April 12, 2024
Phishing Simulator Market

Phishing Simulator Market is Estimated to Witness High Growth Owing to Growing Cybersecurity Threats

The phishing simulator market allows organizations to test their employees susceptibility to phishing emails and train them to spot malicious emails. Phishing simulators send fake phishing emails to employees and notifies them if they click on malicious links or enter personal information. This helps organizations assess security awareness of their workforce and identify training needs. The growing menace of phishing attacks and stringent compliance norms regarding employee cybersecurity readiness are prompting more companies to adopt phishing simulation solutions.

The Global Phishing Simulator Market is estimated to be valued at US$ 107.49 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period between 2024 to 2031.

Key Takeaways

Key players operating in the phishing simulator market are Ironscales, Cofense (PhishMe), Infosec Institute, KnowBe4, PhishLabs, Wombat Security Technologies, Barracuda Networks, Mimecast, Proofpoint, CyberFish, DataEndure, FireEye, Smooth Phish, Votiro, XM Cyber, Lucidworks, Digital Defense, Getlabs, Avanan, Greathorn. These players are focusing on developing advanced phishing simulation techniques and expanding their global footprint.

The key opportunities in the market include growing demand from SMBs and emphasis on security awareness training by regulatory bodies. Various countries are also launching cybersecurity initiatives to safeguard critical infrastructure from cyber-attacks that is fueling adoption of phishing simulation platforms.

The phishing simulator market is witnessing strong growth in North America and Europe owing to stringent data privacy laws. However, Asia Pacific region is emerging as a lucrative market driven by growing digitalization and need to protectorganizations and individuals from sophisticated phishing campaigns. Key players are focusing on emerging economies for future expansion.

Market drivers

The key driver for Phishing Simulator Market Growth is growing sophistication of phishing attacks. Hackers are using artificially intelligent techniques and customized lures targeting specific industries/organizations. This has increased susceptibility of employees to even carefully disguised phishing attempts. Phishing simulation helps enhance their ability to identify subtle phishing emails and emails tailored for their organizations. Regulatory mandates regarding performing security awareness assessment of employees and demonstrating preparedness against social engineering is another major factor driving adoption of phishing simulation platforms across sectors.

PEST Analysis

Political: Government agencies and regulators are increasing awareness campaigns and mandates around data privacy and security best practices to help combat phishing attacks.

Economic: Organizations face rising costs of damage from phishing such as lost productivity, data breaches, and legal fines, driving greater investment in phishing simulation solutions to train employees.

Social: Users are sharing more personal information online through social networks, exposing them to greater phishing risks, while social engineering techniques evolve quickly.

Technological: Increased connectivity via mobile devices combined with sophisticated phishing lures leveraging AI and zero-day exploits pose ongoing technological challenges, necessitating continuous employee education on Identifying fraudulent communications.

The North American region currently dominates the phishing simulator market in terms of value, driven by robust awareness of cyber threats and early adoption of security best practices among enterprises. Meanwhile, the Asia Pacific region is expected to grow the fastest due to rapidly expanding internet usage, a growing tech-savvy workforce, and surging investments in cloud services and mobile networks in countries like China and India.

Geographically, Europe is another major revenue contributor supported by stringent data privacy laws like the EU’s General Data Protection Regulation (GDPR) which have increased compliance requirements for organizations. Meanwhile, the Middle East and Latin America are witnessing a rising rate of phishing attacks targeting government agencies and businesses, representing emerging opportunities for phishing simulation vendors to help combat such threats.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it