The analysis examines the factors influencing industry growth in the worldwide Business Email Compromise Market and provides detailed estimates regarding the growth pattern. Drivers, restraints, opportunities, threats, risks, constraints, and other characteristics of the market are some of the study's primary subjects. The study offers a comprehensive investigation of the company profiles, product portfolio, and corporate expansion strategies in addition to a full analysis of the competitive environment.
According to the most recent report by Emergen Research, the size of the worldwide Business Email Compromise (BEC) market is anticipated to reach USD 4.79 billion in 2030, with a consistent revenue CAGR of 19.4%. The prevalence of spear phishing and business email compromise scams is a key factor influencing market revenue growth. Business Email Compromise (BEC), a sort of phishing scam, involves the impersonation or hack of an executive's email account in order to deceive the victim into initiating a wire transfer or giving sensitive information. This attack typically targets people who handle confidential company information, make purchases, or have other fiduciary duties. Its main components are social engineering and spear phishing. Phishing emails are regularly used in BEC schemes to acquire access to the account of the targeted employee. A lot of emails might be sent to the targeted employee by the attacker to build a rapport and trust. Even while these emails frequently lack links and attachments, they still pose a risk since they allow an attacker access to internal sources. Employees will get emails or phone calls from scammers utilising embedded contact lists, earning their trust. Scammers can inquire about payments or personal information while appearing as trustworthy suppliers or employees.
An emerging market trend is the rise in BEC-related crimes relative to ransomware. New intrusions that result in multimillion dollar ransom demands are reported on a seemingly daily basis. One such demand was made by REvil, a Russian-based ransomware company that was targeted by the Kaseya attack, for USD 70 million. While ransomware being a common topic in the media, the FBI asserted in 2021 that adjusted losses from BEC complaints totaled USD 2.4 billion while losses from ransomware were USD 49.2 million. For a number of reasons, including the fact that BEC attacks typically rely primarily on social engineering and are less technically sophisticated than ransomware attacks, whereas establishing a base and releasing malware to exfiltrate sensitive data requires more knowledge and effort, BEC still outweighs ransomware losses.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed 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
Target Audience of the Global Business Email Compromise Market Report:
- Key Market Players
- Investors
- Venture capitalists
- Small- and medium-sized and large enterprises
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- Global market producers, distributors, traders, and suppliers
- Research organizations, consulting companies, and various alliances interested in this sector
- Government bodies, independent regulatory authorities, and policymakers
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Major Geographies Analyzed in the Report:
- 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)
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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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.
Additional information offered by the report:
- Along with a complete overview of the global Business Email Compromise market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
- The report elaborates on the global Business Email Compromise market size and share governed by the major geographies.
- It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
- It further presents a detailed description of the company profiles of the key market contenders.
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