Global Ransomware Protection Market - Segmented by Deployment (On-premise, On-cloud), Application (Endpoint Protection, Email Protection, Network Security, Data Protection), and Region - Growth, Trends, and Forecast (2018 - 2023)
Ransomware Protection Market was worth USD 9.98 billion in 2017 and is projected to grow to USD 24.74 billion by 2023 at a CAGR of 16.34% during the period, 2018 - 2023. The report discusses the deployment mode of solutions and their applications. While the regions considered in the scope of the report include North America, Europe, and various others. The study also emphasizes on how the emergence of ransomware as a service model is changing the market scenario.
The global ransomware protection market is set to witness a significant growth rate in the near future, owing to the growing demand of ransomware protection in recent years as a service. The advent of crypto currencies, such as Bitcoin, has increased the demand of ransomware protection solutions as most of the ransom is demanded in the form of crypto currencies only due to their untraceable nature. Moreover, the industry is influenced by technological developments and has seen the advent of ransomware protection solutions for mobile devices too, apart from PCs.
Increasing Number of Phishing Attacks and Security Breaches Drives the Market
According to a report, the year 2016 saw an increased number of ransomware attacks as 1.2 million phishing attacks were observed, making it the worst year in phishing history. The attackers target the databases and business grid systems through phishing campaigns or malwares of big organizations so that the payoffs can be higher. The first quarter of 2016 saw USD 209 million being paid as payoffs and the number is expected to increase during the next three quarters. The most prominent example could be the attack on HBOs servers in 2017, which resulted in stealing of 1.5TB of data. The data contained organization’s internal mails, financial reports, and unreleased episodes of various famous television series. The increasing number of attacks is expected to drive the ransomware protection market.
Cloud Based Protection to Have the Highest Growth Rate
The cloud-based solutions are anticipated to have a high growth potential, as it is a nascent solution for the market and due to its increasing adoption among organizations. Cloud-based solutions push the threat away from the perimeter of company’s network. It makes the threat much easier to detect, deflect, and eliminate the ransomware attacks far outside the company’s extended network perimeter before they take control. This method is considered more flexible, agile, and adaptive to update the security protocols of a company. These factors are expected to carry the market forward.
North America is the Market Leader
The business organizations in this region are highly targeted by the attackers to extort money. The region is home to many if the is leading players across industry verticals and has some of the biggest film & television production houses too. U.S is having the highest number of crypto currency technology users, increasing the chances of ransomware attacks. The FBI received over 2,400 complains related to ransomware in 2016, which costed the victims USD 24 million. Thus, increasing the demand of ransomware protection solutions in the region.
Key Developments in the Market