The Phishing Simulator Market is estimated to be valued at US$ 93.3 million in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Phishing simulators help educate employees through mock phishing attacks and strengthen security awareness training. They simulate real-world phishing threats and track user responses to analyze security risks. These solutions play a vital role in maintaining cybersecurity by evaluating individual and collective vulnerabilities within an organization.
Market key trends:
One of the key trends spurring the phishing simulator market growth is the increasing incidents of phishing and business email compromise scams. Cybercriminals are using more sophisticated techniques to steal sensitive data such as login credentials through seemingly genuine emails. This has driven many organizations to adopt phishing simulator solutions to assess security risks and train employees against such threats on a periodic basis. Continuous employee simulation and training are essential to strengthen defenses against evolving cyber threats. Vendors are also focusing on developing AI and machine learning capabilities within their offerings to automate the simulation process and detection of at-risk individuals.
Porter’s Analysis
Threat of new entrants: Low barriers to entry allows new entrants to enter this growing market easily, posing threat to existing players.
Bargaining power of buyers: Buyers have more bargaining power as phishing simulators are substitutable and switching costs are low.
Bargaining power of suppliers: Suppliers have lesser bargaining power as phishing simulators rely on standard technologies with few customized components.
Threat of new substitutes: Threat from substitutes like web-based and freemium simulators is moderate as many enterprises still prefer on-premise deployments.
Competitive rivalry: High as it is a fragmented market with many global and regional players competing on pricing and features.
SWOT Analysis
Strength: Phishing simulators offer cost-effective employee training solutions and help detect email-based cyber threats.
Weakness: On-premises deployment requires infrastructure costs and regular upgrades. Limited functionality of free versions.
Opportunity: Rising instances of phishing attacks increases need for regular security awareness training. Market remains untapped in developing nations.
Threats: Stringent data protection laws increase compliance requirements. Alternative no-cost or low-cost training methods can gain traction.
Key Takeaways
Global Phishing Simulator Market Size is expected to witness high growth, exhibiting CAGR of 7% over the forecast period, due to increasing instances of sophisticated phishing attacks. The US dominates the market currently due to stringent compliance regulations and early technology adoption. The Asia Pacific region is expected to witness fastest growth due to rapid digitalization and economic growth in major countries like China and India.
Regional analysis The North America phishing simulator market will continue to hold the largest market share, buoyed by stringent compliance regulations like PCI-DSS in the US. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period due to increasingInstances of phishing attacks coupled with rapid digitalization in major economies of China, India, Japan and South Korea.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.