Market Analysis
The ransomware protection market growth will touch USD 20 billion at a 15% CAGR in the forecast period 2017- 2023, as per the new Market Research Future (MRFR) analysis. Ransomware protection relates to the security against software which prevents users to reach their most confidential data or threatens to make the private data public unless a ransom is given for the same.
Various factors are fuelling the global ransomware protection market share. As per the recent MRFR market estimates, such factors include the increasing complex network of systems, growing need for anti-malware from PC users, increase in phishing attacks and targeted security breaches, advent of crypto-currencies for ransom payments, rising demand for data backup and recovery solutions, sharing of threat intelligence among enterprises, organizations looking for multi-layered security approach, and increasing use during COVID-19 pandemic for the rise in ransomware attacks. Besides, emergence of ransomware-as-a-service (RaaS) model is one of the ransomware protection market trends.
On the contrary, lack of awareness, use of outdated practices for cyber security, availability of free endpoint security solutions for ransomware protection, and rise in average ransom amount may limit the global ransomware protection size over the forecast period.
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Key Players
The notable players profiled in the ransomware protection market report include Zscaler, Inc. (U.S.), Sentinelone (U.S.), Cisco System Inc. (U.S.), Avast Software S.R.O (Czech Republic), McAfee Inc. (U.S.), Malware bytes Corp (U.S.), Kaspersky Lab (Russia), Symantec Corporation (U.S.), Palo Alto Networks Inc. (U.S.), Intel Security (McAfee) (U.S.), Sophos Ltd. (U.K), and Microsoft Corporation (U.S.), among others. Mergers and acquisitions, partnerships, collaborations, joint ventures, new product launch and development, geographic expansions, and others are the key factors used by industry players to stay ahead and also cater to the burgeoning needs of customers.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global ransomware protection software market based on applications, services, and solution.
By solution, the global ransomware protection market is segmented into application control, secure web gateways, network security solution, end-point security solution, standalone anti-ransomware software, and others. Of these, the secure web gateways will lead the market over the forecast period.
By service, the global ransomware protection market is segmented into support and management services, consulting services, and managed services. Of these, the managed services will dominate the market over the forecast period.
By application, the ransomware protection market is segmented into database protection, endpoint protection, and web protection.
Regional Analysis
By region, the global ransomware protection market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will head the market over the forecast period. Businesses in US being highly targeted by hackers through ransomeware attacks to extort large ransom, the presence of several major service providers, the region being a virtual goldmine for hackers, the presence of a large number of vendors of cybersecurity that offer pioneering ransomware protection solutions, increased adoption of cloud services, increasing adoption of ransomware protection solutions, and growing emergence of ransomware-as-a-service model are adding to the global ransomware protection market growth in the region.
The global ransomware protection market in the APAC region is predicted to have healthy growth over the forecast period. The presence of emerging economies in India, China, and Australia, increasing spending by enterprises on cyber protection and security, and SMEs being highly targeted by ransomware perpetrators to extort large ransom are adding to the global ransomware protection market growth in the region.
The global ransomware protection market in Europe is predicted to have notable growth over the forecast period. The domicile of a huge number of key players, early adoption of advanced security technologies, and the high incidence of hacking through ransomware attacks are adding to the global ransomware protection market growth in the region.
The global ransomware protection market in RoW is predicted to have sound growth over the forecast period.
Industry Updates
February 2021- CIS is offering free ransomware protection service to all US hospitals.
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