Ransomware Protection Market Report Scope & Overview:

The Ransomware Protection Market was valued at USD 25.59 billion in 2023 and is expected to reach USD 91.80 billion by 2032, growing at a CAGR of 15.29% over the forecast period 2024-2032.

To get more information on Ransomware Protection Market - Request Free Sample Report

The Global Ransomware Protection Market is growing due to the rise in ransomware attacks worldwide. There are increasing cyber threats to critical data for organizations, and financial losses due to operational disruptions. Ransomware evolution sandbox and its ways to target vulnerabilities in systems it is notorious for big exploits in industries from healthcare BFSI, and manufacturing dealing with sensitive data. As this threat landscape continues to grow, more and more businesses are looking for strong cybersecurity solutions which, in turn, is developing the market for ransomware protection solutions and services. Moreover, increasing regulatory compliance mandates around data security, and data privacy are making organizations spend on advanced security posture. Over 59% of organizations are targeted for Ransomware attacks and the average ransom demand in 2024 is USD 5.2 million. After the attacks, companies endured an average of 24 days of downtime. Ransomware protection was up 32% in spending, and 16 U.S. states enacted or updated data privacy and cybersecurity laws, covering more than 70% of businesses. More than 150 hospitals around the world were affected as healthcare organizations witnessed a 35% rise in ransomware attacks.

One more important contributing element boosting the market development is to increase the extent of digitalization and cloud-based areas. These technologies can make an organization more efficient in terms of operation but can also expand the attack surface, making it more vulnerable to cyber-attacks. Endpoint protection,  network security, and managed security services are becoming the standard for businesses to protect their critical digital assets. In addition, increasing recognition of the economic and image costs of ransomware attacks is forcing enterprises and SMEs to raise their efforts in advance of security. According to an analysis, this ransomware protection market is expected to grow in upcoming years, due to the rising ransomware attacks and the need for real-time monitoring along with the protection of businesses coupled with technological advancements in AI-based threat detection. By 2024, more than 94% of enterprises will use cloud services, and 62% have experienced a cyberattack targeting cloud infrastructure. Also, 70% of organizations have a fast-paced digital transformation that has led to increased cyber risk exposure and 73% of enterprises have integrated endpoint security into core security strategies.

Ransomware Protection Market Dynamics

Key Drivers: 

• Rising IoT Adoption and Vulnerabilities Fueling Increased Ransomware Attacks Driving Demand for Advanced Protection

The rise in adoption of the Internet of Things (IoT) and connected devices is leading to an increase in the ransomware protection market. IoT devices can improve operational efficiency and allow for data-based decisions, but most of them have poor security processes that make them vulnerable to ransomware attacks. But when industries, including manufacturing and smart cities, and of course healthcare, embed IoT solutions into their ecosystems, the threat posed by ransomware multiplies exponentially. This increased focus on the need for securing IoT networks and endpoints has compelled organizations to start adopting advanced ransomware protection solutions like network segmentation, endpoint security, and Intrusion Detection Systems. This is leading to market growth as companies struggle to secure their ecosystems from bad actors targeting IoT weaknesses. In 2024, 53% of IoT devices held critical vulnerabilities with the number of cyberattacks against IoT devices increasing by 107% year on year to 4.3 billion attacks globally. Ransomware attacks on IoT devices comprised 40% of all attacks in healthcare, while 29% of smart cities saw ransomware attacks on their IoT infrastructure.

• Remote Work and Hybrid Environments Drive Increased Ransomware Risks Boosting Demand for Advanced Security Solutions

The other big factor is the enforcement of remote work and hybrid work environments, which has significantly increased the attack surface targeted by ransomware actors. The number of entries for ransomware attacks has expanded due to workers logging into corporate networks from multiple places and devices. Together with the above process, demand for endpoint security, secure web gateways, and cloud-based ransomware protection tools has gone up. Other organizations are also focusing on employee training and phishing simulation tools to minimize human errors which are still among the highest contributing factors to ransomware incidents. Also, businesses are using zero-trust architectures and multifactor authentication to guard against ransomware in greater numbers. With remote and hybrid work culture here to stay, the need for such solutions will only continue to grow, thereby pushing the market ahead. Remote or hybrid work will be offered by 65% of organizations in 2024, bringing increased attack surface. Phishing attacks caused 80% of all security breaches, and 61% of companies embraced Zero Trust security models, compared to 24% in 2021. Upon closer examination, 34% of medium businesses and 27% of small businesses used MFA, endpoint security solutions grew by 25% in demand, and 42% of companies used a secure web gateway.

