USD 18.2 billion
Report ID: SQSG45E2049 | Region: Global | Published Date: November, 2022 | Pages: 165
The Global Ransomware Protection market size was valued at USD 18.2 billion in 2021 and is expected to reach USD 74.28 billion by 2028, growing at a CAGR of 16.76% during the forecast period (2022-2028).
Ransomware is a serious and risky cyber threat that infects a victim's computer by encrypting files or locking the entire system unless a ransom is offered or paid. Thus, to secure the systems and increase overall security, organizations have increased their investments, particularly in securing the network, statistics, and endpoints from various innovative cyber threats and crypto-malware.
A threat intelligence solution is a widely used and preferred method of protecting against such cyber threats. As a result of its high demand, threat intelligence solutions are expected to grow rapidly in the near future.
Major ransomware is a serious and potentially deadly cyber threat that infects a virus or malware by encrypting files or locking the entire system unless a ransom is offered or paid. Thus, to secure the systems and improve overall security, organizations have increased their investments, particularly in securing the network, data, and endpoints from advanced cyber threats and symmetric encryption.
The market share is primarily fueled by an increasingly complicated network of systems that underpins the global digital economy. Because the market is heavily reliant on computing machines, the industry has developed various anti-ransomware verticals such as complicated systems, protected internet gateways, and numerous domains.
The market is expected to grow at a rapid pace due to an increase in the trend for ransomware protection as a service in recent years. The introduction of cryptocurrencies such as Bitcoin and Ethereum has increased the need for protection solutions because the majority of ransoms are demanded in cryptocurrency due to their untraceable nature.
Furthermore, technological advancements have had an impact on the industry, with the introduction of ransomware protection for mobile devices in addition to PCs. Because ransomware protection is critical for both affected and threatened users, the demand for anti-malware is high and expected to rise over the forecasted period.
An advanced threat solution is the preferred and widely used method of protecting against such cyber threats. The Market is expected to grow rapidly in the near future because of the high demand for cyber-threat solutions. Most businesses rely heavily on cyber threat solutions because this approach is efficient and successful in detecting threats and countering various advanced cyber-attacks and threats.
Global Market Size
USD 18.2 billion
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The Global Ransomware Protection market is segmented based on Component, Organization size Deployment Mode, Application, Solution, and Region. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Component, the market is segmented into Solutions and Services. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Application, the market is segmented into Network protection, Endpoint protection, Email protection, Database protection, and Web protection. Based on Solution, the market is segmented into BFSI, Retail, Healthcare, Education, Government and Defense, IT and Telecom, and Others. Based on region the global Ransomware Protection market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Deployment Mode
The on-premise segment held the largest market share in 2021 and is expected to maintain this position throughout the forecast period. This is due to the numerous benefits provided by this on-premise deployment, such as a high level of data safety and security. Companies prefer on-premise deployment models because they provide higher data security and fewer data breach than cloud-based deployment models, which drives demand for on-premise deployment models in both the public and private sectors. However, the cloud segment is expected to grow the most in the coming year. The increased adoption of cloud-based ransomware protection is expected to provide lucrative growth opportunities in the coming years due to lower costs and easier maintenance.
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During the forecast period, North America is expected to have the largest market share. The United States is a significant contributor to the region's market growth. North America is the largest regional market in the global ransomware protection market because the mainland is a virtual goldmine for hackers. The region is particularly vulnerable due to its well-developed internet infrastructure and faster adaptation of technologies such as cloud computing.
From 2022 to 2028, the cloud deployment segment in the North American market is expected to grow at a CAGR of 13.8%. The cloud segment was valued at just under US$ 3.3 billion in 2021 and is expected to exceed US$ 8.4 billion by the end of 2028, representing a US$ 5.1 billion incremental opportunity.
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The majority of ransomware is dispersed via unauthorized links or email attachments. Traditional security solutions, such as firewalls and antivirus software, are easily circumvented by attacks. As a result, businesses are increasingly looking for non-traditional solutions to avoid future attacks. As these organizations move all or part of their operations to the cloud, players currently engaged in the market will be required to change. Start-ups frequently present innovative and out-of-the-box solutions because they are not bound by legacy software and can seamlessly transition to emerging technologies such as cloud computing. These factors are expected to drive the market.Organizations are Riding A Wave Of Digital Transformation To Support The Shift To Remote Working
Organizations are Riding A Wave Of Digital Transformation To Support The Shift To Remote Working
Enterprises all over the world are warming up to the concept of BYOD, or bringing your own device, to keep up with the 'cloud first, mobile first' era we now live in. When it comes to ransomware attacks, these devices are usually exposed. While thermostats and connected cameras are unlikely to be directly affected by ransomware, they can easily serve as an entry point for ransomware that can be transmitted to the cloud. Employees prefer BYOD policies for their ease and flexibility, but they can pose significant security risks to organizations. BYOD can have a direct impact on cloud computing security if Mobile Phone Management or VPNs are not strictly implemented.
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The Ransomware Protection market is fragmented, with many large and small players in the industry. Various businesses are focusing on organic growth strategies such as product launches, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. These activities have paved the way for market participants to expand their business and customer base. With rising demand in the global market, market players in the ransomware protection market are expected to benefit from lucrative growth opportunities in the future. For instance, In July 2022, Intel and MediaTek formed a strategic partnership to manufacture circuits using Intel Foundry Services' (IFS) advanced manufacturing technology. By adding a new foundry partner with significant capacity in the United States and Europe, MediaTek hopes to develop a more balanced, robust supply chain. Furthermore, One of the Technology giants Microsoft launched a new Windows Defender Exploit Guard update for Windows 10 Fall Creators Update. Controlled folder access, one of its features, stops ransomware in its tracks by preventing unauthorized access to valuable user files. Controlled folder access protects folders by limiting data access to only authorized apps. Unauthorized apps, such as ransomware and additional DLLs, malicious executable files, and scripts, are denied folder access.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that North America is regarded as a highly profitable region for the market, owing primarily to its widespread application in various industries and the country's rapid technological development.
Because smartphones and computers are widely used in business, there has been an increase in spending on Protection solutions and services for data loss prevention and other sensitive information. Ransomware Protection spending is expected to rise steadily over the forecast period.
|Market size value in 2021||USD 18.2 billion|
|Market size value in 2028||USD 74.28 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Ransomware Protection Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ransomware Protection Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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