Ransomware protection refers to security against malicious cryptovirology software that prevents users from accessing their data or threaten to make their private information public unless a ransom is paid for the same. Utilization of cryptocurrencies such as Bitcoin and Ukash makes the tracking down of transaction extremely difficult, providing another hurdle for the anti-cybercriminal bodies to take appropriate actions against them.
Growing incidence of phishing attacks across the globe fueling growth of ransomware protection market
Some of the worst incidences of ransomware attacks reported in 2017 included the NotePetya, WannaCry, Locky, CrySis, and Nemucod. This has led to losses of several million dollars in revenue. For instance, according to TechRepublic Cybersecurity Insider press release in October 2017, the outbreak of NotPetya cost Merck (pharmaceutical company) over US$ 300 million in Q3 alone, and is expected to cost near about the same amount in the following quarter. Requirement to reduce high financial losses due to loss of high valued and confidential information has spurred global demand for these solutions for data security and is anticipated to fuel the ransomware protection market over the forecast period.
Global Ransomware Protection Market Taxonomy
On the basis of solution, the global ransomware protection market is classified into:
- Standalone anti-ransomware software
- Secure web gateways
- Application control
- Web filtering
- Threat intelligence
On the basis of services, the global ransomware protection market is classified into:
- Consulting services
- Support and Maintenance Services
- Training and Education
On the basis of application, the global ransomware protection market is classified into:
- Network protection
- Endpoint protection
- Email protection
- Database protection
- Web protection
On the basis of deployment, the global ransomware protection market is classified into:
On the basis of organization size, the global ransomware protection market is classified into:
- Large enterprises
- Small and medium enterprises
On the basis of end-use, the global ransomware protection market is classified into:
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Government and Public Sector
- Healthcare and Life Sciences
- Media and Entertainment
- Telecommunication and IT
On the basis of regions, the global ransomware protection market is classified into:
- North America
- Asia Pacific
- Latin America
- Middle East
Growing digitization, cloud adoption and IoT will present significant growth opportunity for the ransomware protection market participants over the forecast period
Adoption of advanced solutions such as cloud operated robotic systems in manufacturing industries, autonomous and connected automotive infrastructure, smart cities and smart healthcare infrastructures are among the major developments that will depend on internet connectivity and data communication. Security threats from any form of malware can lead to substantial obstruction in the operation of these systems. Requirement to address these issues and thwart any threats from ransomware attacks will provide strong growth prospects to the ransomware protection market players.
These malwares are commonly delivered through unauthorized mail attachments or links which can bypass the conventional security firewalls and antivirus applications. Owing to these delivery modes of malwares, requirement of threat intelligence and web filtering solutions are expected to witness highest demands over the near future in the solution segments. Advanced internet infrastructure and high inclination of consumers towards faster adoption of technologies such as cloud computing in the U.S. has made the country increasingly vulnerable to such threats. Moreover, presence of significant number of fortune companies in the country makes it highly vulnerable to malicious attacks. This inadvertently creates a highly conducive environment for growth of the ransomware protection market globally during forecast period.
Global Ransomware Protection Market: Key Players
Chief participants in the global ransomware protection market include Microsoft Corporation, Sophos Ltd., Trend Micro Incorporated, Symantec Corporation, Kaspersky Lab, Malwarebytes Corp, McAfee Inc., Avast Software, Cisco System Inc., and Webroot Inc.
Global Ransomware Protection Market: Key Developments
- In February 2019, Acronis International GmbH, global technology company, has released a free, standalone version of its “Acronis Ransomware Protection” with AI-based Active Protection technique. It can be used alongside existing backup and antivirus products on Windows systems.
- In August 2018, BlackBerry Limited, Canadian multinational company, announced a launch of its next-generation “BlackBerry Workspaces” content collaboration platform, which is featured with a new ransomware recovery capability that allows organizations to quickly recover from cyberattacks.
- In September 2017, BackupAssist, a leading provider of automated Windows server backup and recovery software for small and medium enterprises (SMEs), announced a launch of its “CryptoSafeGuard”, Ransomware Protection the for Small and Medium-Sized Businesses (SMBs).