Ransomware Protection Market
The global ransomware protection market size was worth around USD 20.3 Billion in 2022 and is predicted to grow to around USD 73.9 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 17.5% between 2023 and 2030. The report analyzes the global ransomware protection market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the ransomware protection market.
Ransomware is the biggest and most hazardous cyber threat, which gets installed on the duped person’s computer either by enciphering the files or by locking the complete system unless a ransom is offered or paid. Thus, to protect the systems and to overall enhance the security, the organizations have made investments greater than before particularly in securing the network, data, and endpoints from various advanced cyber threats and crypto-malware including ransomware.
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Increasing phishing attacks and security breach cases drive the market growth
Data leaks and other security breaches are occurring more often all around the world. Many companies from a variety of industries have experienced phishing attacks at some point. They affect security systems because loss is caused by various offline surveillance systems. Massive data loss is considerably different from average IT breakdowns. Security against ransomware reduces the risk that an attack will be successful, reduces the window for recovery for enterprises, and removes the potential of a prolonged company shutdown.
The lack of a robust IT infrastructure and low-security professional awareness acts as a major restraint for the market growth
The advantages of ransomware protection services and solutions are not widely known among security experts. Systems are becoming increasingly distributed, adaptable, and diverse, which has resulted in a significant increase in the quantity of data collected for security services. As the amount of data created by various infrastructure components rises, it has become difficult for any IT organization to distinguish critical data from non-essential data. Moreover, security experts' lack of familiarity with ransomware protection software and solutions is projected to limit their ability to take advantage of the global ransomware protection market prospects.
The increasing rate of enterprise digitalization provides a lucrative opportunity
One of the main drivers behind the adoption of the latest solutions and services is the pace with which various countries throughout the world are going digital. As a way to ease the shift to remote working, organizations are embracing digital transformation. Several people have been affected by serious security issues that have surfaced. For years, businesses have profited from digital transformation by being more adaptable, cost-effective, and productive. A considerable number of organizations have adopted remote working strategies as a result of the COVID-19 pandemic.
The availability of free endpoint security solutions poses a major challenge
The availability of free endpoint security solutions for ransomware protection is expected to act as a major challenge for the industry's growth over the forecast period.
Ransomware Protection Market: Segmentation
The global ransomware protection industry is segmented based on component, deployment, organization size, application, industry vertical, and region.
Based on the component, the global market is bifurcated into solutions and services. In 2022, the services segment accounted for a sizable revenue portion of the ransomware protection market. The market for ransomware protection services is predicted to grow in the coming year due to reasons such as increased company competitiveness, customer expectations, cyberthreats, and project risks. Furthermore, many businesses are using these services to cut down on operating time.
Based on the deployment, the global ransomware protection industry is segmented into cloud and on-premise. In 2022, the on-premise segment will have the highest revenue share in the ransomware protection market. That is owing to the numerous advantages of on-premise implementation, including the high degree of data protection and safety. Businesses prefer on-premise deployment models over cloud-based deployment models due to improved data security and fewer data breaches, which fuels demand for on-premise deployment models in both the public and private sectors.
Based on the organization size, the global ransomware protection industry is segmented into SMEs and large enterprises. In 2022, the SME segment accounted for a sizable revenue share of the ransomware protection market. More ransomware protection will most likely be used to increase the operational efficiency of small and medium-sized organizations. Furthermore, the business is growing as a consequence of an increase in government initiatives through several digital SME programs.
Based on the application, the global market is segmented into endpoint protection, network protection, database protection, web protection, and email protection. In 2022, the endpoint protection category will have the greatest revenue share in the ransomware protection market. Endpoint security, also known as endpoint protection, is a cyber security approach for safeguarding endpoints, such as laptops, desktop computers, and mobile devices, against hostile actions. Endpoint security has evolved from simple antivirus software to a more complex, all-encompassing defense in recent years.
