The objective of the report is to define, describe, and forecast the global market on the basis of the solution, service, application, deployment mode, organization size, vertical, and region. The report strategically analyzes each subsegment with respect to individual growth trends, future prospects, and contribution to the total market. Ransomware protection market categorizes the global market by solution as anti-ransomware software, secure web gateways, application control, IDS/IPS, threat intelligence, by service, by application, by deployment, by organization size, by vertical, and by region
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Ransomware protection market size is expected to grow from USD 8.16 Billion in 2016 to USD 17.36 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period. The major growth drivers of the market include rise in phishing attacks and security breaches and emergence of Ransomware-as-a-Service (RaaS) model, through which cybercriminals are reaping billions of dollars from the victims.
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The ransomware protection market is segmented by solution, services, application, deployment mode, organization size, vertical, and region. Secure web gateways solution is estimated to contribute the largest market size in 2016, as it protects the computers from user-initiated web traffic and enforces strong company policies.
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Managed services segment is estimated to grow at the highest CAGR during the forecast period. The SMEs are looking forward to the third-party vendors as managed security service providers for improved cybersecurity operations, within the organization.
Moreover, professional services segment is expected to have the highest market size in 2016, as it includes consulting, training & education, and support & maintenance services.
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Ransomware protection solutions have been deployed across various industry verticals, including government and defense, BFSI, healthcare, education, and others. The healthcare vertical is expected to witness the highest CAGR during the forecast period, as the cybercriminals are targeting valuable electronic patient health information, which has a huge demand in the black market.
However, BFSI vertical is estimated to have the largest market size in 2016, which is fueled by the advent of crypto-currencies such as Bitcoins.
The global ransomware protection market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region is expected to become the largest revenue generating region for cybersecurity vendors in 2016, followed by Europe.
This is mainly because the businesses in the U.S. are highly targeted by hackers via ransomware attacks to extort large ransom.
The APAC region is expected to be the fastest-growing region in the ransomware protection market, as ransomware perpetrators are targeting SMEs in this region via a large number of phishing attacks.
Lack of awareness among security professionals about new and emerging ransomware families is the biggest challenge, which the enterprise are facing in the ransomware protection market.
Major vendors that offer ransomware protection solution across the globe are Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos, Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, SentinelOne, and others. These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships & agreements, and mergers & acquisitions to expand their offerings in the ransomware protection market.
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