WASHINGTON, June 05, 2023 (GLOBE NEWSWIRE) -- Global Business Email Compromise (BEC) Market is valued at USD 1.2 Billion in 2022 and is projected to reach a value of USD 4.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 20.5% over the forecast period 2023-2030.
Market Overview
The increase in the proportion of BEC fraud instances as a result of the disease epidemic is the primary driver driving market expansion over the predicted period. Phishing assaults, malware infection, spam emails, identity fraud, zero-day threats, APTs, and a range of other developing dangers all targeted email. The increased use of mobile devices, internet penetration, and cloud-based deployment models are expected to increase the popularity of email platforms and drive the expansion of BEC products and service implementation.
We forecast that the services category in business email compromise (BEC) market sales will account for more that 57% of the market share by 2030. Companies should provide security awareness training to employees to teach them how to identify phishing emails and BEC/EAC scams and to be cautious when responding to emails requesting credentials or other personal information.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/business-email-compromise-market-2137/request-sample
Market Dynamics
Rising Adoption of Technologies in Health and Fitness will Support Market Expansion
Over the projection period, market growth will be driven by the rapidly increasing application of technologies such as ML and AI in BEC solutions. In a BEC scam, attackers pose as someone of their victim's faith and deceive people into making fraudulent financial transactions. BEC scams include gift card fraud, money redirection, and provider invoicing fraud. Market participants employ AI/ML skills to examine every email answer in order to combat BEC schemes. ML/AI-powered BEC detection solutions aid in the identification and prevention of email fraud threats, hence preventing big financial losses. AI and machine learning tools help firms detect and prevent phishing and BEC assaults on the company.
Huge Money Losses as a Result of Criminal Crimes in Business Email Compromise (BEC) to Drive Market Growth
Email is rapidly being targeted by phishing attacks, spam, virus attacks, identity thefts, APTs, zero-day attacks, and other sophisticated attacks. Because billions of emails are sent and received every day, it is especially vulnerable to targeted data breaches. These financial ramifications are pressuring organizations to use email encryption solutions in order to adequately secure their email infrastructures. Every firm must have a solid security posture that protects against ransomware. For an effective defense against cybercriminals, robust access management, data encryption, heightened security, anomaly detection, and complete user access controls are required. As a result, it is expected that growing phishing attacks will drive the market throughout the projection period.
Top Players in the Global Business Email Compromise (BEC) Market
- Agari Inc.
- Armorblox Incorporation
- Abnormal Security Inc.
- Area 1 Security Incorporation
- Barracuda Networks Incorporation
- Broadcom Corporation
- Clearswift GmbH
- Cisco Inc.
- Check Point Inc.
- Fortinet Corporation
- GreatHorn Incorporation
- Heimdal Security Solutions Company Ltd.
- IRONSCALES
- Mimecast Limited
- Proofpoint Inc.
- PhishLabs Corp.
- Trend Micro Inc.
- Tessian Corp.
- Terranova Security
- Trustifi Inc.
- ZeroFox Company
- Zix Corporation
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in Global Business Email Compromise (BEC) Market
- One trend that Vantage Market Research (VMR) expects to see in the business email compromise industry is the advancement of technology. In a BEC scam, attackers pretend to be trustworthy sources in order to trick their victims into delivering bogus payment information. BEC schemes include gift card theft, money redirection, and fake supplier invoices. To prevent BEC fraud, industry providers use AI/ML capabilities to analyze every email transmission. To avoid substantial financial losses, ML/AI-powered BEC detection technologies aid in recognizing and stopping email fraud assaults more quickly. Numerous firms are developing advanced solutions that are integrated with ML/AI-powered BEC solutions, which will accelerate market growth during the projection period.
- Another trend that VMR predicts will continue in the business email compromise industry is its growing adoption of digitization techniques. With effective government regulations and digitalization initiatives, the BEC market is experiencing high-growth potential in this region. Factors such as increased internet usage, regulatory compliance, and smart device adoption are driving the adoption of BEC solutions. Cybercrime, including BEC attacks, is also on the rise in the global market.
Top Report Findings
- The service category controls most of the business email compromise (BEC) market's revenue based on the offer. The services segment encompasses a variety of services required for enterprises to deploy, implement, and manage BEC detection solutions. Demand for these services is projected to rise as these solutions become more widely adopted. Among the services offered are phishing awareness training, simulation services, and technical support. Many providers provide BEC response services, which use advanced technology and analysis tools to analyze email assaults, saving money and getting back to business swiftly and comprehensively. Several suppliers provide services that can be swiftly installed without the need for new infrastructure or IT overhead.
- Based on the deployment, most of the Business Email Compromise (BEC) Market's revenue is controlled by the cloud. As COVID-19 approaches, the use of cloud services is gaining traction. To remotely safeguard end users against BEC assaults, enterprises are proactively using cloud-based encrypted communication solutions. Enterprises are looking for cloud-based BEC options to help with cost-effectiveness, implementation, and access to expertise and experience for limiting advanced threats on email systems. Cloud-based BEC services feature security mechanisms such as novel phishing protection and multi-factor authentication (MFA), which are either not enabled by default or are only available at a premium, depending on the distributor. Attackers and cybercriminals have noticed this trend and are seeking ways to connect emails saved in the cloud.
