Rising Security Breaches Leading Ransomware Protection Market towards High Growth in the Coming Years

Ransomware is the biggest cyber threat that holds data hostage on the victim’s computer by either encrypting the files or locking the entire system, until a ransom is paid to retrieve the lost data or files. On May 15, 2017, the world saw the biggest cyber-attack that is said to have hit about 150 countries, with the cyber security agencies issuing a ‘critical alert’ and warning users not to pay the ransom. The victims of this attack includes hospitals, universities, global companies, manufacturers, and government agencies, especially in countries like Britain, China, Japan, Germany, Spain, and Russia among others.

It is being speculated that WannaCry, the malware that spiked the global attack, may have initially infected more than 100,000 computers by urging people to download it through email, which helped the virus spread like wildfire across the globe, creating havoc in the industry.

Due to these constant cyber-attacks and security breaches, organizations are actively investing in threat intelligence solutions in order to combat ransomware and other malicious attacks.

Market Overview

The global ransomware protection market that was valued at USD 8.16 Billion in 2016 is expected to reach a value of USD 17.36 Billion by 2021, growing at a CAGR of 16.3% during the forecast period from 2016 to 2021.

Among application, the network protection segment is expected to hold the largest share in the ransomware protection market, owing to the rise in the number of security breaches and threats, mainly targeting enterprise networks. However, the email protection segment is projected to witness the highest growth during the forecast period. Email being a major carrier of ransomware distribution, cyber-criminals target victims having malicious attachments. Therefore, it is of utmost importance that the emails be protected from such kind of attacks.

Among verticals, the healthcare vertical has been the prime target for ransomware attacks, and is expected to witness the highest growth in the coming years. Owing to the rapid digitization of the medical records like electronic patient health information, the healthcare sector is falling prey to many ransomware attacks as compared to other verticals. However, the BFSI vertical is expected to dominate the market with the largest share, owing to the rising usage of web and mobile applications for banking transactions and payments.

Geographical growth of the market

Geographically, the ransomware protection market in North America was the largest market in 2016, followed by Europe. This growth can be attributed to the businesses in the U.S. that are the main targets of the hackers via ransomware attacks to extract huge ransom. However, the market in Asia-Pacific is expected to be the fastest-growing market for ransomware protection, owing to the increased spending on cyber security solutions, especially in the upcoming economies such as China, Australia, and India.

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Drivers and restraints for the market

The growth of the worldwide market for ransomware protection is being mainly influenced by the following factors:

  • Growing number of phishing attacks and targeted security breaches
  • Increased adoption of Ransomware-as-a-Service (RaaS) model
  • Advent of crypto-currencies for ransom payments
  • Rising demand for data backup and recovery solutions

Moreover, organizations looking for multi-layered security approach and sharing of threat intelligence among enterprises is expected to offer an array of growth opportunities for the market.

On the flip side, availability of free endpoint security solutions for ransomware protection is the major factor that is likely to hamper the growth of this market. Moreover, lack of knowledge among security professionals about new and upcoming ransomware families and rise in the average ransom amount are the key challenges being faced by the leading players in this market.

Key players and strategies adopted by them

Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos, Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, and SentinelOne, among others are the leading players operating in the global ransomware protection market. These players are adopting various organic and inorganic strategies such as new product launches, partnerships & agreements, and mergers & acquisitions in order to cater to the needs of the market as well as to achieve sustained growth.

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