Growing Digitizing of Healthcare to Bolster Demand for Ransomware Protection

San Francisco, California, September 26, 2017: The rising cases of cybersecurity breaches and the growing number of phishing attacks, primarily aimed at business and governments, in various parts of the world is a key factor driving the evolution of the ransomware protection market. The growing number of malicious software attacks that encrypt files making them inaccessible is driving the demand for ransomware protection mechanism across organizations. A new report penned by TMR Research, titled “Ransomware Protection Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers a comprehensive assessment of such key trends and factors influencing the growth of the market.

The preferred distribution of malware through emails addresses of infected persons has intensified the scope of the damage done. This is a key trend expected to accentuate the market. In recent years, the widespread damage to personal files and documents as a consequence of ransomware attacks has mounted concerns among CIOs, motivating them in implementing proper protection mechanism. The noted notoriety of the recent WannaCrypt or WannaCry ransomware attack, which started in May 2017, compromising data of tens of thousands of computers, running mainly on MS windows operating system, in over 150 countries points to the proportion of the damage done. This is a key factor which has offered a sustained impetus to the growth of the market.

The growing number of malicious software attacks compromising crucial and critical data in the banking, financial services, and insurance (BFSI) sector in various developing and developed nations is a key factor boosting the demand. In addition, the implementation of mobile and web applications is further expected to speed up the adoption of robust ransomware protection for the end-use industry.

The advent of new variants of ransomware is anticipated to unlock exciting avenues for market players in the coming years. The availability of end-point protection is a key factor likely to impede the growth of the market. On the other hand, the release of patches and fixes by companies such as Microsoft will improve the detection mechanism, offering protection against the threat. The inclusion of cryptocurrencies, such as bitcoin, to ease ransom payments in ransomware attacks is a key factor likely to favorably impact the market growth.

The rising number of targeted attacks on the healthcare industry is a prominent trend bolstering the demand for ransomware protection mechanism. The burgeoning efforts in digitizing patient data by aggressively adopting electronic health records (HER) is predicted to open up lucrative avenues in the ransomware protection market. Furthermore, the implementation of various automation software for speeding up the digitization has resulted the healthcare industry to be one of the primary end users.

Geographically, North America and Europe are predicted to be prominent markets for ransomware protection. These regional markets are likely to be driven by a large number of early adopters and a marked presence of prominent players. The burgeoning incidence of complex ransomware attacks and the collateral damage they cause leads to soaring concern amid governments and businesses. This is expected to fuel these regional markets. Meanwhile, Asia Pacific is projected to be a lucrative market for ransomware protection during the forecast period. The growth of the regional market is propelled by the rising spending by enterprises, especially small and medium-sized enterprises (SMEs), on adopting cyber protection mechanism.

Some of the key players operating in the ransomware protection market are SentinelOne, Zscaler, Bitdefender, Kaspersky Lab, Trend Micro Inc., Malwarebytes, McAfee, Inc., and Symantec Corporation. Leading players opt for acquisitions and partnerships as key strategies to consolidate their shares in various regions.

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Author: Rohit Bhisey

As Head of Marketing at TMR Research, Rohit brings to the table over a decade of experience in market research and Internet marketing. His dedication, perseverance, and passion for perfection have enabled him to achieve immense success in his field. Rohit is an expert at formulating new business plans and strategies to help boost web traffic. His interests lie in writing news articles on technology,healthcare and business.

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