Home Press Releases Business Email Compromise (BEC) Market Size Worth $4.69 Billion By 2030 | CAGR: 19.32%

Business Email Compromise (BEC) Market Size Worth $4.69 Billion By 2030 | CAGR: 19.32%

The global business email compromise (BEC) market size is expected to reach USD 4.69 billion by 2030, according to a new study by Polaris Market Research. The report “Business Email Compromise (BEC) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, and Services); By Deployment Mode; By Vertical; By Organization Size; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The surge in the proportion of BEC fraud cases following the disease outbreak is the major factor driving market growth throughout the forecast period. Emails become a target for phishing attacks, malware infection, spam emails, identity fraud, zero-day threats, APTs, and a variety of other emerging threats. According to the FBI’s Internet Crime Report (IC3), victims in the United States lost more than USD 2.7 Bn, in 2018 as a result of internet crimes; and the BEC cyber-attack cost the U.S. business owners around USD 1.2 Bn in the same year.

 

In recent years, corporation security has shifted toward ransomware, but FBI data shows that businesses lose 51 times more money due to BEC attacks. BEC attacks in the United States resulted in total damages of $2.4 billion in 2021, a 39% increase compared to the previous year. At the same time, businesses in the United States lost only $49.2 million to ransomware.

 

Moreover, stringent regulations and compliances regarding the usage of emails are also contributing to the increased utilization of BEC solutions. During the pandemic, the emails were designed to spread ransomware and other malicious software via attachments that purported to contain vital virus information.

 

Zix has partnered with over 1,200 hospitals in the United States to ensure Compliance with the standards. According to Paubox research, email messages were responsible for 39% of all HIPAA attacks. Rules and regulations, including HIPAA and the Health Information Management for Economic and Clinical Health (HITECH) Act, have accelerated the implementation of BEC remedies in the healthcare industry.

 

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Additionally, the increased administrative compliances on the use of messages are also contributing to the growth in the use of BEC arrangements. Comprehensive email basics of risk management are in high demand across industries such as BFSI, authorities, IT and ITeS, medical services, retail, and e-commerce solutions.

 

Business Email Compromise (BEC) Market Report Highlights

  • BFSI segment accounted for the fastest CAGR of global revenue share. The BES scams are mostly found in the financial sector. The BFSI sector is an early adopter of this technology to secure sensitive data and the security of payments over emails. Thus, for security concerns, BFSI is adopting BES solutions on large scale.
  • The services segment is expected to hold significant global revenue. Businesses have to provide effective security training to employees to teach them how to identify phishing emails or BEC/EAC frauds and to instill prudence when replying to emails requesting login information or any other type of Personally identifiable information.
  • Asia-Pacific is expected to grow at a high CAGR over the projected period due to the factors like increased internet usage, regulatory requirements, and connected device adoption influencing the use of BEC solutions.
  • The players include Agari Inc., Armorblox Incorporation, Check Point Inc., Fortinet Corporation, GreatHorn Incorporation, Mimecast Limited, Proofpoint Inc., PhishLabs Corp., Trend Micro Inc., Tessian Corp., Terranova Security, Trustifi Inc., ZeroFox Company, and Zix Corporation.

 

Polaris Market Research has segmented the Business Email Compromise (BEC) market report based on offering, deployment mode, vertical, organization size, and region:

 

Business Email Compromise (BEC), Offering Outlook (Revenue – USD Billion, 2018 – 2030)

  • Solutions
  • Services

Business Email Compromise (BEC), Deployment Mode Outlook (Revenue – USD Billion, 2018 – 2030)

  • Cloud
  • On-Premises

Business Email Compromise (BEC), Vertical Outlook (Revenue – USD Billion, 2018 – 2030)

  • BFSI
  • Government
  • IT & ITeS
  • Energy and Utilities
  • Manufacturing
  • Retail and eCommerce
  • Healthcare
  • Other Verticals

Business Email Compromise (BEC), Organization Size Outlook (Revenue – USD Billion, 2018 – 2030)

  • SMEs
  • Large Enterprises

Business Email Compromise (BEC), Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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