It comes as no surprise that the global malware analysis market is expected to skyrocket during the next few years, reaching $11.7 billion by 2024, as malware continues to be an effective weapon for cybercriminals.

That’s according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of 31 percent. The market is valued at $3 billion this year.

The major vendors include FireEye, Cisco, Palo Alto Networks, Sophos, Kaspersky, Check Point Software Technologies, Qualys, McAfee, Trend Micro, AT&T, Crowdstrike and others, MarketsandMarkets said.

Major growth drivers for the market include the rising need for compliance and to get a centralized view of threats.

Based on organization size, the large enterprise segment, with more than 1,000 employees, is expected to lead the way. Malware attackers are trying to steal large sums of money from large organizations, and often these attacks happen over a long period. The NotPetya ransomware attack created damages which were estimated above $10 billion.

As large enterprises are spread across many countries and several business units, they require a central approach to analyze all the malware threats and to avoid any error that might occur through manual intervention, according to the report. Malware analysis and detection solutions can orchestrate all the processes and solutions, and offer a combined effort of people and machines to remediate the threats, it said.

North America is expected to hold the largest market share through 2024. It has sustainable and well-established economies, which allow it to invest significantly in R&D activities for development of new technologies in the market.

The presence of most key players in North America is expected to be the major factor driving the growth of the market in this region. Established players along with several startups in the region are offering malware analysis and detection solutions and services to meet the needs of customers.