Ransomware Protection Market to Surpass 73.9 Billion by 2030 Drives Due to the Increasing Digitization of Businesses
SkyQuest projects that the ransomware protection market will attain a value of USD 73.9 billion by 2030, with a CAGR of 17.5% over the forecast period (2023-2030). The increasing digitization of businesses across various sectors has created a larger attack surface for cybercriminals to exploit in the ransomware protection market. The risk of ransomware attacks has intensified with more data and critical systems being connected online. Robust ransomware protection solutions become imperative to safeguard their valuable assets as organizations embrace digital transformation.
Westford, USA, Aug. 10, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the escalating prevalence of cyber threats, including ransomware attacks, across various industries such as healthcare, BFSI (Banking, Financial Services, and Insurance), and government has fueled a surge in demand for robust ransomware protection solutions. As these industries handle sensitive data and critical operations, they have become prime targets for cybercriminals seeking financial gain or to disrupt operations in the ransomware protection market.
Browse in-depth TOC on “Ransomware Protection Market”
- Pages – 165
- Tables – 144
- Figures – 78
The global cybersecurity landscape is witnessing an alarming rise in cyber threats, particularly ransomware attacks, targeting industries such as healthcare, BFSI (Banking, Financial Services, and Insurance), and government. These sectors handle vast amounts of sensitive data. They are vital for the functioning of society and the economy, making them prime targets for cybercriminals seeking financial gain or aiming to disrupt critical operations in the ransomware protection market.
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Prominent Players in Ransomware Protection Market
- Symantec Corporation
- McAfee LLC
- Trend Micro Incorporated
- Sophos Ltd.
- Kaspersky Lab
- Microsoft Corporation
- Cisco Systems, Inc.
- FireEye, Inc.
- IBM Corporation
- Palo Alto Networks, Inc.
- Carbon Black, Inc.
- Check Point Software Technologies Ltd.
- CrowdStrike Holdings, Inc.
- SentinelOne, Inc.
- ESET, spol. s r.o.
- Bitdefender LLC
- Fortinet, Inc.
- Malwarebytes Corporation
- Cylance Inc.
- F-Secure Corporation
On-Premise Segment is Expected to Dominate the Market Due to the Rising Higher Level of Data Security
On-premise segment emerged as the dominant market segment in the ransomware protection market and is projected to maintain its position throughout the forecast period. This can be attributed to the significant advantages of on-premise deployments, particularly regarding data safety and security. Companies across various industries prioritize on-premise deployment models due to the higher level of data security they provide, leading to a reduced risk of data breaches compared to cloud-based deployment models.
The markets in North America are projected to hold the largest market share in the global ransomware protection market, with the United States being a significant contributor to the region’s growth. The region’s dominance can be attributed to several factors.
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Cloud Segment is expected to grow the Market Due to the Increased Adoption of Cloud-Based Solutions
Cloud segment is poised to experience significant growth in the upcoming years, becoming a key driver in the ransomware protection market. The increased adoption of cloud-based solutions offers substantial advantages, including lower costs and easier maintenance than traditional on-premise solutions. Organizations recognize the benefits of leveraging cloud infrastructure to enhance their ransomware protection capabilities while optimizing operational efficiency.
Regional markets in Asia-Pacific are expected to exhibit the highest CAGR of 20.7% during the forecast period in the ransomware protection market. The region’s remarkable growth can be attributed to several factors. Firstly, Asia-Pacific boasts a robust IT infrastructure and a strong presence of software and services providers, fostering the adoption of advanced cybersecurity solutions.
A comprehensive analysis of the major players in the ransomware protection market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Ransomware Protection Market
- McAfee Corp., a renowned global online security solutions provider, announced an expanded partnership with Visa, a leading digital payments company in 2022. This collaboration enables Visa’s partners in the United Kingdom to offer their Visa Business cardholders enhanced online security solutions McAfee provides. With this partnership, businesses utilizing Visa Business cards can benefit from McAfee’s award-winning online security experts, ensuring robust protection against cyber threats and safeguarding their digital transactions.
- AVG Antivirus FREE, a popular consumer cybersecurity solution, received recognition as an outstanding product by VG, a reputable consumer cybersecurity company in 2022. This accolade was based on a comprehensive evaluation conducted by AV-Comparatives, an independent testing organization renowned for its systematic security software assessment.
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Key Questions Answered in Ransomware Protection Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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