Phishing Simulator Market Is Estimated To Witness High Growth Owing...

Phishing Simulator Market Is Estimated To Witness High Growth Owing To Growing Adoption Of Cybersecurity Training

Posted 2023-12-07 05:03:54

The Phishing Simulator Market is estimated to be valued at Us$ 93.30 Mn or Bn in 2023 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Phishing simulator provides simulated phishing attacks and security awareness training to organizations. It helps them identify potential vulnerabilities and educate employees to recognize phishing attempts. Phishing simulator software tests how susceptible employees are by sending realistic simulated phishing emails and see who falls for the scam. It observes user behavior and measures an organization's overall phishing risk. This data helps organizations prioritize security awareness training for at-risk individuals and departments. Phishing simulators use numerous templates to emulate common phishing emails containing malicious URLs and attachments.

Market Dynamics

Growing adoption of cybersecurity training: Phishing attacks continue to evolve and pose serious threats to enterprises. Phishing simulations help identify security gaps and train employees to detect such threats. This factor is boosting adoption of phishing simulators across industries. Increasing digitization: Rapid digital transformation is driving more business online and increasing the attack surface for cybercriminals. This has compelled organizations to focus on securing digital assets and users with awareness programs using simulated phishing. Adoption of work from home: The pandemic disrupted workplaces and accelerated work from home practices. However, it also made employees more vulnerable outside the corporate network security perimeters. Phishing simulation training assumed greater importance to manage associated risks from remote locations.

SWOT Analysis

Strength: Phishing simulator tools help organizations analyze phishing vulnerabilities and raise awareness among employees through simulated phishing attacks. They offer detailed reporting on users who clicked on simulated phishing links/attachments, allowing companies to retrain vulnerable users. Many tools provide automated remediation features and integration with security awareness training platforms.

Weakness: Phishing simulation may intimidate or frustrate users if conducted too frequently. Not all employees view training exercises positively. Licensing costs can be high for some enterprise-grade tools with advanced analytics. Smaller firms may lack resources for extensive simulator deployments.

Opportunity: Growth of remote work amid the pandemic highlighted the importance of security awareness training to tackle phishing risks. Many organizations now prioritize such programs. Regulatory compliance is another driver, as standards like GDPR mandate data protection measures. Educational institutions also adopt phishing simulations to coach students on cyberthreats.

Threats: Free or low-cost phishing simulation tools with limited features could undermine commercial solutions. Developing nations may not see the value in sophisticated anti-phishing solutions given other priorities. Cultural attitudes toward security awareness training vary and engagement cannot be forced.

Key Takeaways:

The Global Phishing Simulator Market Demand is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing awareness about cyber risks among enterprises and individuals. Organizations across industries are implementing security awareness training programs involving simulated phishing to proactively protect their networks and data from cyberattacks.

Regional analysis:

North America holds the largest share in the phishing simulator market, primarily due to stringent data protection laws and rapid technological adoption. Europe follows closely due to growing concern over business email compromise scams. However, the Asia Pacific region is expected to witness the highest CAGR owing to rising investment in digital transformation and the implementation of information security policies in major countries like China and India.

Key players:
Key players operating in the Phishing Simulator market are Ironscales, Cofense (PhishMe), Infosec Institute, KnowBe4, PhishLabs, Wombat Security Technologies, Barracuda Networks, Mimecast, Proofpoint, CyberFish, DataEndure, FireEye, Smooth Phish, Votiro, XM Cyber, Lucidworks, Digital Defense, Getlabs, Avanan, Greathorn. Several vendors are focusing on platform enhancements and partnerships to strengthen their position in the market.