses and also affect an organization’s reputation. BEC solutions powered by AI/ML help identify and block any email compromises in real time. Security awareness training services with simulation techniques are also an integral part to prepare and improve responsiveness towards BEC attacks.

What is the projected market value of the global BEC market?

The global BEC market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.4% from 2022 to 2027.

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