The Business Email Compromise Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Business Email Compromise Global Market Report 2024, The business email compromise market size has grown rapidly in recent years. It will grow from $1.62 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to phishing tactics evolution, exploitation of trust relationships, email spoofing and impersonation, lack of email security measures, financial gain incentive, globalization and remote work.
The business email compromise market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to weaknesses in email security infrastructure, global connectivity and remote work risks, ransomware integration in bec, continued lack of employee training, growing collaboration among cybercriminals.. Major trends in the forecast period include global expansion of attacks, cross-channel exploitation, adaptation to security protocols, use of psychological manipulation, email account compromise.
The increasing adoption of cloud-based email services is expected to propel the growth of the business email compromise market going forward. Cloud-based email services are internet-hosted platforms that enable users to send, receive, and store emails without needing local servers or infrastructure. Cloud-based email services enhance business email compromise (BEC) protection through integrated advanced security, centralized monitoring, and scalability, creating demand for specialized business email compromise prevention solutions and services. For instance, in December 2021, according to Eurostat, a Luxembourg-based intergovernmental organization, 41% of EU businesses used the cloud in 2021, primarily to host their email servers and store digital copies of their documents, and 79% of the businesses that admitted to utilizing cloud computing used one for their email. Further, in comparison to 2020, there was a moderate increase in the usage of e-mail, office software, accounting applications, and financial applications in the cloud (+3 pp for both e-mail and office software and +2 pp for accounting applications). Therefore, increasing adoption of cloud-based email services is driving the growth of the business email compromise market.
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The business email compromise market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: SMEs (Small And Medium Enterprises), Large Enterprises
4) By Vertical: Banking, Financial Services And Insurance, Government, Information Technology And Information Technology Enabled Services, Energy And Utilities, Manufacturing, Retail And E-Commerce, Healthcare, Other Verticals
Major companies operating in the business email compromise market are increasing their focus on developing innovative technologies, such as artificial intelligence solutions, to gain a competitive edge in the market. An artificial intelligence (AI) solution is a software application that uses AI techniques to solve a specific problem or task. For instance, in February 2023, SlashNext Inc., a US-based computer and network security company, launched Generative HumanAI, the industry’s first artificial intelligence product that employs generative AI to protect against advanced business email compromise (BEC), supply chain assaults, financial fraud, and executive impersonation. The solution automatically uses AI data augmentation and cloning technologies to generate thousands of potential BEC threats. The human AI solution then analyzes these with natural language processing to learn how to detect malicious emails better.
The business email compromise market report table of contents includes:
1. Executive Summary
2. Business Email Compromise Market Characteristics
3. Business Email Compromise Market Trends And Strategies
4. Business Email Compromise Market – Macro Economic Scenario
5. Global Business Email Compromise Market Size and Growth
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26. South America Business Email Compromise Market
27. Brazil Business Email Compromise Market
28. Middle East Business Email Compromise Market
29. Africa Business Email Compromise Market
30. Business Email Compromise Market Competitive Landscape And Company Profiles
Top Major Players:
- Microsoft Corporation
- Cisco Systems Inc
- Broadcom Inc
- Fortinet Inc
- OpenText Corporation
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