- Based on vertical, most of the Business Email Compromise (BEC) Market's revenue is controlled by BFSI market categories. Due to the frequent and substantial quantities of cash transferred between firms, BEC fraud is typical in the finance sector. Another reason they are popular in the BFSI sector is that the earnings are frequently substantially higher than traditional email phishing scams. The dangers associated with the client connection that is brought into play reflect a substantial change in how these attacks are carried out.
- Based on the organization size, most of the business email compromise (BEC) market's revenue is controlled by large enterprises. It is expected that larger enterprises that handle a high volume of transactions and invoices will be targeted. Hackers are informed that in huge corporations, the chain of command is longer and slower. As a result, it will take longer for a single invoice to be allowed for payment and longer before it is trapped. It allows attackers plenty of time to cover their traces and effectively flee with the stolen goods.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/business-email-compromise-market-2137/0
Recent Developments in the Global Business Email Compromise (BEC) Market
- 2022: LogicHub announced the debut of AuDRA (Autonomous Detection & Response Assistant), the company's service for detecting risks, discrepancies, and threats from endless security-related events across the system, cloud, endpoint, and hybrid information sources. LogicHub is the first firm to leverage bot-enabled technology to streamline the process of producing threat detection events to assist security professionals and function as a major enabler.
Beverage Category in Business Email Compromise (BEC) Market to Generate Over 62% Revenue.
For better understanding, based on the organization size, the Business Email Compromise (BEC) Market is divided into SMEs and large enterprises.
The large enterprises category led the market. This trend has been observed by cybercriminals or attackers who are looking for ways to access email hosted on the cloud. Companies are proactively using cloud-based BEC solutions to safeguard end users from phishing emails. Businesses are looking for cloud-based BEC solutions to allow cost-effectiveness, rapid deployment, and on-demand access to experts for combating advanced threats on email systems.
On the other hand, it is anticipated that the SME industry will be the largest growing category in the business email compromise (BEC) market. Small and medium-sized businesses frequently rely on cloud BEC security provided by providers. All emails, both incoming and outgoing, are routed through the provider's servers. Cloud-based BEC services include security measures like sophisticated phishing protection and multi-factor authentication (MFA), which are either not enabled by default or are only offered at an additional cost depending on the provider.
North America Region in Business Email Compromise (BEC) Market to Generate More 45% Revenue.
North America dominates the market throughout the projection period. The province is the most advanced in terms of security technology development and adoption. Many rules govern the overall security of communications technologies in the region. The National Institute of Standards and Technology (NIST) encourages US organizations to protect critical infrastructure by developing regulatory requirements. HIPAA, GLBA, SOX, and other regulatory compliances help firms protect the sensitive data of their consumers. Cyberattacks in the region are getting more regular.
Asia Pacific is expected to be the fastest-growing region in the business email compromise (BEC) market due to factors such as rising internet traffic, regulatory restrictions, and connected device adoption; the use of BEC solutions is increasing.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Business Email Compromise (BEC) Market Forecast Report (2023-2030).
Global Business Email Compromise (BEC) Market Segmentation
By Offering
- Solutions
- Services
By Deployment Mode
- Cloud
- On-Premise
By Vertical
- BFSI
- Government
- IT & ITeS
- Energy and Utilities
- Manufacturing
- Retail and eCommerce
- Healthcare
- Other Verticals
By Organization Size
- SMEs
- Large Enterprises
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/business-email-compromise-market-2137
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 1.2 Billion |
| Revenue Forecast by 2030 | USD 4.4 Billion |
| CAGR | 20.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Agari Inc., Armorblox Incorporation, Abnormal Security Inc., Area 1 Security Inc., Barracuda Networks Inc., Broadcom Corp., Clearswift GmbH, Cisco Inc., Check Point Inc., Fortinet Corp., GreatHorn Inc., Heimdal Security Solutions Company Ltd., IRONSCALES, Mimecast Ltd., Proofpoint Inc., PhishLabs Corp., Trend Micro Inc., Tessian Corp., Terranova Security, Trustifi Inc., ZeroFox Company, Zix Corp |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/business-email-compromise-market-2137/request-sample |
Browse More Reports from Vantage Library:
- Business Intelligence Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/business-intelligence-market-2011
- Business Software and Services Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/business-software-and-services-market-1619
- Business-to-business (b2b) E-commerce Market - Global Industry Assessment & Forecast:https://www.vantagemarketresearch.com/industry-report/businesstobusiness-b2b-ecommerce-market-1386
- Business-to-consumer (b2c) E-commerce Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/business-to-business-b2b-e-commerce-market-0174
- Business Jet Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/business-jet-market-1819
- Healthcare Business Intelligence Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/healthcare-business-intelligence-market-1483
- Sports Business Consulting Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/sports-business-consulting-market-0232
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
