Ransomware Protection Market to expand at a CAGR of 16.40% until 2032 to value USD 93.35 billion

Market Overview:

The market size for ransomware protection was estimated at USD 23.8 billion in 2022. The market for ransomware protection is anticipated to increase from USD 27.70 billion in 2023 to USD 93.35 billion by 2032, growing at a compound annual growth rate (CAGR) of 16.40% over the forecast period (2023-2032). The primary market drivers accelerating market expansion are rising corporate digitization, increased use of ransomware-as-a-service (RaaS), and the introduction of cryptocurrencies like Bitcoin.

Key Companies in the Ransomware Protection market include,

Microsoft Corporation (U.S.)

Sophos Ltd. (U.K)

Intel Security (McAfee) (U.S.)

Symantec Corporation (U.S.)

Kaspersky Lab (Russia)

Malware bytes Corp (U.S.)

McAfee Inc. (U.S.)

Avast Software S.R.O (Czech Republic)

Cisco System Inc. (U.S.Palo Alto Networks Inc.(U.S.)

Sentinelone (U.S.)

Zscaler, Inc. (U.S.).

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Scope of the Report –

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The recent increase in demand for ransomware protection as a service. The development of cryptocurrencies like Bitcoin and Ethereum increased the demand for ransomware avoidance measures because they are untraceable. Most ransom demands made today are made in cryptocurrencies. Technical developments that have brought about ransomware security tools for PCs and mobile devices have an impact on the market as well.

Due to the widespread adoption of cloud services by enterprises, attackers can now exploit any weakness. Distributed denial-of-service (DDoS) assaults are initiated in response to the ransom and continue until the ransom is paid or there is a risk of the data being permanently lost. Despite increased awareness of cyberattacks and security breaches, employees are still the subject of social attacks. According to Verizon’s 2018 Data Breach Index Report, 98% of social incidents involved financial pretexting and phishing. For a range of investing, operational, and transactional goals, many businesses around the world employ Bitcoin and other digital assets. In the US, there are roughly 2,300 companies that accept Bitcoin.

As cryptocurrencies become more well-known, scammers find them to be more and more appealing targets. The decentralisation of cryptocurrencies offers criminals a great opportunity to commit financial fraud. Cybercriminals may hack into cryptocurrency trading websites and take money. The most common form of payment in the event of a ransomware attack is currently cryptocurrency.

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Segmentation

Ransomware protection market segmentation by solution includes secure online gateways, end-point security, network security, and standalone anti-ransomware software. With 35% of market sales, the end-point security category dominated the market.

Managed, consulting, and support & management are the three service categories that make up the Ransomware Protection market segmentation. The market was dominated by the managed segment.

The Ransomware Protection market is segmented based on industrial verticals into BFSI, IT & Telecom, Healthcare, Education, Manufacturing, and Retail. The BFSI sector produced the greatest revenue.

The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. Because there are so many cybersecurity firms here, the North American ransomware protection industry will dominate. Most of these companies offer sophisticated ransomware security solutions. The second-largest market share for ransomware protection is held by Europe. E-commerce’s growing market share and increased reliance on online transactions and services are to blame for the area’s growth. From 2023 to 2032, the Asia-Pacific Ransomware Protection Market is anticipated to experience the quickest CAGR growth.

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