Ransomware is one of the forms of malicious software designed to block access to a victim data until a sum of money is paid. Although some simple ransomware can lock the device in a way that is not difficult to unlock by an expert, more complicated malware uses a method known as crypto-viral extortion, which encrypts and makes inaccessible victims' files before demanding ransom payments to recover them. Majority of the ransomware are spread via illegal URLs or email attachments. These ransomware breaches are easily overcome through traditional security solutions such as firewalls or antivirus software that may be installed. As a result, businesses are increasingly looking for non-traditional solutions to prevent future ransomware attacks. Furthermore, as organizations are shifting their operations over the cloud, key players actively involved in the ransomware protection market will have to make the resultant shift. Furthermore, start-ups have often come forward with innovative solutions as that are not tied down by legacy software and can seamlessly shift to emerging technologies such as cloud computing.
Rise in penetration of ransomware-as-a-service (RaaS) is a major factor contributing toward the growth of the global ransomware protection market. In addition, rapid digitization in businesses and advent of cryptocurrencies such as Bitcoin drive the growth of the market. However, lack of professional and awareness regarding cyberattacks and high cost of innovation and budget constraints hamper the market growth. On the contrary, surge in demand for multi-layer security across enterprises as well as increase in adoption for cloud-based services are expected to provide lucrative growth opportunities for the market expansion in the upcoming years.
The global ransomware protection market is segmented into component, deployment mode, application, organization size, industry vertical, and region. By component, the market is bifurcated into solution and services. On the basis of deployment mode, it is divided into cloud and on-premises. Depending on application, it is categorized into network protection, endpoint protection, email protection, database protection, and web protection. As per industry vertical, it is segregated into BFSI, retail, education, IT & telecom, healthcare, government & defense, and others. According to organization size, it is fragmented into SMEs and large enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the ransomware protection market include Bitdefender, Cisco systems Inc., Intel Corporation, Kaspersky Lab, MacAfee LLC, Microsoft corporation, SentinelOne, Sophos Group PLC, Symantec corporation, and Trend micro incorporated. These major players have adopted various development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the ransomware protection market globally.
Rise in penetration of ransomware-as-a-service (RaaS) is a major factor contributing toward the growth of the global ransomware protection market. In addition, rapid digitization in businesses and advent of cryptocurrencies such as Bitcoin drive the growth of the market. However, lack of professional and awareness regarding cyberattacks and high cost of innovation and budget constraints hamper the market growth. On the contrary, surge in demand for multi-layer security across enterprises as well as increase in adoption for cloud-based services are expected to provide lucrative growth opportunities for the market expansion in the upcoming years.
The global ransomware protection market is segmented into component, deployment mode, application, organization size, industry vertical, and region. By component, the market is bifurcated into solution and services. On the basis of deployment mode, it is divided into cloud and on-premises. Depending on application, it is categorized into network protection, endpoint protection, email protection, database protection, and web protection. As per industry vertical, it is segregated into BFSI, retail, education, IT & telecom, healthcare, government & defense, and others. According to organization size, it is fragmented into SMEs and large enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the ransomware protection market include Bitdefender, Cisco systems Inc., Intel Corporation, Kaspersky Lab, MacAfee LLC, Microsoft corporation, SentinelOne, Sophos Group PLC, Symantec corporation, and Trend micro incorporated. These major players have adopted various development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the ransomware protection market globally.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ransomware protection market analysis from 2021 to 2031 to identify the prevailing ransomware protection market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ransomware protection market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ransomware protection market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Deployment Mode
- On-premise
- Cloud
By Organization size
- Large Enterprises
- SME's
By Component
- Solution
- Services
By Application
- Network protection
- Endpoint protection
- Email protection
- Database protection
- Web protection
By Industry Vertical
- Government and Defense
- IT and Telecom
- Others
- BFSI
- Retail
- Healthcare
- Education
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Malwarebytes
- Bitdefender
- FireEye
- Intel Security
- Kaspersky Lab
- SentinelOne
- Sophos
- Symantec Corporation
- Trend Micro
- Zscaler
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RANSOMWARE PROTECTION MARKET, BY COMPONENT
CHAPTER 5: RANSOMWARE PROTECTION MARKET, BY DEPLOYMENT MODE
CHAPTER 6: RANSOMWARE PROTECTION MARKET, BY ORGANIZATION SIZE
CHAPTER 7: RANSOMWARE PROTECTION MARKET, BY APPLICATION
CHAPTER 8: RANSOMWARE PROTECTION MARKET, BY INDUSTRY VERTICAL
CHAPTER 9: RANSOMWARE PROTECTION MARKET, BY REGION
CHAPTER 10: COMPANY LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Ransomware Protection Market," the ransomware protection market was valued at $17.32 billion in 2021, and is estimated to reach $82.92 billion by 2031, growing at a CAGR of 17.1% from 2022 to 2031.The global ransomware protection market was valued at $17.32 billion in 2021, and is projected to reach at $82.92 billion by 2031, growing at a CAGR of 17.1% from 2022 to 2031. The global ransomware protection market is expected to grow at a high rate due to rise in ransomware attacks in recent years. The introduction of cryptocurrencies such as Bitcoin and Etherium has boosted the +demand for ransomware protection solutions, as ransoms are paid in cryptocurrency due to its untraceable nature. Furthermore, technical advancements in the field of cyber-security, antivirus, malware protection have had an impact on the market, which would create the need for ransomware protection solutions for mobile devices. Thus, drive the growth of the market. In addition, industries are shifting businesses over cloud, as the popularity of cloud-based operations is growing significantly. Multiple technologies are publicly available that allow ransomware attackers to locate misconfigured cloud infrastructure on the internet. As a result, it is critical for businesses to implement multilayer security solutions. Furthermore, robust ransomware protection is critical in dealing with such issues.
