One type of cryptovirology malware called ransomware threatens to permanently unlock or prevent access to victim data if a ransom is not paid. More sophisticated malware employs a technique called cryptoviral extortion that encrypts victims’ files and renders them inaccessible while demanding ransom payments to unlock the device.
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Ransomware Protection Market Size, Share & Industry Trends Analysis Report By Vertical, By Component, By Deployment Type, By Organization Size, By Application,By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06315047/?utm_source=GNW
This method is not difficult for an expert to reverse. To identify and limit payment, ransomware protection is necessary. This would safeguard and protect the data in addition to the systems. Typically, ransomware attacks are using a Trojan that the customer may download or open whenever an email attachment comes and is disguised as a legal file.
Several ransomware attacks have been made throughout the years on computer systems of both small and major businesses. Unchecked PDF downloads from untrusted and unconfirmed communications usually result in the ransomware infection of computers or PCs. The ransomware protection offers security against ransomware assaults, which lock up data until a ransom is paid. It serves as a defence against assault and a guide for the quick and dependable return to normal activities.
Additionally, it offers preventative measures like access controls, security, and client authentication to safeguard data against attack. It also makes regular monitoring of anomalies possible for early attack identification, which lessens the impact of the attack. Moreover, it streamlined the procedures that could lessen the workload involved in identifying and countering threats. Because fewer tools and dashboards require to be regularly monitored, the security team may save resources and time. The market expands as a result of these developments.
Anti-malware software is in high demand and expected to rise during the forecasted period since ransomware protection is a crucial component for both impacted and threatened customers. The preferred and frequently employed method of thwarting such cyber assaults is a threat intelligence service. There is an increased need for a cyber-threat solution among enterprises. The majority of businesses heavily rely on cyber threat solutions since they are successful and effective at identifying attacks and countering various advanced cyber threats and ransomware threats.
COVID-19 Impact Analysis
Around the world, businesses have been severely impacted by the COVID-19 outbreak. Due to the lockdown enforced by many governments, it has positively influenced the usage of ransomware protection. Companies are concentrating on cutting-edge technologies like AI-powered solutions, automation, and computer technology since COVID-19 instances have decreased. A ransomware protection solution is required to conduct contactless activities safely and effectively because to the rise of cyberthreats like ransomware attacks across sectors like healthcare, BFSI, and government. Additionally, as companies quickly transition to digitalization, there is an increased need for powerful endpoint security solutions that offer agile productivity and real-time reporting capabilities.
Market Growth Factors
Increasing Pace Of Digitalization Among Enterprises
The rapid pace of digitalization across various nations in the world is one of the core reasons behind the adoption of latest solutions and services. Organizations are embracing digital transformation as a means of facilitating the transition to remote working. Significant security concerns that have surfaced have impacted many. Companies have benefited for years from digital transformation in terms of becoming more flexible, economical, and productive. The COVID-19 pandemic has also prompted numerous businesses to embrace remote working practices on a significant scale.
Growing Phishing Attacks And Rising Cases Of Security Breaches
There is a constant rise in the case of various security breaches and data leaks around the world. Many businesses among different verticals have gone through any kind of phishing attack in their journey. They have an impact on security systems since numerous offline surveillance systems cause loss. Average IT outages are one thing, but massive data loss is quite another. Protection against ransomware eliminates the possibility of a protracted business closure, lowers the likelihood that an attack would be successful, and minimizes the window for recovery for organizations.
Market Restraining Factors
Dearth Of Strong It Infrastructure And Low Awareness Among Security Professionals
There is a dearth of awareness among security professionals about the benefits of ransomware protection services and solutions. The amount of data gathered for security services has rapidly expanded as systems become more dispersed, flexible, and heterogeneous. Separating essential data has become a challenge for any IT firm as the amount of data generated from various infrastructure components increases. Along with that, security professionals are not well-versed with ransomware protection software and solutions, which would impact the opportunities of key market players.
On the basis of deployment, the ransomware protection market is segmented into On-premise and Cloud. The on-premise segment procured the highest revenue share in the ransomware protection market in 2021. It is due to the many benefits that come with this on-premise deployment, including the high level of data protection and safety. Due to higher data security and fewer data breaches in comparison to cloud-based deployment models, businesses choose on-premise deployment models that further fuel demand for on-premise deployment models in both the public and private sectors.
