The ransomware protection market size is expected to grow 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. The base year considered for
the study is 2015 and the market size is calculated from 2016 to 2021. As the
global threat environment is changing rapidly, the rise in volume of security
breaches and exposure to Personally Identifiable Information (PII) is the
biggest concern. There has been a notable spike in the phishing attacks in Q1,
2016. Phishing attacks are used by cybercriminal and fraudsters, employing both
social engineering and technical maneuver to steal customer’s personal identity
data and other sensitive information via deceptive emails and texts. The innovation
in ransomware protection market is driven by the development and upgradation of
new security products to protect end users from ransomware and other advanced
threats.
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Market Dynamics:
Drivers
- Rise
in the volume of phishing attacks and targeted security breaches
- Emergence
of Ransomware-as-a-Service model
- Advent
of crypto-currencies for ransom payments
Restraints
- Availability
of free endpoint security solutions for ransomware protection
Opportunities
- Organizations
looking for multi-layered security approach
- Sharing
of threat intelligence among enterprises
- Rise
in demand for data backup and recovery solutions
Challenges
- Lack
of awareness among security professionals about new ransomware families
- Rise
in average ransom amount
The ransomware protection ecosystem comprises major vendors such
as Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos,
Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, SentinelOne, and others.
Other stakeholders include cyber security solutions providers, consulting
firms, IT service providers, value added resellers, and security technology
providers.
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TOC @ https://www.marketsandmarkets.com/Market-Reports/ransomware-protection-market-84263725.html
Major Market Developments
- 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 against the advanced cyber threats as well as enhance
product integration and market growth.
- In
November 2016, FireEye collaborated with Pillsbury and Thomson Reuters to
manage the increasing risks related to cyber threats.
- In
November 2016, Zscaler partnered with Carahsoft Technology Corp with the
help of which Zscaler can offer cloud security to the public sector, which
would result in low cost and minimized complexity.
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 vendors
have adopted different types of organic and inorganic growth strategies such as
new product launches, partnerships & agreements, and mergers &
acquisitions to expand their offerings in the ransomware protection market.
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