Ransomware Protection Market to Reach USD 36.73 Billion by 2028

According to analysts at Vantage Market Research, the Ransomware Protection market is expected to reach USD 36.73 Billion by 2028, growing at a CAGR of 4% between 2021 and 2028. Rising phishing attempts, increasing use of crypto for payments are driving the market for Ransomware protection.

Key Findings

• The heavy-weight Ransomware Protection segment is projected to expand over 3.6% CAGR over the forecast period as it protects the system from web traffic initiated by users and enforces powerful company policies. Additionally, threat intelligence is anticipated to grow at a substantial rate during the coming years, as it provides an understanding of cosmopolitan cyber threats in real-time, their analysis, detection, and predictive remediation.
• The professional services segment held a market share of more than 21.6% in 2020, as it includes training & education, consulting, and maintenance & support services, these services are set to drive the segment growth.
• North America is expected to expand at a CAGR of over 5.4% between 2021 and 2028. The region is known for cyber-attacks and infiltration. For instance, to attack Atlanta’s IT infrastructure SamSam ransomware was used by infiltrating into the network, concealing its presence while it accumulated credentials to transmit to various systems before locking them up.

Some of the key players in the Ransomware Protection market are Microsoft Corporation, Sophos Group PLC, SentinelOne, Avast Software S.R.O, Cisco System Inc., Kaspersky Lab, Bitdefender, Intel Security (McAfee), Trend Micro Inc., Symantec Corporation, Zscaler Inc., Fireeye Inc., Malwarebytes, Palo Alto Networks Inc, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.

The threat for companies via ransomware is humongous. If a company system is infected, it can lead to bankruptcy. Generally, ransomware transmits throughout the network and infects every device that is in this network. Hence, companies cannot function. Files are lost, work cannot continue, working time is lost. Companies should be dedicated and prepare a cybersecurity plan for malware, to protect against ransomware. Since ransomware is challenging to fight and detect, various mechanisms for protection must be used. The most significant protection is the sensitization and training of employees. Those who have knowledge about ransomware, that it exists, and how it proceeds, can catch such attacks. Since the inbox of one’s email is the classic entry for malware, a spam filter that is good should quarantine or at least block all executable zip files, attachments, and MS Office documents.

Increasing cases of phishing are driving the market. Phishing emails can be targeted in many different ways. Sometimes they aren't addressed at all; mails are sent to billions of potential victims, the attempt is to conspire them into logging in to hoax versions of popular sites. Iron scales have determined the popular brands that the attackers use in their attempts of phishing.

Asia Pacific is poised to record a substantial CAGR, APAC nations face a high potential risk to cyber-attacks than other nations in large part across the globe owing to the scope and speed of growth in the connectivity and digital use of the region.