Ransomware Protection Market

Ransomware Protection Market Research, 2031

The global ransomware protection market was valued at $17.32 billion in 2021, and is projected to reach $82.92 billion by 2031, growing at a CAGR of 17.1% from 2022 to 2031. Over the years, there have been numerous ransomware attacks on both personal computers and even large companies' computer systems. Downloading unchecked PDF attachments from unknown and unverified emails frequently results in the intrusion of computer systems or PC with ransomware. The ransomware protection provides securities against these ransomware attacks that uses to hold data hostage unless a ransom is paid. It safeguards against attack as well as provides a blueprint for the reliable and speedy resumption of normal operations. Furthermore, it delivers proactive steps such as security, access controls, and user authentication to protect data from attack as well as facilitates routine monitoring of anomalies for early detection of attack, reducing its impact. Furthermore, it automated the processes that can help minimize the workload of detecting and responding to threats. It allows the security team to save time and resources as it reduces the need to constantly monitor multiple tools and dashboards. Such advancements drive the growth of the market.

The global COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted the adoption of ransomware protection due to lockdown imposed by governments of different countries. As COVID-19 cases have declined, companies are focusing on emerging technologies such as AI-powered solutions, automation, and computing technology. Furthermore, increase in cyber threats such as ransomware attack across industries such as BFSI, healthcare, and government creates the demand for ransomware protection solution to perform contactless operations safely and securely. Furthermore, as industries are rapidly moving toward digitalization, it creates the demand for robust endpoint security solution to provide agile efficiency and as well as real-time reporting features.

The ransomware protection market is segmented into Deployment Mode, Organization size, Component, Application and Industry Vertical. By component, it is bifurcated into solution and services. By deployment mode, it is segregated into cloud and on-premises. On the basis of application, it is categorized into network protection, endpoint protection, email protection, database protection and web protection. By industry vertical, it is segregated into BFSI, retail, education, IT & telecom, healthcare, government & defense, and others. By organization size it is categorized into SMEs and large enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of component, the solution segment dominated the ransomware protection market in 2021, and is expected to continue this trend during the forecast period. The adoption of ransomware protection solutions offers significant benefits that can improve how to detect and respond to cyber incidents. In addition, it not only helps to enhance the cybersecurity, but it can also save time, money, and resources, which drive the growth of the market. However, services segment is expected to witness the highest growth in the upcoming year. Factor such as increase in competition in businesses, user needs, cyber threats, and project risks increase the adoption of ransomware protection services, which drives the growth of the market in the upcoming year.

On the basis of deployment mode, the on-premise segment captured the largest market share in 2021, and is expected to continue this trend during the forecast period. This is attributed to numerous advantages offered by this on-premise deployment such as a high level of data security and safety. Companies prefer on-premise model, owing to high data security and less data breach as compared to cloud-based deployment models, which further drive the demand for on-premise deployment model within the public and private sectors. However, the cloud segment is expected to witness the highest growth in the upcoming year. Rise in the adoption cloud-based ransomware protection, due to low cost and easier maintenance is expected to provide the lucrative growth opportunities in the upcoming years. In addition, it provides flexibility and scalability to boost business process, which propels the growth of the ransomware protection market.

Depending on the region, North America dominated the Ransomware Protection Market Share in 2021 for the ransomware protection market, owing to increase in usage of ransomware protection in healthcare and other sectors to save data from breaches as well as improve operations and the customer experience is expected to provide lucrative opportunities for the market growth. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. The region has a robust IT infrastructure and solid software and services offerings. In addition, increase in penetration of cloud-based offerings and surge in demand for ransomware protection in healthcare, BFSI, and government sectors for security purposes drive the growth of the market in this region.

Impact of COVID-19 on the ransomware protection market trends

The Ransomware Protection Market Size was valued at $20.04 billion in 2022, and is projected to reach 82.92 billion by 2031, registering a CAGR of 17.1%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The global COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted the adoption of ransomware protection due to lockdown imposed by governments of different countries. As COVID-19 cases have declined, companies are focusing on emerging technologies such as AI-powered solutions, automation, and computing technology. Furthermore, increase in cyber threats such as ransomware attack across industries such as BFSI, healthcare, and government creates the demand for ransomware protection solution to perform contactless operations safely and securely. Furthermore, as industries are rapidly moving toward digitalization, it creates the demand for robust endpoint security solution to provide agile efficiency and as well as real-time reporting features. Moreover, the pandemic has introduced considerable challenges for companies, which are trying to execute key processes, report accurately with data spread over multiple locations, operate complex systems, and efficiently communicate with teammates.;. Hence, a greater number of companies are investing in ransomware protection. Ransomware protection solution provides limitless scalability and continual enhancement of functionalities, which are critical in accomplishing digital transformation, thus boosting the Ransomware Protection Market Growth post pandemic.

Top Impacting Factors   

Factors such as rise in penetration of ransomware-as-a-service (RaaS), increase in digitization of businesses, and advent of cryptocurrencies such as Bitcoin impact the growth of the market. The market growth is further affected by lack of awareness regarding cyberattacks and high cost of innovation and budget constraints. In addition, surge in demand for multi-layer security across enterprises and increase in growing adoption for cloud-based services influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global ransomware protection market during the Ransomware Protection Market Forecast period.

Rapid digitization in businesses

Organizations are riding a wave of digital transformation to support the shift to remote working. Many have been impacted by major security concerns that have emerged. Digital transformation has been helping organizations become more agile, cost-effective, and productive for years.  Furthermore, the COVID-19 pandemic has led to the adoption of remote work mechanisms by numerous companies on a large scale, which is beneficial to contain the virus spread but, in turn, increases the risk of cyberattacks, thus resulting in speedy application of ransomware protection solutions by various firms and organizations. Furthermore, increase in vulnerability of connected devices to cyberattacks and malware attacks escalates the demand for robust and integrated ransomware protection solutions across organizations to run their business safely and securely as well as enhance digitalization, thus augmenting the growth of the Ransomware Protection Industry.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ransomware protection market analysis from 2021 to 2031 to identify the prevailing ransomware protection market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the ransomware protection market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the Ransomware Protection Industry players.
• The report includes the analysis of the regional as well as global ransomware protection market trends, key players, market segments, application areas, and market growth strategies.

 Ransomware Protection Market Report Highlights