At 9.1% CAGR, South & Central America Phishing Protection Market is Projected to be worth US$ 186.99 million by 2031, says Business Market Insights

According to Business Market Insights research, the South & Central America phishing protection market was valued at US$ 92.83 million in 2023 and is expected to reach US$ 186.99 million by 2031, registering a CAGR of 9.1% from 2023 to 2031. Integration of behavioral analysis and surge in mobile phishing attacks are among the critical factors attributed to drive the South & Central America phishing protection market growth.

An increasing number of organizations are utilizing more active, adaptive phishing protection systems due to technological advancements in this area, which helps them keep up with new threats. Behavioral analysis in phishing protection involves monitoring and analyzing user behavior patterns by examining e-mail content. It also involves reviewing network traffic to identify anomalies. These anomalies may indicate phishing attempts. User behavior analytics (UBA) systems analyze an individual user's typical e-mail interactions. They flag deviations that might indicate a compromised account or a phishing attempt. A few examples of behavior analytics feature integrated in phishing protection systems are as follows:

• In January 2024, TitanHQ announced the addition of a new solution to its cybersecurity portfolio. It helps businesses combat the growing threat of phishing. PhishTitan offers powerful phishing protection for Microsoft 365. It is capable of catching and remediating sophisticated phishing attempts. It also tackles zero-day phishing threats that Microsoft's native defense for M365 fails to detect and block. Further, it scans attachments with twin antivirus engines. Suspicious e-mail attachments are sent to the sandbox for behavioral analysis.
• In August 2023, the leading behavioral AI-based e-mail security platform company, Abnormal Security, announced the launch of CheckGPT to detect AI-generated attacks. The new capability determines e-mail threats, including BEC and other socially engineered attacks.

Vendors are increasingly focusing on developing more intelligent, adaptive solutions. These advanced systems can detect novel and sophisticated phishing attempts. Thus, the integration of behavioral analysis capability is emerging as a significant trend in the phishing protection market.

On the contrary, the limited user awareness hampers the growth of South & Central America phishing protection market.

Based on offerings, the South & Central America phishing protection market is bifurcated into solution and services. The solution segment held 67.3% market share in 2023, amassing US$ 62.43 million. It is projected to garner US$ 122.00 million by 2031 to register 8.7% CAGR during 2023–2031.

In terms of deployment, the South & Central America phishing protection market is bifurcated into on-premises and cloud. The cloud segment held 66.3% share of South & Central America phishing protection market in 2023, amassing US$ 61.51 million. It is anticipated to garner US$ 126.83 million by 2031 to expand at 9.5% CAGR during 2023–2031.

By type, the South & Central America phishing protection market is bifurcated into email-based phishing and non-email-based phishing. The email-based phishing segment held 72.8% share of South & Central America phishing protection market in 2023, amassing US$ 67.55 million. It is projected to garner US$ 136.94 million by 2031 to expand at 9.2% CAGR from 2023 to 2031.

Based on enterprise size, the South & Central America phishing protection market is bifurcated into large enterprises and small and medium enterprises. The large enterprises segment held 66.4% share of South & Central America phishing protection market in 2023, amassing US$ 61.66 million. It is predicted to garner US$ 121.84 million by 2031 to expand at 8.9% CAGR between 2023 and 2031.

In terms of vertical, the South & Central America phishing protection market is categorized into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, and others. The BFSI segment held 30.9% share of South & Central America phishing protection market in 2023, amassing US$ 28.66 million. It is estimated to garner US$ 61.38 million by 2031 to expand at 10.0% CAGR during 2023–2031.

Based on country, the South & Central America phishing protection market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 70.3% share of South & Central America phishing protection market in 2023. It was assessed at US$ 65.26 million in 2023 and is likely to hit US$ 135.16 million by 2031, registering a CAGR of 9.5% during 2023–2031.

Key players operating in the South & Central America phishing protection market are Microsoft Corp; Cisco Systems Inc; Open Text Corp; Barracuda Networks, Inc.; SlashNext, Inc.; Ironscales; Proofpoint Inc; Mimecast Services Limited; Paubox, Inc; and Trustwave Holdings, Inc. among others.

• In Jun 2024, Cisco, the leader in enterprise networking and security, announced new capabilities across the Cisco Security Cloud that extend its security architecture in the age of AI. With Cisco's unified, AI-driven, cross-domain security platform, customers will experience the balance of power tipping in favor of the defenders.
• In May 2024, Open Text Corporation, announced that it had purchased Pillr, an MDR platform from Novacoast, Inc. Pillr technology is a cloud-native, multi-tenant MDR platform for Managed Service Providers (MSPs) that includes Managed Detection and Response and powerful threat-hunting capabilities. This combination of Pillr technology and OpenText security expertise provides enhanced threat hunting, monitoring, and response for customers where skill gaps, skill shortages, and alert fatigue create a significant need today.

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