Press release
Ransomware Protection Market worth USD 93.35 Billion by 2032 | Top Players Microsoft, Sophos, Intel, Symantec, Cisco, McAfee
Ransomware protection refers to a combination of strategies and tools aimed at safeguarding individuals and organizations from the damaging effects of ransomware attacks. The Ransomware Protection focuses on providing businesses and individuals with solutions and services to defend against ransomware attacks.
Market Overview:
The global Ransomware Protection has witnessed remarkable growth in recent years, driven by the escalating need for ransomware-as-a-service (RaaS), growing corporate digitization and the advent of cryptocurrency like Bitcoin. According to market research future (MRFR) report, Ransomware Protection Market Size was valued at USD 23.8 Billion in 2022. The Ransomware Protection market industry is projected to grow from USD 27.70 Billion in 2023 to USD 93.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.40% during the forecast period (2023 - 2032). Organizations across various industries, including BFSI, IT & Telecom, Healthcare, Education, Manufacturing, and Retail are increasingly investing in RaaS solutions to optimize organizations from the harmful impacts of ransomware attacks.
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Key Market Segments:
Cloud based Insights: The deployment mode segment is further segmented into on-premises and cloud-based. The cloud-based segment is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of cloud computing.
Organization Insights: The organization size segment is further segmented into small and medium-sized businesses (SMBs) and large enterprises. The large enterprises segment is expected to hold a larger market share during the forecast period due to the increased focus on cybersecurity by large enterprises.
Industry Insights: The industry vertical segment is further segmented into healthcare, BFSI, government, IT and telecommunications, retail, and others. The healthcare segment is expected to grow at a higher CAGR during the forecast period due to the increasing use of electronic health records (EHRs) and the growing sophistication of ransomware attacks targeting healthcare organizations.
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Key Companies in Ransomware Protection Market:
• 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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Market Drivers:
Increased Use of Ransomware-as-a-Service (RaaS):
The market is being driven by the increased use of RaaS, which allows cybercriminals to use ransomware without needing to develop the malware themselves. This has contributed to the growth of the market, as organizations seek robust protection against such threats .
Growing Corporate Digitization:
The market is also being fueled by the growing trend of corporate digitization, which has increased the need for robust ransomware protection solutions to safeguard sensitive data and critical infrastructure.
Advent of Cryptocurrencies like Bitcoin:
The advent of cryptocurrencies like Bitcoin has also played a significant role in driving the market, as a majority of ransom payments are demanded in the form of cryptocurrency due to its untraceable nature.
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Regional Insights:
The global ransomware protection market is segmented into different regions, each with its own unique characteristics and market dynamics. North America currently dominates the ransomware protection market, followed by Europe, while the Asia-Pacific region presents significant growth opportunities due to workplace digitization and the adoption of cloud-based security solutions.
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