Increase in penetration of ransomware-as-a-service (RaaS), rise in digitization of businesses, and the emergence of cryptocurrencies such as Bitcoin drive the growth of the global Ransomware Protection Market. However, lack of awareness about cyber attacks and budgetary constraints restrain the market growth. On the other hand, rise in demand for multi-layer security protection in organizations and surge in adoption of cloud-based services present new opportunities in the coming years.
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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, and is expected to maintain its lead status by 2031. This is due to increase in use of mobile devices among individuals, shift toward digitization, and rise in technology initiatives in organizations. However, the healthcare segment is projected to manifest the fastest CAGR of 23.7% from 2022 to 2031, owing to increase in penetration of internet which led to exposure of medical devices to new cybersecurity vulnerabilities. In addition, rise in incidence of ransomware attacks on hospitals & implanted devices and data breaches of sensitive data supplements the growth of this vertical.
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Based on region, North America contributed to the largest market share in 2021, accounting for around two-fifths of the global ransomware protection market, and is expected to maintain its dominance in terms of revenue by 2031. This is attributed to rise in usage of ransomware protection in healthcare and other sectors to save data from breaches and enhance operations and customer experience. However, Asia-Pacific is projected to manifest the fastest CAGR of 19.7% during the forecast period. This is due to robust IT infrastructure and solid software and services offerings along with rise in penetration of cloud-based offerings and surge in demand for ransomware protection in healthcare, BFSI, and government sectors for security purposes.
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Covid-19 Scenario
- The adoption of ransomware protection measures increased considerably during the Covid-19 pandemic, owing to the implementation of remote working culture and the shift of workload on the cloud.
- Rise in cyber threats including ransomware attacks in industries such as healthcare, BFSI, and government led to surged demand for ransomware protection solutions. With implementation of services and systems to carry out contactless operations with safety and security, organizations deployed ransomware protection services and solutions.
- Many industries shifted toward digitalization during the pandemic, and it led to rise in demand for endpoint security solutions for gaining efficiency and real-time reporting features. This increased the adoption of ransomware protection.
- Moreover, the pandemic presented many challenges for organizations including executing key processes, reporting data accurately over multiple locations, operating complex systems, and communicating with teammates effectively. This led to rise in investment in ransomware protection.
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