Ransomware Protection Market Size
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| CAGR | 16.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ransomware Protection Market Analysis
The Ransomware Protection Market is anticipated to register a CAGR of 16% over the forecast period. The global ransomware protection market is expanding due to rising company digitization, increased use of ransomware-as-a-service (RaaS), and the introduction of cryptocurrencies like Bitcoin. However, a lack of knowledge about cyberattacks and financial limitations limit business expansion. On the other hand, new opportunities will arise as enterprises seek more multi-layer security protection and cloud-based services are used more widely.
- Owing to the increase in the demand for ransomware protection in recent years as a service, the global ransomware protection market is projected to witness a significant growth rate. The advent of cryptocurrencies, such as Bitcoin, Etherium, increased the demand for ransomware protection solutions as a majority of the ransom is demanded in the form of cryptocurrency due to its untraceable nature. Moreover, the industry is impacted by technological developments and has seen the advent of ransomware protection solutions for mobile devices, too, apart from PCs.
- As many of companies have been in transition to cloud services, it has created an opportunity for attackers to target any vulnerability. The ransom results in created distributed denial-of-service (DDoS) attacks until the ransom is paid or the data can be lost permanently. Even with the increased awareness about cyber-attacks and breaches, employees are still falling victim to social attacks. As per Verizon’s Data Breach Index Report 2018, financial pretexting and phishing represented 98% of social incidents. Among the 93% of all breaches investigated, email continued to be the main entry point (96% of such cases).
- Companies are nearly three times more susceptible to suffering breaches through social attacks than via actual vulnerabilities, emphasizing the need for ongoing employee cybersecurity education. It has led to the company looking towards ransomware protection solutions and has provided a considerable push for the solutions demand in the studied market.
- Worldwide, a rise in ransomware attacks was brought on by the global COVID-19 outbreak. For many years, ransomware has been the assault strategy of choice for online thieves. Organizations witnessed an increase in the size and sophistication of these attacks. According to Interpol, COVID-19 drastically changed the dangerous environment from attacks on people and small companies to essential infrastructure, governments, and large organizations.
Ransomware Protection Market Trends
Cloud Deployment Plays a Major Role in Ransomware Protection
- Cloud storage is not resistant to ransomware threats and is not foolproof. Ransomware can certainly affect cloud storage, especially if the cloud storage dealers are not proactively using anti-ransomware technology. In fact, ransomware can impact any and all internet-connected strategies. This includes IoT devices, like security thermostats, cameras, doorbells, and others like PCs, file, email, and data servers, and cloud-based servers, which performs as cloud storage.
- Cloud storage vendors should constantly be evaluating, testing, and upgrading their security solutions and using multilayered defense methods. Organizations should ask merchants to share their precise and specific ransomware detection, quarantine, and removal procedures.
- Organizations can also deploy anti-ransomware protection software on all devices, including cloud servers and cloud storage. That software should have redundancy and failover defense in case of a ransomware attack. Organizations are also required to have data backup and retrieval policies and plans that are really implemented and practiced. And (they should) conduct ongoing backups of all data as part of those disaster retrieval policies.
- Further, it depends on sound design and architecture rather than intrusion detection and security analysis, security in the cloud is unique. Hackers attempt to take advantage of cloud misconfigurations that allow them to operate against your cloud control plane APIs and steal data out from under rather than breaking into the network to lock out of systems.
North America Holds The Largest Market Share in Ransomware Protection Market
- The region is known for infiltration and cyber-attacks. For instance, the SamSam ransomware was used to attack Atlanta’s IT infrastructure by infiltrating into the network, hiding its presence while it harvested credentials to spread to multiple computers before locking them up. It resulted in a mass shutdown of online city services and an estimated cost of at least USD 2.6 million in clean-up and response.
- Further, in May 2022, Chicago Public Schools (CPS) informed parents that a ransomware assault on a third-party provider may have compromised the personal information of more than 495,000 children. An estimated 56,138 staff data were also made public due to the cyberattack on Battelle for Kids, an organization to modernize school systems with headquarters in Ohio.
- There is a continued rise in the threats from other nations which try to affect the critical infrastructure of the US, WannaCry was one such target ransomware where Park Jin-hook, a North Korean national, was charged for being part of a WannaCry attack undertaken on behalf of the North Korean government. Such actions have pushed organizations to improve the security segment and strengthen their IT security by updating the services.
- Moreover, in June 2022, the laboratory testing activities of Montrose Environmental Group, a US-based provider of environmental services, were interfered with by a ransomware attack last weekend. Thus, such increasing threats are creating massive demand for ransomware protection solutions to safeguard the country from major hacks.
