July 13, 2024
SMS Firewall Market
Ict

Uptake In Fraud Detection Solutions Set To Foster Growth Of The Global SMS Firewall Market

The global SMS Firewall Market is estimated to be valued at US$ 2,350.4 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

An SMS firewall provides protection against spam SMS and fraud to mobile users and enterprises. It helps detect and block SMS-based phishing attacks, fraud, SMS spam, and SMS flooding on phones. As SMS continues to be a popular communication channel, cybercriminals are increasingly using it for malicious activities like SMS phishing and spamming. An SMS firewall solution inspects inbound and outbound SMS traffic in real-time to identify and block suspicious or fraudulent messages based on predefined policies. It maintains a database of blacklisted words, phone numbers, and other attributes to intercept phishing and spam SMS. SMS firewalls are effective in protecting individuals and business users from financial and data loss due to SMS-based phishing or spamming.

Market key trends:

One of the major trends in the SMS firewall market is the rise in SMS phishing attacks. Cybercriminals are using more sophisticated techniques like impersonating trusted brands through SMS to steal financial details from users. This has prompted many organizations to implement SMS firewall solutions to detect and prevent phishing attacks targeting their customers. Additionally, the increasing work from home culture amid the pandemic has also expanded the attack surface for cybercriminals, driving greater demand for SMS protection. SMS firewall vendors are enhancing their solutions with advanced capabilities like artificial intelligence and machine learning to better analyze message contents and identifiers to identify even hidden threats. This is helping SMS firewalls achieve higher accuracy in detecting new and evolving phishing attacks. With mobile penetration growing rapidly, especially in developing markets, demand for SMS firewalls is expected to rise substantially over the coming years.

Porter’s Analysis

Threat of new entrants: Low entry barriers due to availability of cloud based sms filtering solutions. However, established players have strong brand identity and customer base.

Bargaining power of buyers: Buyers have high bargaining power due to availability of numerous suppliers providing sms firewall solutions. Buyers can easily switch to substitute products if not satisfied.

Bargaining power of suppliers: Established IT security vendors integrating sms firewall features have significant influence on pricing. However, availability of specialized providers limits suppliers power.

Threat of new substitutes: Alternative communication channels like messaging apps, ott platforms pose potential threat. Nonetheless, sms continues to be widely used medium for 2FA and marketing.

Competitive rivalry: Intense competition due to presence of global and regional providers. Players differentiate through product innovation, partnerships, compliance with regulations.

Key Takeaways

The global Sms Firewall Market Growth is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing cyber threats and stringent regulations regarding data privacy. The market size for 2023 is estimated to be US$ 2,350.4 Mn.

Regional analysis: North America dominates the sms firewall market currently due to stringent laws and rising adoption of advanced security solutions among enterprises. Asia Pacific is expected to exhibit fastest growth aided by increasing digitization, mobile transactions and awareness about cyber risks in the region.

Key players operating in the Sms Firewall Market are Tango Telecom,SAP SE,Tyntec,Infobip,Symantec Corporation,Acronis International GmbH,Fortinet, Inc.,Arbor Networks, Inc.,Cisco Systems, Inc.,Trend Micro Incorporated. Key players are focusing on new product developments through partnerships and acquisitions to strengthen their market presence.

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