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Ransomware Protection Market Report 2024 - Ransomware Protection Market Size, Trends And Insights
Ransomware Protection Market
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According to The Business Research Company's, The ransomware protection market size has grown rapidly in recent years. It will grow from $21.19 billion in 2023 to $25.07 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to increased internet connectivity, growth in online transactions, rising use of digital devices, expanding cybersecurity threats, emergence of ransomware attacks.
The ransomware protection market size is expected to see rapid growth in the next few years. It will grow to $46.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to rising sophistication of ransomware attacks, increased adoption of cloud services, growing awareness of cybersecurity threats, regulatory pressures on data protection, expansion of remote work environments. Major trends in the forecast period include integration of artificial intelligence in ransomware protection, blockchain-based security solutions, development of automated incident response systems, rising demand for threat intelligence sharing platforms, focus on user education and awareness.
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Market Drivers and Trends:
Rising phishing attacks are expected to propel the growth of the ransomware protection market going forward. Phishing is a social engineering attack frequently used to acquire user information, such as login credentials and credit card details. Ransomware protection helps prevent phishing attacks by detecting and blocking malicious emails, educating users to identify phishing attempts, and stopping ransomware infections before they can encrypt data and systems. For instance, in June 2022, according to the Anti-Phishing Working Group, a US-based consortium that aims to eliminate fraud and identity theft caused by phishing and related incidents, in the first quarter of 2022, the Anti-Phishing Working Group recorded a total of 1,025,968 phishing attacks, a 15% rise from 888,585 attacks in the fourth quarter of 2021. Therefore, rising phishing attacks are driving the growth of the ransomware protection market.
Technological advancements are a key trend gaining popularity in the ransomware protection market. Major companies operating in the ransomware protection market are developing innovative technologies to sustain their position in the market. For instance, in April 2023, Thales Group, a France-based information technology company, launched the CipherTrust Transparent Encryption Ransomware Protection (CTE-RWP) platform. This technology assists in the protection against ransomware attacks by tracking the file system and identifying, flagging, or stopping unlawful encryption and data exfiltration. CTE-RWP supports setting up trusted lists for critical applications and allocating guard points to spot or stop processes attempting to encrypt or steal data. It offers real-time behavioral analysis for user system programs and procedures so that customers can use and interact with their files and folders securely and conveniently.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Microsoft Corporation, Intel Corporation, International Business Machines (IBM) Corporation, Cisco System Inc., Broadcom Inc., Palo Alto Networks Inc., W314Fortinet Inc., Gen Digital Inc., Check Point Software Technologies, McAfee LLC, Trend Micro Inc., CrowdStrike Holdings Inc., Zscaler Inc., FireEye Inc., Avast Antivirus, Kaspersky Lab, Proofpoint Inc., CyberArk Software Ltd., ESET s.r.o., Ivanti, Barracuda Networks Inc., Bitdefender SRL, Acronis International GmbH, SonicWall, Webroot Inc., SentinelOne Inc., Malwarebytes Inc., F-Secure Corporation, Cybereason
Ransomware Protection Market 2024 Key Insights:
• The ransomware protection market size is expected to see rapid growth in the next few years. It will grow to $46.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Escalating Phishing Attacks Fuel Growth In The Ransomware Protection Market
• Pioneering Technological Advancements In The Ransomware Protection Market
• North America was the largest region in the ransomware protection market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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