The global ransomware protection market size was worth around USD 20.3 Billion in 2022 and is predicted to grow to around USD 73.9 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 17.5% between 2023 and 2030.
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➤ The market is experiencing growth due to the proliferation of security breaches and phishing attacks.
The frequency of data disclosures and other security breaches is increasing globally. Phishing attacks have been encountered by numerous organizations across a wide range of sectors. They impact security systems by causing loss through a variety of offline surveillance systems. The average IT malfunction is significantly different from massive data loss. Security against ransomware mitigates the likelihood of a successful attack, decreases the recovery window for enterprises, and eliminates the possibility of a protracted company shutdown.
➤ The market’s development is significantly impeded by the absence of a robust IT infrastructure and a lack of security professional awareness.
The benefits of ransomware protection services and solutions are not widely recognized by security professionals. The quantity of data collected for security services has increased significantly as a result of the increasing adaptability, diversity, and distribution of systems. It has become increasingly challenging for any IT organization to differentiate between critical and non-essential data as the volume of data generated by various infrastructure components increases.
➤ A lucrative opportunity is presented by the escalating rate of enterprise digitalization.
The rapidity with which countries worldwide are transitioning to digital technologies is one of the primary factors contributing to the adoption of the most recent solutions and services. Organizations are adopting digital transformation as a method of facilitating the transition to remote work. Several individuals have been impacted by the severe security issues that have emerged. Businesses have benefited from digital transformation for years by becoming more productive, cost-effective, and adaptable. With the advent of the COVID-19 pandemic, a significant number of organizations have implemented remote working strategies.
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The Global Ransomware Protection Market is segmented based on product, application and region
Global Ransomware Protection Market: Product Segment Analysis
● Solution
● Services
Global Ransomware Protection Market: Application Segment Analysis
● BFSI
● IT & Telecom
● Government & Defense
● Retail
● Education
● Healthcare & Lifesciences
● Others
The global Ransomware Protection market profiles key players such as:
● Broadcom Inc.
● Intel Corporation
● Bitdefender SRL
● SentinelOne Inc.
● FireEye Inc.
● Kaspersky Lab
● Sophos Group PLC (Thoma Bravo)
● Trend Micro Inc.
● Zscaler Inc.
● Malwarebytes Inc.
● McAfee LLC
● Symantec Corporation
● Trend Micro Incorporated
● IBM Corporation
● Thales
???? Recent Developments:
• AvePoint, the foremost provider of SaaS and data management solutions, recently implemented Ransomware Detection as a feature of Cloud Backup for Microsoft 365 in March 2022 to enhance the protection of digital collaborative data. This new tool proactively identifies dubious activity within users’ Microsoft OneDrive by minimizing the impact on productivity and communication. When anomalous activity is identified, Cloud Backup generates comprehensive reports to expedite the investigation and emphasize the problematic areas for the customer’s administrator.
• Palo Alto Networks, the world’s foremost cybersecurity company, announced in December 2022 that it has finalized its acquisition of Cider Security (Cider), a pioneer in software supply chain security and application security (AppSec).
➤ It is anticipated that North America will maintain the highest market share during the forecast period.
It is anticipated that the North American region will maintain the highest market share during the forecast period. The utilization of ransomware protection in healthcare and other sectors to safeguard sensitive data from attacks and enhance customer experience is the primary factor contributing to the region’s growth. For example, the number of ransomware attacks on healthcare organizations increased by 94% in 2021, according to the Sophos Global Survey. The number of healthcare organizations affected increased from 34% to 66% in the previous year.
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