Report Overview

China phishing protection market is driven by the increasing use of IT infrastructure and online networking in business operations. As a result of remote working, the increasing volume of cloud data and growing dependence on remote access also favor market growth.

China Phishing Protection Market- Industry Trends & Forecast Report 2027

The China phishing protection market is estimated to grow at a CAGR of 9.0% during the forecast period (2021-2027). The growth of the phishing protection market in China can be attributed to the increasing adoption of IT infrastructure and online networking in business operations. Furthermore, the increasing volume of cloud data and growing dependence on remote access due to the remote working scenario is anticipated to drive the market during the forecast period.

China Phishing Protection Market- Overview

Phishing protection is a security measure taken by industries, companies, institutions, firms, households, to prevent “phishing attacks''. Phishing is a type of cyber-crime, in which an individual/team of scammers gets to its prey (internet users) through the medium of email, telephone, or text message. Predators or individual scammers often pose as someone else to obtain sensitive information about an individual. The obtained information is then used to access important accounts, card details, passwords, social security numbers, etc., thereby causing financial loss, identity theft, and personal or professional data theft.

China Phishing Protection Market Forecast and Trends

Growth Drivers

Increasing Cases of Phishing Attacks

In a study, it was found out that most of the hackers or phishing bodies are focusing or targeting China’s real estate sector, through emails. Also, the percentage of transactions that took place due to this activity between the years 2015-2017 was as high as 1100%, with a nearly 2200% increase in monetary loss. As a result, various companies are now deploying significant capital into the adoption of phishing protection solutions and services to protect their as well as their customer’s crucial data, which is anticipated to boost the China phishing protection market during the forecast period.

Rapid Digitization Across Various Industry Verticals

Among the major factors driving market growth is the rapid digitization of business processes and the increasing use of advanced technologies, such as IoT and AI, by Chinese enterprises. Digitalization allows hackers to gain access to more information, resulting in losses or compromises of corporate secrets and financial losses. Therefore, the government and private corporations and individuals are increasingly investing in phishing protection to remove and protect confidential information from unauthorized and unspecified, untrusted access in the system.

Restraints

Absence of Skilled IT Experts and Understanding of Cyber Threats and Terrorism

Establishing and maintaining phishing protection in industries requires individuals familiar with various cyber-attacks and threats. The shortage of IT experts in the country, however, is expected to hamper the market growth. Phishing attacks are becoming more sophisticated and frequent in China. In addition, the country is also experiencing a substantial number of phishing attacks from other countries. As a result, using outdated solutions will not do any good. This may lead to severe losses for China's phishing protection market.

Impact of COVID-19 on China Phishing Protection Market

Phishing is already one of the most commonly used forms of cyber-attack. However, the number of phishing attacks gained a tremendous surge after the COVID-19 pandemic. With the surge in internet traffic and data volume, along with the significant rise in personal data online, the attackers started targeting both organizations and individuals alike to gain confidential information, such as remote access to sensitive data or databases, pass-codes, etc. Consequently, companies of all sizes started investing in phishing protection to ensure a higher level of security for identity verification.

China Phishing Protection Market - By Type

Based on types, the China phishing protection market is segmented into email-based phishing and non-email-based phishing. Email-based phishing was popular in the market over the past few decades due to the introduction of e-mail services and their use among the general public. However, with the tremendous surge in the messaging apps in the Chinese market and growing penetration of social media apps, such as WeChat, Weibo, QQ, Douyin, etc., phishers have turned to text services (called smishing), phone calls (called vishing), and social media apps for attacking vulnerable users.

China Phishing Protection Market - By Application

Based on applications, the China phishing protection market is segmented into BFSI, education, government, healthcare, IT and telecom, transportation, retail, and others. The BFSI sector dominates the China phishing protection market due to the increasing penetration of online payment applications and internet banking, along with the surging volume of sensitive data, such as customer names, home addresses, payment card information, social security numbers, etc. The adoption of phishing protection is also gaining traction in the IT and telecom industry as enterprises are significantly investing in these services and solutions to protect their digital assets from potential attacks.

Competitive Landscape

The leading players in the China phishing protection market are BAE Systems, Cisco Systems Inc., FireEye Inc., GreatHorn Inc., Intel Corporation, Microsoft Corporation, Mimecast Ltd., Phishlabs, Proofpoint Inc., Symantec Corporation, and other prominent players.

The market is concentrated due to the presence of multinational phishing protection service providers such as Cisco Systems, Inc., Intel Corporation, etc. Market players focus on advancing their firewall technology to provide maximum protection to their clients. They also design and develop their solutions and services according to the needs of different end-user industries. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

• In February 2018, DataVisor, a fraud detection software, announced to have raised USD 40 million in a round led by Sequoia Capital China, along with other investors, including New Enterprise Associates (NEA) and GSR Ventures.

Scope of the Report

By Type

• Email-based Phishing
• Non-Email-based Phishing

By Application

• BFSI
• Education
• Government
• Healthcare
• IT and Telecom
• Transportation
• Retail
• Others