Business Email Compromise Market Outlook
According to the report by Expert Market Research (EMR), The Global Business Email Compromise Market Size, Trends, Analysis, Report and Forecast 2024-2032″, the business email compromise market reached a value of approximately USD 1.2 billion in 2023. Aided by the increasing digitisation of businesses and the rising number of email users worldwide, the market is projected to further grow at a CAGR of 19.40% between 2024 and 2032 to reach a value of USD 3.48 billion by 2032.
Business email compromise (BEC) is a sophisticated scam targeting businesses, typically carried out by fraudsters who compromise legitimate business email accounts through social engineering or computer intrusion to conduct unauthorised transfers of funds or data. It’s a serious threat to businesses worldwide, affecting not only the financial stability of the companies but also their reputation and customer trust.
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The escalating digitisation of businesses globally is a significant factor contributing to the business email compromise market expansion. As more businesses shift towards digital platforms for operations, communication, and transactions, the number of potential targets for BEC scammers also increases. This situation, combined with the growing reliance on email communication, fuels the risk of BEC attacks.
Further, the lack of awareness and training among employees about phishing tactics and BEC scams also propels the business email compromise market growth. Despite numerous cybersecurity measures in place, human error continues to be a significant vulnerability in the security chain, often exploited by fraudsters.
Moreover, with remote working becoming more prevalent due to the COVID-19 pandemic, the risk of BEC attacks has surged. Employees working remotely often rely on email for communication, making them potential targets for BEC scams. This trend, coupled with the potential security loopholes in home networks, accentuates the threat, thereby propelling the business email compromise market demand.
In addition to these, rapid technological advancements also contribute to the market growth. BEC scammers are constantly innovating and adapting to the evolving security measures, using more sophisticated techniques to carry out successful scams, accelerating the business email compromise market development. The incorporation of artificial intelligence (AI) and machine learning (ML) into phishing techniques has made BEC scams harder to detect and prevent.
Also, the growing investment in cybersecurity measures and increasing adoption of advanced security solutions, such as email encryption, two-factor authentication, and AI-based security platforms, offer significant growth opportunities for the business email compromise market.
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Business Email Compromise Market Segmentation
The market can be divided based on offering, deployment, organisation, end use, and region.
Market Breakup by Offering
• Solutions
• Services
• Others
Market Breakup by Deployment
• Cloud
• On premise
Market Breakup by Organisation
• Large Enterprises
• Small and Medium Enterprises
Market Breakup by End Use
• Government
• BFSI
• Energy and Utility
• IT and ITES
• Healthcare
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Business Email Compromise Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global business email compromise companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Proofpoint, Inc.
• Mimecast Services Limited
• Check Point Software Technologies Ltd.
• Cisco Systems Inc
• Higher Logic, LLC
• Fortra, LLC
• Trend Micro Incorporated.
• ZIX Corporation
• Barracuda Networks, Inc.
• GreatHorn Inc.
• Cloudflare, Inc.
• Others
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