Phishing simulator services play a vital role in providing security awareness training to organizations against phishing threats. Phishing simulations enable organizations to test their employees’ resilience to simulated phishing attacks and measure the effectiveness of security awareness programs. Phishing simulators automate the process of sending simulated phishing attacks and reporting on user responses in real-time. They also help identify security gaps and monitor improvements over time with repeated testing. Popular phishing simulators include phishing email templates, websites, attachments, and links that appear authentic to evaluate individual and organizational vulnerability.
The global phishing simulator market is estimated to be valued at US$ 93.3 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Expanding adoption of cyber security solutions across enterprises: Growing concerns regarding data security and privacy due to increasing sophistication of cyber-attacks is a key factor driving adoption of advanced cyber security solutions including phishing simulator services. Phishing attacks continue to be one of the prominent security threats for enterprises. As a result, enterprises are increasingly implementing phishing simulation programs as part of their security awareness and training strategy.
Frequent evolving nature of phishing attacks: Phishing attacks are constantly evolving in terms of techniques used and appearance of simulated emails, websites, and links. They are also hard to distinguish from genuine messages or emails at times. This has prompted organizations to conduct frequent phishing simulations on their employees to minimize vulnerabilities from CEO fraud, business email compromise scams, ransomware, and other phishing threats. Regular security training using phishing simulations ensures employees can quickly identify phishing attempts and report them.
Segment Analysis
The phishing simulator market can be broadly segmented into simulation, analysis, and mitigation. The simulation segment currently dominates the market, holding over 50% share. This is because most enterprises are focused on training their employees against phishing attacks through simulated exercises. Regular simulation helps assess the risks and gauge effectiveness of countermeasures.
PEST Analysis
Political: Stringent data privacy and security regulations like GDPR are driving up demand for phishing training and awareness. Governments are also promoting such training to counter increased cyber threats.
Economic: Growing digital transformation and remote working trends amid pandemic have expanded the attack surface for phishers. This is encouraging enterprises to invest more in security awareness of employees.
Social: Users are becoming more technology-savvy but lack training to identify sophisticated phishing scams. Training programs help enhance security culture and mindfulness against social engineering attacks.
Technological: Advanced techniques like artificial intelligence and machine learning are making phishing simulation and analysis more effective. They can customize training scenarios and track behavioral changes.
Key Takeaways
The Global Phishing Simulator Market Size is expected to witness high growth over the forecast period of 2023 to 2030 on account of increasing sophistication of phishing attacks. The global phishing simulator market is estimated to be valued at US$ 93.3 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates owing to stringent regulations and high awareness. Asia Pacific is expected to emerge as the fastest growing region with rapid digitalization and adoption of training programs especially in India and China.
Key players: Key players operating in the phishing simulator market include 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, and Greathorn. Ironscales and KnowBe4 have emerged as leading providers with comprehensive platforms for simulation, analysis, and mitigation of phishing attacks. Their extensive partner networks are helping expand market presence globally.
