The Ransomware Protection Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ransomware Protection Global Market Report 2024, 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.
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.
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The ransomware protection market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: Cloud, On-premise
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Endpoint Protection, Network Protection, Database Protection, Web Protection, Email Protection
5) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Government And Defense, Retail, Education, Healthcare And Lifesciences, Other Industry Verticals
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.
The ransomware protection market report table of contents includes:
- Executive Summary
- Ransomware Protection Market Characteristics
- Ransomware Protection Market Trends And Strategies
- Ransomware Protection Market – Macro Economic Scenario
- Global Ransomware Protection Market Size and Growth
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- Global Ransomware Protection Market Competitive Benchmarking
- Global Ransomware Protection Market Competitive Dashboard
- Key Mergers And Acquisitions In Ransomware Protection Market
- Ransomware Protection Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Microsoft Corporation
- Intel Corporation
- International Business Machines (IBM) Corporation
- Cisco System Inc.
- Broadcom Inc.
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