Organization Size Outlook
Based on organization size, the ransomware protection market is classified into Large Enterprises and SME. The SME segment recorded a substantial revenue share in the ransomware protection market in 2021. To improve the operational efficiency of small and medium-sized businesses, more ransomware protection will likely be adopted. Additionally, the industry expands as a result of an ongoing rise in government activities through numerous digital SME campaigns.
By application, the ransomware protection market is divided into Network protection, Endpoint protection, Email protection, Database protection and Web protection. Endpoint protection segment acquired the largest revenue share in the ransomware protection market in 2021. The cyber security strategy for protecting endpoints, like laptops, desktops, and mobile devices, against malicious activities is known as endpoint security, or endpoint protection. Over the past few years, endpoint security has developed from simple antivirus software to a more sophisticated, all-encompassing defence.
On the basis of component, the ransomware protection market is fragmented into Solution and Services. The services segment garnered a substantial revenue share in the ransomware protection market in 2021. The market for ransomware protection services is expected to rise in the future year as a result of several factors like rising corporate competitiveness, user demands, cyberthreats, and project risks. In addition, there are many companies, which are availing these services to reduce their operational time.
Industry Vertical Outlook
Based on industry vertical, the ransomware protection market is categorized into Government and Defense, IT and Telecom, BFSI, Retail, Healthcare, Education and Others. The IT & Telecom sector procured the highest revenue share in the ransomware protection market in 2021. This is due to people using mobile devices more frequently, which presents the business with a number of options. Additionally, the worldwide pandemic-inspired digitalization and technology initiatives that organizations are pursuing in the post-COVID period are anticipated to offer lucrative growth prospects for the ransomware protection market in this sector throughout the forecast period.
Region-wise, the ransomware protection market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as a leading region in the ransomware protection market with the maximum revenue share in 2021. It is due to the rising utilization of ransomware protection in healthcare and other verticals to save sensitive information from breaches and enhance operations with customer experience. Along with that, governments across various nations of the region are increasingly investing in different sectors and hence, opening lucrative opportunities for the regional market growth.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Intel Corporation is the most forerunner in the Ransomware Protection Market. Companies such as Sophos Group PLC, Zscaler, Inc. and Bitdefender SRL are some of the key innovators in Ransomware Protection Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Broadcom, Inc., Bitdefender SRL, FireEye, Inc., SentinelOne, Inc., Kaspersky Lab, Trend Micro, Inc., Sophos Group PLC (Thoma Bravo), Zscaler, Inc., and Malwarebytes, Inc.
Recent strategies deployed in Ransomware Protection Market
Acquisitions and Mergers:
May-2022: SentinelOne acquired Attivo Networks, leading identity security and lateral movement protection company. With this acquisition, SentinelOne and Attivo Networks would provide comprehensive identity security as part of Singularity XDR for autonomous protection that includes; Singularity Identity; Singularity Ranger Active Directory Assessor; Singularity Hologram.
Apr-2022: Sophos completed the acquisition of SOC.OS, an innovator of a cloud-based security alert investigation and triage automation solution. Through this acquisition, Sophos would improve its Managed Threat Response (MTR) and Extended Detection and Response (XDR) solutions for companies of all sizes.
Oct-2021: Kaspersky took over Brain4Net, comprehensive network orchestration and service delivery software platform. This acquisition aimed to assist companies and service providers to opt latest technologies like Network Functions Virtualisation (NFV) and Software-Defined Wide-Area Network (SD-WAN), with prevailing network infrastructure.
Aug-2021: Sophos took over Refactr, a developer and marketer of a versatile DevSecOps automation platform. Through Refactr, Sophos would fast-track the combination of such improved SOAR features into an Adaptive Cybersecurity Ecosystem, the basis for the XDR product and MTR service.
Jul-2021: Sophos completed the acquisition of Braintrace, a cybersecurity startup. This acquisition aimed to enable Sophos to combine Braintrace’s NDR technology into its own adaptive cybersecurity ecosystem that would include all of its security products & services.
Jul-2021: Sophos took over Capsule8, an enterprise infrastructure protection solution company. This acquisition aimed to expand the Linux protection capabilities to its endpoint detection and response product stack. This acquisition would provide Sophos with the latest Linux telemetry and event information, escalating the company’s data lake with more context for improved threat hunting and security operations.