On the basis of organization size, the large enterprises dominated the overall ransomware protection industry in 2021 and is expected to continue this trend during the forecast period. There is an increase in the adoption of ransomware protection in large enterprises to operate a business operation safely and securely. Furthermore, large enterprises are integrating their large volume of data in the cloud to augment their speed, accuracy, and value chain scalability, which is opportunistic for the market growth. However, the SME’s is expected to witness the highest Ransomware protection market growth in the upcoming year. The adoption of ransomware protection is expected to increase to optimize the business capabilities of small & medium sized enterprises. Moreover, continuous rise in number of government initiatives through various digital SME campaigns throughout the world fuel the growth of the market.
Depending on industry vertical, the IT & telecom sector dominated Ransomware Protection Market Share in 2021 and is expected to continue this trend during the forecast period. This is attributed to increasing use of mobile devices among individuals, thus, provides various opportunities to the industry. Furthermore, in the post COVID period, businesses are moving toward digitization and technology initiatives motivated by the global pandemic, which is expected to provide lucrative growth opportunities for the ransomware protection market in this vertical during forecast period. However, healthcare sector is expected to witness the highest growth in the upcoming year. This is attribute to increase in penetration of internet has led to significant exposure of medical devices to new cybersecurity vulnerabilities. Moreover, surge in incidence of ransomware attacks on hospitals & implanted devices and increase in data breaches and theft of sensitive data have escalated the demand for ransomware protection solutions across the healthcare sector, which is expected to offer numerous opportunities for the market growth.
The Ransomware Protection Market Size was valued at $20.04 billion in 2022, and is projected to reach 82.92 billion by 2031, registering a CAGR of 17.1%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. Governments and businesses enforced employees to work from home or were shifting work to employees in less affected areas to maintain business continuity during the pandemic. This situation accelerated the adoption of advanced technologies such as AI-powered solution, automation, big data, and analytics to control costs while improving the customer experience.
Furthermore, organizations may now transform unstructured and semi-structured data into structured and relevant data due to the advent of big data and analytics. This data can be used by businesses to help enterprises speed up data management, process & analyze data, and improve the efficiency of business operations. Furthermore, businesses are shifting toward digitalization to improve credit decisions, enhance financial risk management, and lower risk of cyberattacks. Thus, the growing requirement to modernize business operations is expected to propel ransomware protection market growth globally during the Ransomware Protection Market Forecast period.
Key Findings of the Study
- By component, the solution segment dominated the Ransomware Protection Industry in 2021. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of deployment mode, the on-premise segment dominated the Ransomware protection market in 2021; However, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large enterprises generated the highest revenue in 2021. However, the SMEs segment is expected to witness the highest growth rate in the near future.
- Depending on industry vertical, the IT & telecom industry generated the highest revenue in 2021. However, the healthcare industry is expected to witness the highest growth rate in the near future.
- On the basis of application, the endpoint protection segment dominated the Ransomware Protection Industry in 2021; However, the email protection segment is expected to witness the highest growth rate during the forecast period.
- Region-wise, the ransomware protection market was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
- This report gives an in-depth profile of some key market players in the ransomware protection market, include Bitdefender, Cisco systems Inc., Intel Corporation, Kaspersky Lab, MacAfee LLC, Microsoft corporation, SentinelOne, Sophos Group PLC, Symantec corporation, and Trend micro incorporated. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Malwarebytes
- Bitdefender
- Fireeye
- Intel Security
- Kaspersky Lab
- Sentinelone
- Sophos
- Symantec Corporation
- Trend Micro
- Zscaler
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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