Ransomware Protection Market Set to Explode

In other cybersecurity news …

With ransomware continuing to plague organizations globally, it’s no surprise the ransomware protection market is set to more than quadruple by 2031, reaching nearly $83 billion.

That’s according to a new report by Allied Market Research, which expects a compound annual growth rate (CAGR) of more than 17% through 2031. The market generated more than $17.3 billion in 2021.

Leading market players include Malwarebytes, Bitdefender, Intel Security, Kaspersky, SentinelOne, Sophos, Trend Micro and more.

The increase in penetration of ransomware as a service (RaaS), the rise in digitization of businesses, and the emergence of cryptocurrencies such as Bitcoin are driving global market growth. However, lack of awareness about cyberattacks and budgetary constraints restrain the market growth. On the other hand, the rise in demand for multi-layer security protection in organizations and a surge in adoption of cloud-based services present new opportunities in the coming years.

Based on industry vertical, the IT and telecom segment accounted for the largest market share in 2021, holding nearly one-fourth of the global ransomware protection market. It’s expected to maintain its lead status through 2031. This is due to the increase in use of mobile devices, the shift toward digitization and the rise in technology initiatives in organizations.

However, the health care segment is projected to have the fastest CAGR, at nearly 24% from 2022-2031. That’s due to the increase in internet penetration, which led to the exposure of medical devices to new cybersecurity vulnerabilities. In addition, the rise in ransomware attacks on hospitals and implanted devices, and data breaches of sensitive data supplements the growth of this vertical.

Based on region, North America contributed to the largest market share in 2021, accounting for around two-fifths of the global ransomware protection market. It should maintain its dominance in terms of revenue by 2031. This is attributed to the rise in usage of ransomware protection in health care and other sectors to save data from breaches, and enhance operations and customer experience.

However, the firm expects Asia Pacific to record the fastest CAGR, at nearly 20% through 2031. This is due to strong IT infrastructure, and solid software and services offerings, along with a rise in penetration of cloud-based offerings and a surge in demand for ransomware protection in health care, banking, financial services and insurance (BFSI), and government sectors for security purposes.