May-2021: Zscaler signed an agreement to acquire Smokescreen Technologies, a leader in active defense and deception technology. Through this acquisition, Zscaler customers would be able to alter the economics of cyberattacks by increasing their cost, complicated and difficult for the adversary both before and during their attempted intrusions.
Product Launches and Product Expansions:
Jun-2022: Zscaler introduced newly advanced AI/ML innovations powered by the biggest security cloud across the globe for unparalleled customer protection and digital experience monitoring. These latest capabilities would improve Zscaler’s Zero Trust Exchange security platform to allow organizations to deploy a Security Service Edge (SSE), which would safeguard customers against the most advanced cyberattacks, along with providing an exceptional digital experience to customers, and better adoption of a zero-trust architecture.
Jun-2022: Trend Micro unveiled Trend Micro One, a unified cybersecurity platform. This platform would allow users to better understand, interact, and lower cyber risks. This advanced solution would integrate various sources of asset and risk visibility and would assist regional firms in getting a better security posture along with escalating their digital journey, leading to a safer digital environment to do business and thrive.
May-2022: Bitdefender released Bitdefender Identity Theft Protection, a new U.S. consumer service delivering identity threat detection and alerts. This service allows customers to enjoy online shopping, social media, banking, and other activities with the awareness of their financial identity, wherein privacy and personal data are protected around the clock and credit rapidly repaired if ever required.
Apr-2022: Sophos released Sophos Cloud Workload Protection, including new Linux host and container security capabilities. These improvements would boost the detection and response of in-progress attacks and security incidents among Linux operating systems, enhance security operations and escalate application performance.
Nov-2021: Bitdefender introduced improvements to its consumer product portfolio, which contains the latest and improved malware detection capabilities for mobile devices. These capabilities would safeguard Android and iOS customers from the rising number of mobile threats. These latest capabilities are developed to assist users to safeguard devices, personal data & identity in any environment as online threats rise.
Sep-2020: Zscaler released new data protection innovations in the Zscaler Zero Trust Exchange. This product was developed with a new approach, which developed zero trust connections between the customers and applications directly to solve this unique challenge. In addition, this scalable, cloud-native platform, would allow digital transformation by safely connecting customers, devices, and applications anywhere, without depending on network-wide access.
Partnerships, Collaborations and Agreements:
Jun-2022: Bitdefender extended its partnership with ConnectWise, a leading provider of business automation software for IT solution providers. This partnership aimed to provide improved cybersecurity capabilities to IT solution providers and their end customers. With the combination of Bitdefender GravityZone Cloud Security, EDR, and advanced threat security into their SOC service, ConnectWise would assist its consumer base and its users close security gaps and responding to removing cyber threats faster.
Feb-2022: SentinelOne came into a partnership with Mandiant, the leader in dynamic cyber defense and response. This partnership aimed to assist companies to decrease the chances of data breaches and improve their ability to mitigate cyber threats. The combination of SentinelOne’s Singularity XDR platform into Mandiant Advantage would allow the joint user to identify and remediate threats quicker and more precisely via improved automation, visibility, and alert prioritization.
Dec-2020: Kaspersky entered into a memorandum of understanding (MoU) with the Indian Computer Emergency Response (CERT-In), Ministry of Electronics and Information Technology, Government of India. With this MoU Kaspersky and CERT-In would work for making a cooperative relationship and enable the fulfillment of common objectives for developing safe & secure cyberspace in the nation.
Jun-2022: SentinelOne expanded its geographical footprints by setting up its Operations Centre in Bengaluru. This expansion aimed to assist companies in the expanded region to address the rising threat of cyberattacks. The Centre would provide innovation, threat research, product development, and engineering, recruiting top talent to advance cyber defense.
Scope of the Study
Market Segments covered in the Report:
• IT & Telecom
• Government & Defence
• Healthcare & Life Sciences
By Deployment Type
By Organization Size
• Large Enterprises
• Small & Medium Enterprises
• Endpoint Protection
• Network Protection
• Database Protection
• Web Protection
• Email Protection
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Intel Corporation
• Broadcom, Inc.
• Bitdefender SRL
• FireEye, Inc.
• SentinelOne, Inc.
• Kaspersky Lab
• Trend Micro, Inc.
• Sophos Group PLC (Thoma Bravo)
• Zscaler, Inc.
• Malwarebytes, Inc.
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