Ransomware Protection Market Is Expected to Rise at a CAGR of 4% During 2021-2028
According to Vantage Market Research, the Global Ransomware Protection Market was valued at USD 12.93 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 4% between 2021 to 2028. Ransomware protection is necessary as these solutions are in high demand. Mostly the need for cryptocurrency ransom is in high demand since it is not traceable in nature. Moreover, as many companies are adopting to cloud services it has created a lot of opportunities for the attackers all over the globe to target vulnerabilities.
Cloud Adoption and Increasing Digitalization to Spur the Growth of Ransomware Protection
The growing use of cryptocurrency for ransom payment is boosting the market growth. In addition, the advancements in technology and the advent of these solutions in smartphones and devices is growing the demand for ransomware protection market. Furthermore, various organizations are engaged in the deployment of anti-ransomware protection software on all device, including cloud storage and cloud server. In case of ransomware attacks this software must have failover defense. In addition, the retrieval of data has become important and because of this need of data backup new policies are implemented.
Whereas the major factor that is obstructing the market growth for ransomware protection due to lack of awareness about ransomware among security personnel. Moreover, the increase in average Ransome value is restricting the ransomware protection market growth.
The global ransomware protection market in segmented on the basis of solutions the market for ransomware protection is divided into web filtering, threat intelligence, IDS/IPS, application control, secure web gateways, standalone anti-ransomware software, and others. On the basis of applications, the market is bifurcated into email protection, endpoint protection, database protection, network protection, and web protection.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to as this region is experiencing the most cyberattacks. In addition, the U.S. government is implementing new initiatives and programs to boost the market of ransomware protection.
Some of the major players operating in the global ransomware protection market Sophos Ltd., Trend Micro Incorporated, Kaspersky Lab, Malwarebytes Corp, Avast Software, Palo Alto Networks Inc., Microsoft Corporation, Webroot Inc., Barracuda Networks Inc., Alien Vault Inc., Check Point Software Technologies Ltd., Bitdefender S.R.L., Cisco System Inc., Zemana Ltd., Symantec Corporation and McAfee Inc., among others.