Ransomware Protection Market is forecast to reach $24.12 billion by 2025, after growing at a CAGR of 14.87% during 2020-2025. The significant rise in the ransomware attacks is analyzed to boost the adoption rate of the ransomware protection solutions thereby elevating the growth of the ransomware protection market. The ransomware attacks are mainly caused through the spam mails, malicious ads, including the Trojans such as crypto locker virus, crypto wall, encryption virus and so on. The report covers Ransomware Protection Market size by type and applications, Ransomware Protection Market share by top 5 companies and also the market share by start-ups during the forecast period.
Services – Segment Analysis
Professional services is analyzed to hold the highest market share in 2019, owing to the demand for consulting, training & education, and support & maintenance services. However managed services is estimated to grow at the highest CAGR during the forecast period. This is mainly attributed to the small and medium scale enterprises opting for the third-party vendors as managed security service providers for improved cybersecurity operations, within the organization.
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By Vertical – Segment Analysis
BFSI sector is analyzed to hold a highest market share during 2019 due to the advent of crypto-currencies such as Bitcoins. However, Healthcare industry is analyzed to grow at highest CAGR during the forecast period as the increasing focus of the cybercriminals in the valuable electronic patient health information, which has huge demand in the black market. Symantec has stated that enterprises accounted for 81 percent of all ransomware infections in 2018. Therefore the significant rise in the ransomware attacks in all the enterprises is analyzed to impact on the ransomware protection market owing to the increasing adoption rate.
Geography – Segment Analysis
North America dominated the Ransomware Protection market, followed by APAC and Europe. The significant rise in the ransomware attacks in this region in 2019 is attributing to the major market share. As stated by Emsisoft, there has been several ransomware attacks that costed around $7.5 billion with a potential impact on 103 state and municipal governments and agencies, 759 healthcare providers, and 86 universities and many other enterprises in 2019. Therefore the increase in the ransomware attacks and the losses caused is creating a dire need for the adoption of ransomware protection solutions and boosting the market during the forecast period.
Drivers – Ransomware Protection Market
Rise in the phishing attacks and targeted security breaches
As stated by Symantec, the enterprise ransomware attacks has increased by 12% in 2018. These attacks have majorly impacted on the healthcare system due to the inaccessibility to medical records and, in some cases, permanently lost. They are impacted on the security systems as many Surveillance systems go offline thereby resulting in loss. Therefore the increasing phishing attacks is analyzed to drive the market during the forecast period 2020-2025.
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Challenges – Ransomware Protection Market
Lack of awareness among security professionals about new ransomware families
Although the ransomware protection solutions is grow at significant the lack of awareness among the security professionals is hampering the growth of the market during the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Ransomware Protection market. In 2018, the market of Ransomware Protection has been consolidated by the top players including Intel Security, Malwarebytes, Symantec Corporation, FireEye, Sophos, Trend Micro, Bitdefender, Kaspersky Lab, Zscaler, and SentinelOne among others.
In July 2018, Symantec Corp, has announced its Cyber Security Brief Podcast. Hosted by threat researchers from Symantec’s Security Technology and Response (STAR) division, the new podcast provides a weekly update on the latest cyber security news and intelligence.
In November 2016, FireEye collaborated with Pillsbury and Thomson Reuters to manage the increasing risks related to cyber threats.
North America dominates the Ransomware Protection market owing to the presence of a huge number of vendors of cybersecurity in this region.
Increased adoption of the cloud services, has created an opportunity for attackers to target any vulnerability. Thereby increasing in the adoption rate ransomware protection solutions.
Increasing emergence of ransomware-as-a-service model is analyzed to drive the ransomware protection market during the forecast period.
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