Ransomware protection refers to the set of security solutions deployed by organizations to safeguard themselves against ransomware threat. Ransomware is a type of sophisticated malware that is designed to block access to a computer system or encrypt the data unless a ransom is paid to the cybercriminal. The attacker encrypts the victimís data and demands payment for the decryption key. Ransomware can be spread via suspicious emails with malicious attachments, infected programs, and compromised websites. To protect against such predominant threat, organizations are looking forward towards a multi-layered security approach to defend, prevent, and respond to ransomware attacks. MarketsandMarkets forecasts that the ransomware protection market size is expected to grow from USD 8.16 Billion in 2016 to USD 17.36 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.
Major vendors that offer ransomware protection solution across the globe are Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos, Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, SentinelOne, and others. These players have adopted various strategies such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the global ransomware protection market.
The ransomware protection market witnessed a lot of partnerships, agreements, and collaborations by key players in 2016. In November 2016, Intel Security formed Intel Security Innovation Alliance with companies such as Huawei, Check Point, and other leading players to protect and secure data against the advanced cyber threats such as ransomware, as well as to enhance product integration and market growth. Furthermore, in November 2016, SentinelOne partnered with Avnet, Inc., a leading distributor in global technology to provide threat detecting solutions to the U.S. partners. In August 2016, Zscaler partnered with Alien Vault, to provide solutions against advanced threats across multiple locations with added features of control and visibility.
The key players also adopted the strategy of mergers and acquisitions in 2016, to increase their geographic presence, and expand their product portfolio in the untapped markets. In November 2016, Sophos acquired Barricade, a provider of security analytics in Ireland, which would help Sophos to enhance its offerings in endpoint protection portfolio. In June 2016, Symantec acquired Blue Coat Systems, Inc., an advanced web security solutions provider, to enhance their capabilities in advanced network and cloud security solutions. In January 2016, FireEye acquired iSIGHT Partners, a global threat intelligence leader, to create the most advanced private cyber threat intelligence operation in the world.
The major players also launched new products and offerings in 2016, to strengthen their product portfolio and expand their offerings to newer clients. In December 2016, Malwarebytes launched Malwarebytes 3.0, which would protect against cyber threats such as ransomware and other malwares. In October 2016, Trend Micro launched a new product named XGen endpoint security to offer protection against advanced cyber threats. In September 2016, Sophos launched a new product in its next generation endpoint protection offering named as Intercept X, which protects the users from ransomware attacks.
The ransomware protection vendors are continuously adding innovation to their products and services to provide the safety for government agencies, SMEs and large enterprises from external and internal threats. Furthermore, ransomware protection solutions are being increasingly adopted in various verticals, such as BFSI, healthcare, education, and government, which have led to the growth of the market, across the globe.
Ransomware Protection Market by Solution (Anti-Ransomware Software, Secure Web Gateways, Application Control, IDS/IPS, Threat Intelligence), Service, Application, Deployment, Organization Size, Vertical, Region - Global Forecast to 2021
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