Restrains:

• Challenges in Deploying Next Generation Ransomware Protection Solutions Amid Evolving Threats and Skill Shortages

One of the major drawbacks of the ransomware protection market is the difficulty in deploying next-generation security solutions into existing IT infrastructure. A lot of organizations especially small and medium-sized enterprises (SMEs) still run legacy systems incapable of playing ball with contemporary ransomware defenses. Simplicity of Deployment It is easier to initiate security problems with a solution-to-solution network-to-cloud solution (isolation) which does not have a (common) standard. The biggest issue would be ransomware playing catch-up. As cybercriminals become more sophisticated, they continue to create new means to bypass traditional security, such as leveraging zero-day vulnerabilities and multi-layer attack methods. Organizations struggle to constantly update ransomware protection to appease this continually evolving threat landscape. Not to mention that there is a shortage of skilled cybersecurity professionals, which complicates things even more, making it difficult for a lot of companies to implement the necessary protection strategies, let alone sustain them. The difficulties pointed out here highlight the importance of continued training, collaboration, and investment in cybersecurity solutions.

Ransomware Protection Market Segment Analysis

By Solution

Standalone Anti-Ransomware Software was the leading segment in 2023 with a 34.7% market share as the segment is specifically aimed at countering ransomware threats. These solutions are built for ransomware detection, protection, and remediation, so they enable organizations to directly attack one of the top security pain points. Due to their high degree of effectiveness in recognizing patterns of ransomware and blocking it before it can carry out encryption, they have been fast becoming a go-to option for companies, especially in high data sensitivity sectors like BFSI, healthcare, and retail. In addition, their simplicity of deployment and integration with existing security frameworks have made them popular.

End-Point Security is expected to grow at the highest CAGR between 2024 and 2032 due to the surge in remote & hybrid work environments. Ransomware attackers have now honed in on endpoints as one of the two main targets with employees working remotely from various places and devices accessing corporate networks. Today, the best endpoint security solutions come equipped with advanced technology such as real-time threat detection, behavioral analytics, and response capabilities, making them indispensable to organizations looking for comprehensive protection. The growth of Bring Your Own Device (BYOD) policies and the number of IoT devices connected to corporate networks also drive the need for strong endpoint security, further propelling its expansion.

By Service

In 2023, the ransomware protection market share for managed services was leading with 45.9% and is projected to witness the fastest growth throughout the forecast period, 2024-2032. The growing share of managed services can be attributed to their low-cost provision, providing organizations with rich end-to-end security to monitor, detect, and respond to threats without the demand for heavy in-house expertise. As the nature of ransomware attacks continues to shift, organizations are turning to managed service providers (MSPs) to address complex cybersecurity problems. This is especially beneficial for SMEs, whose resources typically prevent them from maintaining dedicated cybersecurity teams. The expected rapid growth of managed services is due to the increasing take-up of cloud solutions, hybrid work, and the need for around-the-clock security monitoring. With the help of managed services, businesses can leave their networks and endpoints as well as perimeters protected from ransomware attacks while focusing on operations.

By Industry Vertical

In 2023, BFSI (Banking, Financial Services, and Insurance) held the largest ransomware protection market share of 28.5% as the sector is more susceptible to cyberattacks. The nature of this industry deals with massive amounts of sensitive financial and personal data, which leads it to be a top target for ransomware campaigns. Investments in ransomware protection are also being fuelled by regulatory requirements PCI DSS, GDPR, etc. that are causing BFSI organizations to adopt superlative security measures to protect customer trust as well as compliance. Furthermore, digital transformation to online banking and mobile banking has also resulted in the rising attack surface, which makes the requirement for even more backup ransomware in the field of banking.

IT & Telecom is projected to attain the highest CAGR from 2024 to 2032 as it serves as the backbone for digital infrastructure across sectors. As the scale of 5G networks, cloud computing, and IoT grows,  the IT & Telecom industry has broadened assault surfaces in terms of high-impact ransomware attacks that tend to target critical infrastructure and customer data. As a result, companies in this sector are focusing on endpoint security, network security,  and real-time threat detection to protect their business. The need for advanced ransomware protection is driven even more by the sector's increasingly essential role in hybrid work and continued connectivity, earmarking it for outsized growth in the years to come.

By Deployment Mode

In 2023, cloud solutions captured a majority of the ransomware protection market, with a 58.6% share, and are anticipated to grow at the highest CAGR during the forecast period (2024 − 2032). This overwhelming prevalence is primarily due to the steady and growing interest of all industries to adopt cloud computing, having their operations, data, and apps in cloud environments. The scalability, flexibility,  and ease of deployment offered by cloud-based ransomware protection solutions are driving higher adoption across organizations of all sizes. Additionally, they offer high-end capabilities, such as real-time threat detection, automatic updates, and centralized management, making them ideal solutions for distributed networks and remote workforces. Cloud-native security solutions are best at tracking multiple endpoints, networks, and applications in combating the new age of sophisticated ransomware threats in diverse and dispersed IT environments. Additionally, the shift towards multi-cloud and hybrid cloud is creating a growing need for integrated ransomware protection tools capable of catering to those ecosystems. Meanwhile, ongoing developments in artificial intelligence and machine learning regarding threat detection and prediction within cloud security systems will lead to further growth of cloud-oriented solutions over the next few years.