Based on the industry vertical, the global market is divided into BFSI, IT & Telecom, government & defense, retail, education, healthcare & life sciences, and others. In 2022, the IT & Telecom industry will have the greatest revenue share in the ransomware protection market. This is because consumers are utilizing mobile devices more regularly, which provides businesses with a variety of possibilities. Furthermore, the global pandemic-inspired digitalization and technology efforts that enterprises are undertaking in the post-COVID period are expected to offer attractive development potential for this sector's ransomware security market during the projection period.
|Report Attributes||Report Details|
|Report Name||Ransomware Protection Market Research Report|
|Market Size in 2022||USD 20.3 Billion|
|Market Forecast in 2030||USD 73.9 Billion|
|Compound Annual Growth Rate||CAGR of 17.5%|
|Number of Pages||220|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Broadcom, Inc., Intel Corporation, Bitdefender SRL, SentinelOne, Inc., FireEye, Inc., Kaspersky Lab, Sophos Group PLC (Thoma Bravo), Trend Micro, Inc., Zscaler, Inc., Malwarebytes, Inc., McAfee, LLC, Symantec Corporation, Trend Micro Incorporated, IBM Corporation, Thales, Morphisec Ltd., Crowdstrike, Datto, Inc., Veritas, Acronis International GmbH, and CyberArk Software Ltd. among others.|
|Segments Covered||By Component, By Deployment, By Organization Size, By Application, By Industry Vertical, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America is expected to hold the largest market share during the forecast period
The North American region is expected to hold the largest market share during the forecast period. The growth in the region is attributed to the use of ransomware protection in healthcare and other industries to secure sensitive data from attacks and improve operations with customer experience. For instance, as per Sophos Global Survey, in 2021, ransomware attacks on healthcare organizations increased by 94%. 66% of healthcare organizations were affected, up from 34% the previous year.
Furthermore, the increasing government initiatives in the region are expected to drive the growth of the market during the projected period. In 2019, the US government initiated a program aimed at safeguarding voter registration databases and systems ahead of the 2020 presidential election. These systems, which are used to authenticate voter eligibility before they cast ballots, were infiltrated in 2016 by Russian hackers aiming to acquire data. As a result of such growing dangers, there is a huge demand for ransomware protection solutions to defend the country from big intrusions.
Besides, the Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the growing penetration of e-commerce coupled with increasing reliance on online transactions and services. For instance, according to Euromonitor International, e-commerce revenues in Asia Pacific are predicted to nearly double by 2025, hitting USD 2 trillion.
Moreover, according to Claroty's analysis, the Global Status of Industrial Cybersecurity 2021: Resilience Amid Disruption, 80% of organizations in APAC were hit by ransomware attacks in 2021, with 51% paying the ransom. Thus, the increasing incidence is expected to drive the growth of the ransomware protection market during the forecast period.
The global ransomware protection market is dominated by players like:
By Organization Size
By Industry Vertical
Ransomware is the biggest and most hazardous cyber threat, which gets installed on the duped person’s computer either by enciphering the files or by locking the complete system unless a ransom is offered or paid.
The large increase in ransomware attacks is being examined to increase the pace at which ransomware protection solutions are used, consequently accelerating the growth of the market for ransomware protection.
According to the report, the global market size was worth around USD 20.3 billion in 2022 and is predicted to grow to around USD 73.9 billion by 2030.
The global ransomware protection market is expected to grow at a CAGR of 17.5% during the forecast period.
The global ransomware protection market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market due to the use of ransomware protection in healthcare and other industries to secure sensitive data from attacks and improve operations with customer experience.
The global ransomware protection market is dominated by players like Broadcom, Inc., Intel Corporation, Bitdefender SRL, SentinelOne, Inc., FireEye, Inc., Kaspersky Lab, Sophos Group PLC (Thoma Bravo), Trend Micro, Inc., Zscaler, Inc., Malwarebytes, Inc., McAfee, LLC, Symantec Corporation, Trend Micro Incorporated, IBM Corporation, Thales, Morphisec Ltd., Crowdstrike, Datto, Inc., Veritas, Acronis International GmbH, and CyberArk Software Ltd. among others.