According to a new report on the ransomware protection market by MarketsandMarkets, the market size is expected to grow from $8.16 billion in 2016 to $17.36 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.3%.
Threat intelligence is expected to grow at the highest CAGR in the ransomware protection market, during the forecast period. Organizations are increasingly adopting threat intelligence solutions to combat ransomware and other advanced cyber threats, as these solutions provide effective and reliable threat detection to alleviate cyber threats based on security events and security intelligence feeds to manage business risks. Security web gateways solution is expected to have the largest market share in the ransomware protection market.
The email protection segment is estimated to grow at the highest CAGR from 2016-2021. The emails are number one source of ransomware distribution and cybercriminals target victims with emails having malicious attachments. Hence, email protection is of utmost importance due to the rise in instances of Business Email Compromise (BEC) scams, globally.
The network protection segment is estimated to contribute the largest market size to the ransomware protection market, due to rise in the number of security breaches targeting enterprise networks.
The healthcare vertical is expected to grow at the highest CAGR in the ransomware protection market. Due to the push for rapid digitization of medical records such as electronic patient health information, healthcare sector is falling victim to large number of ransomware attacks, more than any other vertical.
The BFSI vertical is expected to dominate the ransomware protection market, contributing largest market share, during the forecast period, due to the growing usage of web and mobile applications for banking transactions and payments.
North America is expected to contribute the largest market share
North America is expected to have the largest market share and dominate the ransomware protection market from 2016 to 2021, due to the presence of large number of cybersecurity vendors across this region offering highly innovative ransomware protection solutions. On the other hand, APAC offers potential growth opportunities in the ransomware protection market, due to increasing spending on cybersecurity solutions in the emerging economies of the region such as China, Australia, and India.
The major vendors in the ransomware protection market include Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos, Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, SentinelOne, and others.