Regional Analysis

North America led the market, accounting for 39.5% market share in 2023 due to technological advancements, the high spending capability of the population, and strong infrastructure in countries like the U. S., Canada, and Mexico. Leading cognitive assessment and training companies such as Pearson, Cogstate, Lumosity, etc. provide cognitive testing and brain-training solutions in these regions that are utilized in several industries including healthcare, education, business, etc. Cognitive testing is critical in the diagnosis of Alzheimer’s, dementia, and other neurodegenerative diseases a healthcare application. It provides tools that allow healthcare providers to monitor mental health and cognitive decline. In addition, tools measuring cognitive ability are employed in workplaces and schools for hiring, employee training,  and productivity efficiency. North America holds a significant market share owing to the high adoption of digital tools and e-learning solutions at various educational institutions and corporations.

Asia Pacific is anticipated to register the fastest compound annual growth rate (CAGR) between 2024 to 2032, owing to the rising economies and adoption of cognitive assessment and training solutions, advancement of technology, and growing demand for improving mental health and skills development. Various regions such as China, India,  Japan, and South Korea are investing heavily in artificial intelligence, huge data, and digital learning, and are expected to drive the market growth during the forecast period. In fact, Japan is implementing cognitive training solutions in the education sector to improve learning and in workplaces to enhance workforce development. Meanwhile, e-learning platforms have boomed in China together with the development of AI-enabled cognitive assessment tools and shifting people toward new ways of learning and recruiting landscape. Additionally, mental wellness and cognitive health have become a key focus, with increased demand for effective cognitive assessment solutions across industries, including education, healthcare, and corporate. Consequently, Asia Pacific is emerging as a pivotal market for the cognitive training and assessment industry.

Get Customized Report as per Your Business Requirement - Enquiry Now

Key players

Some of the major players in the Ransomware Protection Market are:

• Microsoft (Microsoft Defender, Azure Sentinel)

• Cisco Systems (Cisco Umbrella, Cisco Secure Endpoint)

• CrowdStrike (Falcon Prevent, Falcon Insight)

• Palo Alto Networks (Cortex XDR, Prisma Cloud)

• Sophos (Intercept X, XG Firewall)

• Trend Micro (Worry-Free Business Security, Deep Discovery)

• Check Point Software (ThreatCloud, SandBlast)

• Fortinet (FortiGate, FortiEDR)

• McAfee (McAfee Total Protection, MVISION Endpoint Security)

• FireEye (Helix, Endpoint Security)

• Kaspersky Lab (Kaspersky Anti-Virus, Kaspersky Endpoint Security)

• ESET (ESET NOD32 Antivirus, ESET Endpoint Security)

• Carbon Black (VMware Carbon Black Cloud, Carbon Black Response)

• Bitdefender (Bitdefender GravityZone, Bitdefender Antivirus)

• Acronis (Acronis Cyber Protect, Acronis True Image)

• Barracuda Networks (Barracuda Web Security Gateway, Barracuda Backup)

• Veeam (Veeam Backup & Replication, Veeam Availability Suite)

• Symantec (Symantec Endpoint Protection, Symantec Advanced Threat Protection)

• Mimecast (Mimecast Email Security, Mimecast Targeted Threat Protection)

• Zscaler (Zscaler Internet Access, Zscaler Private Access)

Some of the Raw Material Suppliers for Ransomware Protection Companies:

• Intel

• NVIDIA

• Micron Technology

• Broadcom

• Seagate Technology

• Western Digital

• Cisco Systems

• Samsung Electronics

• Qualcomm

• AMD

Recent Trends

• In November 2024, Palo Alto Networks confirmed the exploitation of a critical zero-day vulnerability in its PAN-OS firewall, allowing remote command execution. The company has released patches and urges users to secure their management interfaces.

• In February 2024, Sophos MDR and XDR services now integrate with Veeam Backup & Replication, enhancing ransomware protection and backup data security. This integration allows better detection and response to threats targeting backup systems.

• In March 2024, Broadcom merged its Symantec and Carbon Black divisions into a new Enterprise Security Group to enhance endpoint and network protection. The move aims to provide integrated, comprehensive security solutions for enterprises.