MarketsandMarkets forecasts that the Ransomware Protection Market size is expected togrow 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.
Ransomware protection refers to the set of security solutions deployed by organizations to safeguard themselves against ransomware threat. Ransomware is a type of sophisticated malware that is designed to block access to a computer system or encrypt the data unless a ransom is paid to the cybercriminal. The attacker encrypts the victim’s data and demands payment for the decryption key. Ransomware can be spread via suspicious emails with malicious attachments, infected programs, and compromised websites. To protect against such predominant threat, organizations are looking forward towards a multi-layered security approach to defend, prevent, and respond to ransomware attacks.
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The threat intelligence solution is expected to grow at the highest CAGR during the forecast period. These solutions are highly adopted by SMEs and large enterprise to combat the ransomware threats and other advanced malwares. The secure web gateway solution is expected to contribute the largest market share, as these solution protects the computers from user-initiated web traffic and enforces strong company policies.
Managed services segment is estimated to grow at the highest CAGR during the forecast period. Managed services enhance security posture of an enterpriseand ensures the safety of networks, endpoints, databases, and applications, from internal as well as external cyber threats. However, professional services segment is expected to contribute the largest market share in the ransomware protection market, during the forecast period.
The ransomware protectionmarket expects a rapid growth in various regions across the globe. APAC is expected to grow at the highest CAGR during the forecast period, as the organizations in the region are deploying securitysolutions such as secure web gateways, threat intelligence platforms, anti-ransomware tools to combat against ransomware threats. North America is expected to contribute the largest market share in the overall ransomware protectionmarket.
Globally, adoption of ransomware protectionsolutions is rising due tothe rise in phishing attacks and high volume of security incidents. Thus, cybersecurity vendors are trying to develop better securitysolutions to provide a proactive and holistic security to the end-users.Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos, Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, SentinelOne, and othersare the key vendors offering innovative ransomware protectionsolutions across the globe.
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 players have adopted various strategies such as partnerships, agreements, mergers &acquisitions, and new product developments to achieve growth in the global ransomware protectionmarket.
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The ransomware protection marketwitnessed a lot of partnerships, agreements, and collaborations by key players in2016.In November 2016, Intel Security formed Intel Security Innovation Alliance with companies such as Huawei, Check Point, and other leading players to protect and secure data against the advanced cyber threats such as ransomware, as well as to enhance product integration and market growth.Furthermore, in November 2016, SentinelOne partnered with Avnet, Inc., a leading distributor in global technology to provide threat detecting solutions to the U.S. partners. In August 2016, Zscaler partnered with Alien Vault, to provide solutions against advanced threats across multiple locations with added features of control and visibility.
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