Market Synopsis
According to MRFR, the global ransomware protection market 2020 is expected to grow at a CAGR of approximately 15% during the forecast period 2017-2023.
Market Scenario
The growing number of security breaches and access to Personally Identifiable Information ( PII) is the main concern as the global threat climate is evolving rapidly. Ransomware is the most common and dangerous cyber hazard mounted on computer systems either by encrypting the data or by locking the device before a ransom is paid out. Therefore, to guard the systems and improve security, the companies have made more investments than before, particularly in securing the data, network and endpoints from several advanced cyber threats and crypto-malware which also include ransomware. Ransomware threat encountered by an organization is anticipated to grow in the nowadays because of hackers. Therefore, there is a scramble amongst major players in the global ransomware protection market to give better end-to-end resolutions to their consumers. As an organization companies cannot afford to lose their essential and classified data under any situation by hackers. Market innovation is driven by the production and update of new safety products to protect end-users against ransomware and other advanced threats. Crypto-currencies, the Bitcoin primarily took the world of finance technology by storm. The increasing acceptance by large organizations and other local companies of cryptocurrencies has influenced the faith in this disruptive technology and brought revolution in the mechanism for currency and payment.
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Resolving threat intelligence is widely preferred and used to prevent cyber threat. Threat intelligence resolution is thus expected to see tremendous growth due to its massive demand in the global ransomware protection market. Different organisations use threat intelligence strategies to counter various advanced cyber threats and ransomware threats due to the robust remedies provided and the successful detection of threats. It helps to reduce cyber threats that are focused on support for security information and safety incidents to assess business risks. A secure solution for Web gateways is also a resolution that protects against cyber threats. Both these factors are foreseen to raise the demand for ransomware security in the years ahead.
Market Segmentation
The global market for security against ransomware is segmented by the product, providers and applications. The global market is categorized into standalone anti-ransomware applications, end-point protection solution, network security solution, protected web gateways, application management, and other solutions focused on a system. The global industry is divided into managed services, advisory services, and support & maintenance services depending on the sector. The global ransomware protection market is divided by application into web protection, endpoint protection and data base protection.
Regional Outlook
North America is expected to see the biggest growth in the ransomware defense industry, owing to the existence in this region of a large number of information security merchants. Such merchants mainly provide highly innovative security solutions to ransomware. Due to the presence of a large number of existing key players, such as Microsoft Corporation, Intel Security, Symantec Corporation, in the region, the US and Canada are expected to drive the growth of the North American ransomware security market. In addition to this private sector, even the governments are well aware of the ransomware threat reveals and have made it a priority to develop superior techniques to hold this away. Provider solutions must boost their product quality as they are offerings as hackers have always tried to crack existing defenses, making continuous focus the best choice for protection against ransomware. Asia Pacific is also slated to show growth opportunities in the ransomware protection market due to high spending by emerging economies including China, India , and Australia on cyber security solutions.
Competitive Dynamics
Some of the major players in the global Ransomware Protection market: Sophos Ltd. (U.K), Microsoft Corporation (U.S.), Intel Security (McAfee) (U.S.), Symantec Corporation (U.S.), Zscaler, Inc. (U.S.), Kaspersky Lab (Russia), McAfee Inc. (U.S.), Malware bytes Corp (U.S.), Avast Software S.R.O (Czech Republic), Cisco System Inc.(U.S.), Sentinelone (U.S.), Palo Alto Networks Inc.(U.S.), and others.
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