Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "Ransomware Protection Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global ransomware protection market 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 observed in the historical period can be attributed to increased internet connectivity, the growth in online transactions, the rising use of digital devices, the expanding cybersecurity threats, and the emergence of ransomware attacks.
The ransomware protection market 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 anticipated growth in the forecast period can be attributed to the rising sophistication of ransomware attacks, increased adoption of cloud services, growing awareness of cybersecurity threats, regulatory pressures on data protection, and the expansion of remote work environments. Major trends expected in the forecast period include the integration of artificial intelligence in ransomware protection, the implementation of blockchain-based security solutions, the development of automated incident response systems, the rising demand for threat intelligence sharing platforms, and a heightened focus on user education and awareness.
The anticipated surge in phishing attacks is poised to drive the growth of the ransomware protection market in the foreseeable future. Notably, in the first quarter of 2022, the Anti-Phishing Working Group reported a substantial increase in phishing attacks, recording a total of 1,025,968 incidents, reflecting a 15% rise from the fourth quarter of 2021. This escalation in phishing attacks stands as a primary driver for the growth of the ransomware protection market.
The growing adoption of smartphones is expected to significantly contribute to the expansion of the ransomware protection market. As of 2022, the UK witnessed a notable increase, with 71.8 million mobile connections, marking a 3.8% rise from 2021. This trend is expected to persist, with an estimated 95% of the UK population, around 65 million individuals, owning smartphones by 2025. The surge in smartphone adoption emerges as a significant driver for the growth of the ransomware protection market.
Technological advancements emerge as a prominent trend gaining traction in the ransomware protection market. Major companies within this market are actively investing in innovative technologies to maintain a competitive edge. In April 2023, Thales Group, a French information technology company, introduced the CipherTrust Transparent Encryption Ransomware Protection (CTE-RWP) platform. This cutting-edge technology aids in protection against ransomware attacks by monitoring the file system, identifying, flagging, or halting unauthorized encryption and data exfiltration. CTE-RWP incorporates real-time behavioral analysis for user system programs, providing a secure and convenient environment for customers to use and interact with their files and folders.
A strategic focus on introducing innovative solutions, such as zero-day ransomware protection, is observed among major companies operating in the ransomware protection market. In June 2023, CTERA, a US-based software company, launched CTERA Ransom Protect, an integrated zero-day ransomware protection solution utilizing artificial intelligence for early detection and instant recovery. This solution, distinguished by its reliance on advanced machine learning algorithms, swiftly identifies and blocks suspicious file activities, bypassing the need for traditional signature update services. Additionally, it provides comprehensive incident evidence logging and post-attack forensics, facilitating real-time attack monitoring and effective incident mitigation.
North America was the largest region in the ransomware protection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ransomware protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ransomware protection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Research Scope
Markets Covered:
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
Key Companies Mentioned: Microsoft Corporation; Intel Corporation; International Business Machines (IBM) Corporation; Cisco System Inc.; Broadcom Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $25.07 Billion |
| Forecasted Market Value (USD) by 2028 | $46.12 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Microsoft Corporation
- Intel Corporation
- International Business Machines (IBM) Corporation
- Cisco System Inc.
- Broadcom Inc.
- Palo Alto Networks Inc.
- W314Fortinet Inc.
- Gen Digital Inc.
- Check Point Software Technologies
- McAfee LLC
- Trend Micro Inc.
- CrowdStrike Holdings Inc.
- Zscaler Inc.
- FireEye Inc.
- Avast Antivirus
- Kaspersky Lab
- Proofpoint Inc.
- CyberArk Software Ltd.
- ESET s.r.o.
- Ivanti
- Barracuda Networks Inc.
- Bitdefender SRL
- Acronis International GmbH
- SonicWall
- Webroot Inc.
- SentinelOne Inc.
- Malwarebytes Inc.
- F-Secure Corporation
- Cybereason
For more information about this report visit https://www.researchandmarkets.com/r/45q1im
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