Phishing simulators are email security tools that help organizations test and educate their employees about phishing attacks and cyber threats. They mimic real-world phishing emails and expose users to simulated threats and sensitive content to educate them on identifying malicious links and suspicious activities. This improves employee knowledge and vigilance against evolving cybercriminal tactics.
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 Opportunity:
The opportunity to promote cybersecurity awareness among employees and avoid real-world phishing attacks is driving the adoption of phishing simulator tools. By exposing users to simulated threats and evaluating their responses, organizations can determine training effectiveness and close gaps. This helps boost security culture and readiness within the workforce. Repeated simulations refine staff knowledge and shape behavior to identify and report genuine phishing emails. As cyberattacks continue evolving in sophistication, the need for periodic security awareness refreshers through phishing simulations will continue growing over the forecast period.
Porter’s Analysis
Threat of new entrants: The phishing simulator market has moderate threat of new entrants as it requires specialized expertise and knowledge to build simulations and solutions that can run effectively. However, low setup costs are encouraging new players.
Bargaining power of buyers: Individual buyers in the phishing simulator market have moderate bargaining power due to availability of various options. However, large enterprises buyers have high bargaining power due to large deal sizes.
Bargaining power of suppliers: A few large technology companies dominate the supply market, giving them strong bargaining power over pricing and material sourcing. This high supplier power threatens profitability.
Threat of new substitutes: Alternatives like online training modules pose limited threat currently due to lack of hands-on simulations provided by phishing simulators. However, advanced AI technologies can emerge as substitutes.
Competitive rivalry: The market has high rivalry with presence of many global and regional vendors offering similar solutions. Price competition is intense.
SWOT Analysis
Strength: Phishing simulators provide effective hands-on training. They offer real-time analytics of training results.
Weakness: High setup and maintenance costs. Dependency on technology experts.
Opportunity: Growing need for security awareness as cyber attacks rise. Demand from SMBs and government sector.
Threats: Alternatives like videos or web-based modules. Economic slowdowns reducing security budgets.
Key Takeaways
The Global Phishing Simulator Market Size is expected to witness high growth over the forecast period driven by increasing awareness about cyber threats. 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.
The North American region currently dominates the market due to stringent regulations and advanced technologies adoption. Regional analysis shows Asia Pacific is expected to grow at a highest CAGR owing to rising digitalization and strong economic growth in various countries.
Key players operating in the phishing simulator market are 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, Greathorn. Key players are focusing on developing advanced solutions to detect phishing emails through AI and providing simulation training across all levels of employees for comprehensive security awareness.
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https://www.trendingwebwire.com/phishing-simulator-market-size-share-growth-outlook-2023/