Ransomware Protection Industry Overview
The ransomware protection market consists of several players. In terms of market share, few of the players currently dominate the market. These major players with a prominent share of the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
In January 2023, A pre-existing alliance between chipmaker Intel and cybersecurity firm Check Point Software Technologies was extended in order to offer hardware-level defense against ransomware, one of the most common security dangers of the present.
Ransomware Protection Market Leaders
McAfee, LLC
AO Kaspersky Lab
Bitdefender
FireEye, Inc.
Malwarebytes
*Disclaimer: Major Players sorted in no particular order
Ransomware Protection Market News
- October 2022: The first endpoint resilience platform in the market created specifically to stop ransomware, Halcyon, and DirectDefense, Inc., a provider of information security services, announced a strategic partnership. DirectDefense offers enterprise risk assessments, penetration testing, ICS/SCADA security services, and 24/7 managed services. Thus, as part of its Managed Detection and Response ("MDR") offerings, DirectDefense will now include the Halcyon Anti-Ransomware & Endpoint Resilience Platform.
- April 2022: NetAbstraction announced its entry into the Middle East and joined VaporVM and InoGates to make its ransomware protection solution available to the region's business and governmental clients. InoGates will represent NetAbstraction in the GCC region and resell NetAbstraction NetAccess and NetEnclave services by the terms of the collaboration. To offer incident response, threat hunting, and other services to their current and potential customers, VaporVM will use NetAbstraction technology.
Ransomware Protection Market Report - Table of Contents
1. INTRODUCTION
1.1 Market Definition and Scope
1.2 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Overview
5.2 Market Drivers
5.2.1 Increasing Number of Phishing Attacks and Targeted Security Breaches
5.2.2 Emergence of Ransomware as a Service Model
5.2.3 Use of Crypto Currencies as Payment Method
5.2.4 Cloud Deployment Plays a Major Role in Ransomware Protection
5.3 Market Restraints
5.3.1 Availability of Free Endpoint Solutions for Ransomware Protection
6. MARKET SEGMENTATION
6.1 Deployment
6.1.1 On-Premise
6.1.2 On-Cloud
6.2 Application
6.2.1 Endpoint Protection
6.2.2 Email Protection
6.2.3 Network Security
6.2.4 Other Applications
6.3 Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 UK
6.3.2.3 France
6.3.2.4 Spain
6.3.2.5 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 China
6.3.3.2 Japan
6.3.3.3 India
6.3.3.4 Australia
6.3.3.5 Rest of Asia-Pacific
6.3.4 Latin America
6.3.4.1 Brazil
6.3.4.2 Mexico
6.3.4.3 Argentina
6.3.4.4 Rest of Latin America
6.3.5 Middle East and Africa
6.3.5.1 UAE
6.3.5.2 Saudi Arabia
6.3.5.3 South Africa
6.3.5.4 Rest of Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 McAfee, LLC
7.1.2 AO Kaspersky Lab
7.1.3 Bitdefender
7.1.4 FireEye, Inc.
7.1.5 Malwarebytes
7.1.6 SentinelOne
7.1.7 Sophos Ltd.
7.1.8 Symantec Corporation
7.1.9 Trend Micro Incorporated
7.1.10 Zscaler, Inc
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ransomware Protection Industry Segmentation
Ransomware, a malicious form of software, uses encryption to lock people out of their data. Since the inception of software, there have always been people looking to exploit people through encrypted attacks. Ransomware attaches itself to the data and prevents access until the victim pays a ransom. These result in creating a cyber hostage situation. Ransomware Solutions offered by companies to prevent any major DDOS attacks are considered under the scope of our study.
The Ransomware Protection Market is segmented by Deployment(On-Premise, On-Cloud), Application(Endpoint Protection, Email Protection, Network Security), and Geography (North America (United States, Canada), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
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| Endpoint Protection | |
| Email Protection | |
| Network Security | |
| Other Applications |
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Ransomware Protection Market Research FAQs
What is the current Ransomware Protection Market size?
The Ransomware Protection Market is projected to register a CAGR of 16% during the forecast period (2023-2028).
Who are the key players in Ransomware Protection Market?
McAfee, LLC, AO Kaspersky Lab, Bitdefender, FireEye, Inc. and Malwarebytes are the major companies operating in the Ransomware Protection Market.
Which is the fastest growing region in Ransomware Protection Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Ransomware Protection Market?
In 2023, the North America accounts for the largest market share in the Ransomware Protection Market.
Ransomware Protection Industry Report
Statistics for the 2023 Ransomware Protection market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ransomware Protection analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
