Global Ransomware Protection Market Size, Share, Growth Analysis, By Component (Solution, Services), By Deployment Mode(On-premise, Cloud), By Organization size(Large Enterprises, SME’s), By Application(Network protection, Endpoint protection), By Solution(Standalone Anti-Ransomware Software, End-Point Security) - Industry Forecast 2022-2028

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.

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.

Driver

• Web Filtering and Threat Intelligence Solutions are Becoming More Popular

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

• To support the shift to remote working, organizations are riding a wave of digital transformation. Many people have been affected by recent security concerns. For years, digital transformation has assisted organizations in becoming more agile, cost-effective, and productive. Furthermore, the COVID-19 pandemic has resulted in the widespread adoption of virtual office mechanisms, which is beneficial in containing virus spread but raises the likelihood of cyberattacks, resulting in the rapid implementation of protection solutions by various firms and organizations. Furthermore, the increased vulnerability of connected devices to cyberattacks and malware attacks raises the demand for centralized and comprehensive protection solutions across organizations to run their businesses safely and securely while also enhancing digitalization, thereby bolstering the Ransomware Protection Industry's growth.

Restraint

• The prevalence of unsecured connected devices is a significant challenge.

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.

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.

Top Player's Company Profiles

• Microsoft Corporation (US)
• Sophos Ltd. (UK)
• Intel Security (McAfee) (US)
• Symantec Corporation (US)
• Kaspersky Lab (Russia)
• Malware bytes Corp (US)
• McAfee Inc. (US)
• Avast Software S.R.O (Czech Republic)
• Cisco System Inc. (US)
• Palo Alto Networks Inc. (US)

Recent Development

• In August 2022, AVAST Software, the all-in-one digital protection service from Avast, a global pioneer in digital security and privacy, added its Online Safety Score function to Avast One for Mac and iOS. Online Safety Score, which was previously available on Windows and Android, helps people take control of their online safety by providing a simple, easy-to-read score as well as regular feedback and suggestions on how to improve it further. The Mac platform now has access to Avast Free Antivirus' Network Inspector, formerly known as Wi-Fi Inspector, which allows networks and devices to be scanned for vulnerabilities. The update comes after AV-Test named Avast One a "Top Product" in the industry, with full marks for malware protection, performance, and usability.
• In July 2022, McAfee Corp., a global pioneer in online security, announced an expanded relationship with Visa, a global leader in digital payments, through which Visa partners in the United Kingdom will be able to deliver award-winning online security solutions to Visa Business cards.
• In January 2022, AVG Antivirus FREE has been named an Outstanding Product by VG, a consumer cybersecurity company. The assessment of the quality from AV-Comparatives, an unbiased testing organization that performs systematic security software testing. At the end of each year, AV-Comparatives publishes a Summary Report honoring the items that scored the highest in their Consumer Main Series Tests throughout the year.

• The Ransomware protection market trends includes the industries that are rapidly digitalizing their operation, there is an increased demand for robust endpoint security solutions that provide agile efficiency and real-time reporting features. Furthermore, the pandemic has created significant challenges for businesses that are attempting to execute key processes, report accurately with data spread across various locations, continue operating complex systems, and communicate effectively with teammates. As a result, an increasing number of businesses are investing in ransomware protection. Ransomware protection solutions provide limitless scalability and continuous functional enhancement, which are critical in achieving digital transformation, thus further boosting Ransomware Protection Market Growth post pandemic.

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.