Global Business Email Compromise Market Forecast to 2030
The Business Email Compromise Market report will provide readers, stakeholders, and businesses with in-depth information about market size, revenue growth, and general industry dynamics in order to help them better position themselves in the global Business Email Compromise Market. It offers thorough information on significant considerations, constraints, limitations, and issues in addition to market segmentations based on factors like product type, application, and regional bifurcation.
The global Business Email Compromise (BEC) market size is expected to reach USD 4.79 Billion at a steady revenue CAGR of 19.4% in 2030, according to latest analysis by Emergen Research. Growing scale of business email compromise scams and spear phishing attacks is a major factor driving market revenue growth. Business Email Compromise (BEC), is a type of phishing scam, in which an executive's email account is impersonated or compromised to trick the victim into starting a wire transfer or disclosing critical information. Social engineering and spear phishing are key components of this attack, which frequently targets individuals who manage sensitive company information, conduct purchases, or have other fiduciary responsibilities. BEC schemes frequently begin with a phishing email designed to gain unauthorized access to the account of targeted employee. Attacker can send the targeted employee a number of emails to establish a rapport of trust. These emails typically do not have links or attachments, but they nevertheless provide a risk as they give the attacker access to internal sources. Scammers can ask about payments or personal information while posing as reputable suppliers or workers, while employees will get emails or phone calls from scammers using embedded contact lists, building their trust.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Business Email Compromise market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Companies Profiled in the Report are:
Proofpoint, Mimecast Services Limited, Check Point Software Technologies Ltd., Cisco Systems, Inc., Broadcom, Fortra, LLC, Trend Micro Incorporated, Zix Corporation, Barracuda Networks, Inc., and GreatHorn, Inc
Research Report on the Business Email Compromise Market Addresses the Following Key Questions:
- Who are the dominant players of the Business Email Compromise market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Business Email Compromise market?
- What are the key growth drivers and restraining factors of the Business Email Compromise market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Business Email Compromise market and its key segments?
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Some Key Highlights From the Report
- On 25 February 2020, Proofpoint, Inc., a leading cybersecurity and compliance company released the first integrated, end-to-end solutions to address Business Email Compromise (BEC) and Email Account Compromise (EAC) attacks. These solutions combine Proofpoint's top secure email gateway, advanced threat protection, threat response, email authentication, security awareness training, and cloud account protection. In addition, Proofpoint announced a number of improvements to its Proofpoint Cloud App Security Broker (CASB) to protect cloud applications that employees use on a daily basis, including Amazon Web Services, Box, Google G Suite, Microsoft Office 365, and Slack. This will aid organizations in thwarting sophisticated cyberattacks that use both email and cloud vectors.
- The solutions segment is expected to lead in terms of revenue share in the global market over the forecast period. Use of BEC solutions has a number of advantages such as ability to dynamically detect and block specific corporate email intrusion types, recognize a variety of BEC tactics including use of fictitious supplier domains and compromised supplier accounts, notify recipients of email's source, tag any external emails, assess the urgency of an email by looking at its header, sender's IP, reputation, and other data, use advanced BEC defense, and utilize a detection engine based on Machine Learning (ML).
- The on-premises segment is expected to account for large revenue share over the forecast period. On-premises is a more traditional alternative, in which emails are sent, received, and archived on real servers located on-premises. These servers are frequently owned and run by domain owner. For instance, government organizations favor internal servers over external servers controlled by external services. This is particularly true for larger businesses or organizations that have serious security issues. Most of this internal server's housing is on-site.
- The Banking, Financial Service, and Insurance (BFSI) segment is expected to account for large revenue share over the forecast period owing to increasing need for BEC solutions. A successful callback procedure can help stop these scams in their tracks. Business Email Compromise (BEC) is still a common technique used by competent hackers to steal substantial sums of money from businesses of all kinds. New payment requests, requests to open new bank accounts, modifications to payment instructions, and changes to contact information all require a call from an employee, typically a member of payments team. Any losses arising from payments made using the security credentials of authorized users or those of other individuals with designated transaction authorization are the responsibility of commercial banking clients.
- The North America market is expected to account for largest revenue share during the forecast period, which is attributed to increasing BEC related crimes in countries in this region. For instance, on November 18, 2022, the U.S. Department of Justice announced charges against 10 defendants in several states in connection with a number of Business Email Compromise (BEC), money laundering, and wire fraud schemes that were targeted at Medicare, state Medicaid programs, private health insurers, and numerous other targets and resulted in losses totaling over USD 11.1 million. The accusations mainly stem from BEC schemes, in which people pretending to be business partners are accused of defrauding victims by deceptively transferring money from their bank accounts into accounts they or their conspirators controlled (sometimes by hiring ‘money mules’) using spoofed email addresses, bank account takeovers, and other deceptive techniques to make victims believe they were sending genuine payments.
Market Segmentations of the Business Email Compromise Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Business Email Compromise market on the basis of product, application, and region:
Segments Covered in this report are:
- Offering Outlook (Revenue, USD Million; 2019–2030)
- Solutions
- Services
- Deployment Mode Outlook (Revenue, USD Million; 2019–2030)
- Cloud
- On-Premises
- Vertical Outlook (Revenue, USD Million; 2019–2030)
- BFSI
- Government
- IT & ITES
- Energy & Utilities
- Healthcare
- Retail & E-Commerce
- Manufacturing
- Other Verticals
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Regional Landscape section of the Business Email Compromise report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Business Email Compromise Market report:
- The latest report comprehensively studies the global Business Email Compromise market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
In conclusion, the Business Email Compromise Market report is an exhaustive database that will help readers formulate lucrative strategies. The Business Email Compromise Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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