Ransomware Protection Market to Reach $82.92 Bn, Globally, by 2031 at 17.1% CAGR

Allied Market Research

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.

PORTLAND, Ore., July 20, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Ransomware Protection Market by Component (Solution, Services), by Deployment Mode (On-premise, Cloud), by Organization size (Large Enterprises, SME's), by Application (Network protection, Endpoint protection, Email protection, Database protection, Web protection), by Industry Vertical (BFSI, Retail , Healthcare, Education, Government and Defense, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global ransomware protection market generated $17.32 billion in 2021, and is estimated to reach $82.92 billion by 2031, witnessing a CAGR of 17.1% from 2022 to 2031.

Drivers, Restraints, and Opportunities

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 cyberattacks 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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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.

Get detailed COVID-19 impact analysis on the ransomware protection market: