Ransomware is a malicious form of software that uses encryption to lock the people out of their data. Since the inception of the software, the criminal groups are lookout for the ways to exploit the people with encrypted attacks. The ransomware attaches itself to the data and prevents the access to the owner till the victim pays the ransom. Maharashtra Industrial Development Corporation (MIDC) was a victim to the ransomware attack in India in March 2021.
During the covid-19 pandemic, the criminal group were introducing new coronavirus phishing theme and as the dependency increased on their laptop and desktop, it increased the for Ransomware Protection Market. These result in creating a cyber hostage situation. The Cybersecurity and Infrastructure Security Agency (CISA) has been focusing towards the country’s digital defence, CISA has also warned organizations against the ransomware attacks exploiting Microsoft Exchange's severe vulnerabilities
The Ransomware Protection Market on the basis of Offering is segmented as Solution and Services.
The Ransomware Protection Market on the basis of the Deployment Model is segmented as On-premise and Cloud.
The Ransomware Protection Market on the basis of Enterprise Size segmented as Small, Medium and Large.
Some of the players of the Ransomware Protection Market are McAfee, Symantec Corporation, Trend Micro, Inc., FirEeye, Inc., Sophos Ltd, Bitdefender, Kaspersky Lab, Malwarebytes, and Zscaler, Inc.
The global ransomware protection market is expected to grow at a compound annual growth rate of 14.50% over the forecast period to reach a market size of US$33.320 billion in 2026 from US$12.875 billion in 2019.
Increase in the Technology Users
The increasing number of reliance on the technology especially during the pandemic is increasing the number of ransomware attacks and rising severity of these attacks are a major factor that is driving the market growth of the ransomware. The organization is considered to be three times more susceptible to suffer breach by social attacks than by actual vulnerabilities, thus increasing the necessity of employee cybersecurity education and demanding ransomware protection solutions. Organization can also deploy Ransomware protection software on all the devices including cloud storage and cloud servers and in addition, have data backup and retrieval policies and plans. As cloud storage is not resistant to ransomware threat, thus the ransomware can affect the cloud storage. The ransomware ‘SYNack’ had impacted the database servers and applicates hosted on the Cloud DC and local severs hosted in MIDC headquarters in Mumbai, India by encrypting the data stored in these servers.
However, the low adoption of the ransomware especially by the developing regions due to lack of awareness and huge investment in the IT department is posing restraints to the market growth of the Ransomware Protection.
North America Region to Hold the Major Share
Global Ransomware Protection Market on the basis of region is segmented as North America, South America, Asia Pacific, Middle East & Africa and Europe.
North America holds the major share of the Ransomware Protection Market as they were early technologies. The demand has been increasing due to the several incidents of the data encryption with the motive of generating a ransom for the decryption of the data. Government of USA are giving priority to the ransomware protection in their security agenda. US government had launched a program that focused on protecting voter registration databases and systems in 2019. These systems, which are utilized to confirm the eligibility of voters before they cast ballots, were compromised in 2016 by Russian hackers attempting to collect information. Thus, such increasing threats are creating massive demand for ransomware protection solutions to safeguard the country from major hacks.
The outbreak of the covid-19 pandemic has affected every industry and have disrupted the distribution channel. During the pandemic, the ransomware stacks have witnessed an increase in the number of cases majorly due to the rise in the number of individuals working from home and attending online lectures. This increased the chances of them falling prey to the ransomware attacks. The group of criminals were shifting their phishing themes to covid lure included financial defrauds by offering the payment of the government assistance during the lockdown, information regarding the vaccine, short supply goods and masks. Organization and government are actively participating in controlling the attacks by taking investing in the ransomware solutions. Thus, the demand for the ransomware protection service and solutions were in high demand.