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.