Growing digitization and cloud adoption to boost the ransomware protection market
Workplace digitization is growing at an explosive pace and this is particularly felt in the APAC region that can be considered the perfect example of a ‘mobile first, cloud first’ region. While this may well lead to greater ransomware attacks, it represents a limitless opportunity for widespread adoption of cloud based security solutions. Other regions are widely expected to follow APAC’s example in the adoption of cloud based ransomware protection software. Small and Medium size enterprises did not see cyber security as a priority in the past as it was considered an unnecessary additional expenditure. The recent ransomware attacks such as WannaCry and Peyta have necessitated a larger commitment to online security and small and medium enterprises have begun to invest in cloud based security.
Web filtering and threat intelligence solutions gaining traction
Most ransomware is delivered via unauthorized links or through email attachments. These ransomware attacks are easily able to bypass traditional security solutions such as firewalls or antivirus software that may be installed. That is why enterprises are increasingly seeking out non-traditional solutions to avoid ransomware attacks in the future. As these organizations move their entire or a part of their operations to the cloud, players actively involved in the ransomware protection market will also have to make the resultant shift. Startups have often come forward with innovative and out-of-the-box solutions as they are not tied down by legacy software and can seamlessly shift to emerging technologies such as cloud computing.
Cloud segment most preferred mode of deployment in the global ransomware protection market
A growing deployment of cloud based security solutions by both large enterprises and SMEs makes the cloud deployment type the most attractive segment in the global ransomware market, anticipated to increase 3.7x between 2017 and 2025. This segment will also register steady Y-o-Y growth rates throughout the forecast period and expand at a CAGR of 17.7% in terms of value.
Prevalence of unsecure connected devices a key challenge
Enterprises across the world have increasingly warmed up to the concept of BYOD or bring your own devices, keeping pace with the ‘cloud first, mobile first’ era we now live in. More often than not, these devices are unprotected when it comes to ransomware attacks. While devices such as thermostats and connected cameras may not directly be affected by ransomware, they can easily serve as the entry point for ransomware attacks that can make their way to the cloud. BYOD policies are desired by employees for their convenience and flexibility but they can pose major security threats to organizations. Without strict implementation of Mobile Device Management or VPN’s, BYOD can have a direct impact on the security of cloud computing.
Lack of awareness a major restraint in the ransomware protection market
A study conducted in the U.K. by Axelos proved that most enterprises in the country were relying on outdated practices for basic cyber security. It is not impossible for even the best security systems to be compromised by an unaware employee inadvertently opening a malicious attachment and this threat is compounded several times when cloud computing comes into the picture. This is because the ransomware can spread its tentacles across the organizational cloud and bring it almost to a virtual standstill.
Cloud deployment in North America to witness a high growth rate
North America is the largest regional market in the global ransomware protection market because the continent is a virtual goldmine for hackers. The region’s well-developed internet infrastructure and its faster adoption of technologies such as cloud computing makes it particularly vulnerable. The cloud deployment segment in the North America ransomware protection market is expected to register a CAGR of 15.8% from 2017 to 2025. The cloud segment was valued at just under US$ 1.4 Bn in 2016 and is predicted to cross US$ 5 Bn by end 2025, representing an incremental opportunity of approx. US$ 3.5 Bn.
Report Introduction & Structure
Ransomware attacks such as WannaCry and Peyta have led to panic and chaos and very nearly brought global commerce to a standstill. Companies must shield themselves from the prying eyes of hackers who always seek to breach their defenses and the best way to do so is with the help of ransomware protection. Persistence Market Research, in a new report titled ‘Ransomware Protection Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025)’ has taken a comprehensive look at the global ransomware protection market for the period from 2017 to 2025.
Recent ransomware attacks have brought this modern-day technological menace to the forefront of public attention. However, many people may not be aware of ransomware protection and they would do well to refer to our executive summary in the ransomware protection market report. This is where we have mentioned a few important facts pertaining to the ransomware protection market such as the projected market value at the end of 2025 and the CAGR. Our expert analysts have studied the ransomware protection market and made their recommendations based on an overall approach to be adopted, segment to target, and region to focus upon in the ransomware protection market. This is followed by the Wheel of Fortune that is an easy-to-understand graphical representation of the global ransomware protection market.
The executive summary is followed by the introduction section that includes a vital part of the report – the definition. Our readers can gain an understanding of the ransomware protection market at the very grassroots level by referring to this section that also includes the taxonomy of the global ransomware protection market.
Ransomware Protection Market: Taxonomy
The ransomware threat faced by organizations is only anticipated to grow in the 21st century as hackers become increasingly sophisticated and intelligent. Thus, there is a scramble amongst key players in the ransomware protection market to offer better end-to-end solutions to their customers. You can expect nothing less than the most brutal competition if you seek to enter the lucrative ransomware protection market as organizations cannot afford to lose their critical and confidential data under any circumstance to hackers. Companies need ransomware protection software to cater to their changing requirements and we have profiled some of the most prominent stakeholders in the ransomware protection market some of which include Cisco, McAfee, Symantec, Microsoft, and Bitdefender. We provide a brief company introduction and key financials such as revenue and operating margins. The strategies adopted, recent market developments, financial ratios, and global presence have been dissected so that you can make long-term business decisions with confidence.
The ransomware protection market has been divided into five major geographic regions in our study viz. North America, Latin America, Europe, APAC, and the MEA. Every region has a dedicated section in the ransomware protection market report where we look at regional drivers, restraints, opportunities and threats and emphasize their impact. The historical market size of the largest countries in each region has been compared and contrasted with their forecasted growth on the basis of the taxonomy. The market attractiveness analysis concludes this portion of the ransomware protection market report.
There are certain assumptions that have been made while preparing the ransomware protection market report that have been specifically mentioned in their own section. Our readers are recommended to peruse through this to dispel any doubts that they may have.
Persistence Market Research has pioneered a class-leading research methodology that we use to prepare all our reports, including this one on the ransomware protection market. We conduct exhaustive primary and secondary research as a primary step and then prepare a market player list that comprises all nodes in the value chain. A questionnaire to extract all the relevant data is created after which the latter is thoroughly scrutinized by way of the triangulation method. We present the final data by validating it with advanced tools to gain all the required qualitative and quantitative insights into the ransomware protection market.