Cyber threat is a major threat to many organizations. Banking, financial, healthcare organization use large volume of digital data in many of their applications. Healthcare, education sectors use many equipment for transferring data and this raises the possibility of data hacking. In this manner, online data transaction raises the possibility of cyber threat and that in turn increase the growth prospect for spear pishing market over the forecast period.
There are certain disadvantages of spear pishing as well. Large number of organization do not have that expertise to inform employees about the disadvantages of spear pishing. The organizations lack proper infrastructure to teach employees about the possible dangers of spear pishing, The organizations do not impart proper training to inform employees about the malware and mail hacking. This kind of occurrence is hindering the growth prospect for global spear pishing market over the forecast period.
Based on component, global spear pishing market is segmented into two types such as solution and services. This market find its maximum application in solution based component system and this segment is estimated to grow at highest CAGR (compound annual growth rate) over the forecast period. Solution provides data loss prevention, mail encryption, spam management, data filtering, solution for malware attack system and this factor is expected to drive the spear pishing market over the forecast period.
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On the basis of end use industry, spear pishing market is classified into government and defense, banking, financial services and insurance (BFSI), critical infrastructure and others. Critical infrastructure is estimated to follow stable growth path during the forecast period. This segment provides services to energy grid system, water facility system and nuclear plants. With the rising concern for renewable energy utilization, water recycling and conservation procedure, demand for spear pishing is estimated to increase over the forecast period. There is considerable investment in security based infrastructure and telecommunication sectors. With the rise in investment, spear pishing market is likely to follow accelerating growth rate over the forecast period.
Based on deployment type, spear pishing market is divided into cloud, hybrid and on-premises segments. Cloud based services held the largest market share in global spear pishing market. Cloud based services refers to the application where users can access to many resources with the help of internet. Rise in internet penetration and investment in telecommunication sector flourish the growth prospect for spear pishing market over the forecast period.
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According to geographical locations, global spear pishing market is classified into five regions such as North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America. North America held the largest market share for global spear pishing market in recent years and this segment is estimated to hold its market dominance during the forecast period. This region witnesses growing percentage of banking, financial and insurance operations. This region also witnesses growing investment in telecommunication and healthcare sectors and thus spear pishing market held considerable market share in this region. Latin America is estimated to be the fastest growing regional segment in spear pishing market as this region witnesses flourishing growth in telecommunication. Growth in large number of Latin American countries Chile, Peru, Brazil, Argentina witnesses increasing economic growth and this raises investment in telecommunication, banking, healthcare and education sectors.
Rising investment trigger the growth trajectory of spear pishing market over the forecast period. Asia Pacific is estimated to witness increasing growth rate as emerging economies such as China, India, and South Korea is the hub for mobile electronics goods. Number of mobile and internet users is rapidly growing in these economies and these factors accelerates the growth rate of spear pishing market over the forecast period.
Some of the key market players include Barracuda Networks,, Cisco Systems, Inc, Bae Systems PLC, Intel Security, Proofpoint, Inc., Microsoft Corporation, GreatHorn, Inc, and others.