Significant Rise in Application of Ransomware Protection in Numerous Industries Accelerating Market’s Growth

In today’s world, where use of advanced technologies has grown significantly and changed the very traditional work pattern, also helped in witnessing numerous threat due to rise in these technologies. Phishing, ransomware, and other similar attacks have grown massively and have affected millions of people. One of the biggest attack was experienced in 2017, when WannaCry malware attack happened affected over 100,000 computers worldwide. To secure data from all these ill effect on the internet, various antivirus have been updated and other use of other secure measure have also increased. Ransomware protection is one such way to that helps in averting online malicious activities. Use of ransomware protection is high in BFSI, healthcare, education, defense, and government sectors.

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Impact of Ransomware on the Growth of Crypto-Currencies

Rise of crypto-currencies has also increased online threats in the financial sector. A year ago, significant rise in the price of bitcoin was quite evident and people across the globe invested in it. This made bitcoin one of the leading crypto-curreny. However, few months down the line, massive speculation was seen and huge price variation was seen in bitcoin. Besides, growth of other crypto-currencies was also seen. Growing acceptance of crypto currencies across the globe by large organization and other regional and local enterprises increased the faith in this disruptive technology. Disruptive technologies have brought revolution in the payment mechanism and currency. Ransomware attacks have also adversely affected in the growth of crypto-currencies, as cybercriminals are now demanding their victims to pay in crypto-currency, mostly in bitcoin. This is so as they need them to pay for delivery of a decryption key, which is high crucial for the holder.  Various research has disclosed that such attacks cost millions through ransomware victims. Therefore, to minimize the attack the need for ransomware protection is increasing massively across the globe.  

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Ransomware Protection Market anticipated to be poised for an Impressive Share by 2025

Global Ransomware Protection Market: Snapshot 

The global ransomware protection market is prognosticated to be bolstered on the back of the growing need for email protection since email is researched to be a top source used for ransomware distribution. The May 2017 cyberattack that affected about 150 countries was spiked by the WannaCry malware, which is supposed to have infected over 100,000 computers worldwide. The malware urged computer users to download it via email, and it took no time to spread across the industry while creating a massive havoc.

One of the fastest-growing solutions in the global ransomware protection market is threat intelligence. This could be due to the increasing demand for combating malicious cyberattacks such as ransomware. As a result, a majority of organizations are envisaged to invest in protection from security breaches and cyberattacks at a global platform.

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The healthcare industry is a primary target of most security hackers and commonly affected by ransomware attacks. In this regard, seasoned analysts foresee ample of business opportunities to take birth through this vertical in the global ransomware protection market. Compared to other industries, healthcare could significantly fall prey to ransomware attacks on account of the aggressive digitalization of electronic patient health information and other medical data.

Nevertheless, industry players are foretold to cash in on the dominating share of banking, financial services, and insurance (BFSI) in the global ransomware protection market supported by the ballooning implementation of mobile and web applications for banking payments and transactions.

With no clear end in view, cyberattacks are expected to continue for the longest period of time. Ransomware was first introduced in 1989 with ‘PC Cyborg Trojan’ which extorted a ransom of approximately US$189 from the victim.

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Global Ransomware Protection Market: Overview

Ransomware is capable of preventing access to operating systems and encrypting files such that any PC user can’t use them. It can target home computers, the end point in an organization network, and servers used by healthcare providers or government agencies. The potential data and financial loss caused by ransomware are mandating the deployment of ransomware protection solutions. The growth of the global ransomware protection market is primarily fuelled by end-user industries such as BFSI, education, healthcare, and government and defense. The commonly available protection solutions are secure web gateways, application control, standalone anti-ransomware software, web filtering, intrusion detection system/intrusion prevention system (IDS/IPS), and threat intelligence.

The research report on the global ransomware protection market is compiled using data from various paid and unpaid sources including journals, white papers, presentations, and press releases. It serves as an essential source containing a detailed description of drivers, restraints, and opportunities and an analysis of the extent to which they impact the growth of the market. In addition, it includes Porter’s five force analysis that is useful in deriving the competitive landscape of the market. It profiles key players in the market along with their market shares, cost and revenue structures, business strategies, latest developments, and contact information.

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Global Ransomware Protection Market: Drivers and Restraints

The increasing cases of targeted security breaches and phishing attacks are by far the leading factor driving the global ransomware protection market. The large ransom demanded by hackers through these attacks is one of the major concerns for organizations worldwide. The information extracted by hackers usually has a huge demand in the black market, which can adversely affect the overall growth of an organization. Moreover, the introduction of crypto-currencies for ransom payments and the growing popularity of ransomware-as-a-service model are working in favor of the growth of the market. On the other end, the presence of free solutions for endpoint security for ransomware is hampering the overall revenue generation of the global ransomware protection market.

Global Ransomware Protection Market: Geographical Segmentation

The key segments analyzed in the report on the basis of geography are North America, Asia Pacific, Europe, and Rest of the World. North America and Europe will collectively represent a substantial share in the market in the forthcoming years. The domicile of a large number of key players along with the early adoption of advanced security technologies provides an edge to these regions over other regions. The high incidence of hacking via ransomware attacks is one of the primary factors augmenting the growth of these regions.

Asia Pacific is likely to register a noteworthy CAGR over the forecast horizon. The growth of the region can be attributed to the increasing spending by enterprises on security and cyber protection. Countries such as Australia, China, India, Japan, and Singapore will be the major contributors to the growth of the region. Small and medium-sized enterprises (SMEs) in this region are highly targeted by ransomware perpetrators to extort large ransom.

Global Ransomware Protection Market: Competitive Landscape

The majority of the players in the global ransomware protection market are focusing on the development of new products to attain inorganic growth in the global ransomware protection market. Partnerships and acquisitions are also among the commonly adopted strategies by prominent players to boost their offerings in the market. Some of the prominent players in the global ransomware protection market are Symantec Corporation, Intel Security, Malwarebytes, Trend Micro, Kaspersky Lab, Bitdefender, Zscaler, and SentinelOne.

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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