Business Email Compromise Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Business Email Compromise Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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..

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Market Drivers and Trends:
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.

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.

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Major Key Players of the Market:
Microsoft Corporation, Cisco Systems Inc., Broadcom Inc., Fortinet Inc., OpenText Corporation, Check Point Software Technologies Ltd., Trend Micro Inc., Cloudflare Inc., Fortra LLC, Symphony Technology Group, Mimecast Limited, Barracuda Networks Inc., Acronis International GmbH, Egress Software Technologies Ltd., Zix Corp, ZeroFox Holdings Inc., Tessian Limited, SafeGuard Cyber Inc., Heimdal Security A/S, Cofense Bidco Corporation, Agari Data Inc., Virtru Corporation, Ironscales Inc., Valimail Inc., Redscan Cyber Security Ltd., Abnormal Security Corporation, Trustifi LLC, Retruster Ltd., Cellopoint International Corp., GreatHorn Inc.

Business Email Compromise Market 2024 Key Insights:

• The Business Email Compromise is expected to grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%.
• Rising Adoption Of Cloud-Based Email Services Fueling Growth In The Business Email Compromise Market
• Utilizing Artificial Intelligence In The Business Email Compromise (BEC)
• North America was the largest region in the business email compromise market in 2023

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