Business Email Compromise Market: Leading the Charge in Digital...

Business Email Compromise Market: Leading the Charge in Digital Transformation by 2032

Blogs IT, Cloud, Software and Technology

Postado 2024-08-16 08:37:26

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The Business Email Compromise (BEC) Market was valued at USD 1.31 billion in 2023 and is expected to grow to USD 5.50 billion by 2031, with a CAGR of 19.6% from 2024 to 2031.

Business Email Compromise (BEC) involves cybercriminals using deceptive emails to trick individuals into disclosing sensitive information or transferring funds. Given the rise in remote work and the fact that 91% of cyberattacks originate from emails, the BEC market is set for significant growth. Key players such as Abnormal Security, Agari, Avanan, and Barracuda Total Email Protection are at the forefront, providing advanced solutions to address BEC threats.

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Some of Major Key Players:

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Drivers:

Significant Financial Losses Due to BEC Crimes: The substantial financial impact of BEC incidents drives the need for effective solutions.
Role of Artificial Intelligence (AI) and Other Technologies: AI and related technologies are crucial in combating BEC threats. Email systems are increasingly targeted by various forms of cybercrime, including phishing, malware, spam, and identity theft. The rise of zero-day attacks and advanced persistent threats (APTs) exacerbates email security risks. Protecting email systems from these threats is critical to preventing data breaches and securing sensitive information.

Opportunities:

Adoption of BEC Solutions Enhanced by ML/AI: BEC scams often involve impersonating trusted sources to trick victims into providing false payment information or performing unauthorized transactions, such as gift card theft, cash redirection, or fraudulent invoices. AI and machine learning (ML) are increasingly used to analyze email communications and detect BEC scams. Providers like Mimecast, Proofpoint, Agari, Cisco, Check Point, Trend Micro, and Abnormal Security leverage ML/AI to enhance BEC detection and prevention. These technologies help organizations recognize and mitigate email fraud more effectively, reducing potential financial losses.

Segmentation:

By Offering:
- Solutions
- Services
By Organization Size:
- SMEs (Small and Medium-Sized Enterprises)
- Large Enterprises
By Deployment Mode:
- Cloud
- On-Premises
By Vertical:
- BFSI (Banking, Financial Services, and Insurance)
- Government
- IT & ITeS (Information Technology and IT-enabled Services)
- Retail & eCommerce