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The Ransomware Protection Market is expected to reach $82.92 Bn, globally by 2031 at 17.1 percent CAGR (Compound Annual Growth Rate).
The underlying causes of the same can be attributed to an increase in penetration of Ransomware-as-a-Service (RaaS), a rise in the digitization of businesses, and the emergence of cryptocurrencies such as Bitcoin, driving the growth of the global ransomware protection market.
According to the Allied Market Research report, the global pandemic played a crucial role in enhancing growth. The pandemic escalated the adoption of ransomware protection measures due to the onset of remote working culture and the shift of workload on the cloud.
Moreover, ransomware attacks in industries such as healthcare, BFSI, and the government created the need for ransomware protection solutions. To carry out contactless operations with safety and security, organizations deployed ransomware protection services and solutions.
Naturally, the demand for endpoint security solutions for gaining efficiency and real-time reporting features gained momentum leading to increased adoption of ransomware protection by organizations.
Based on component, the solution segment contributed to the highest market share in 2021, conducive to more than three-fifths of the global ransomware protection market, and is expected to maintain its leadership status during the forecast period. This is because of benefits such as improving in the detection and response to cyber incidents besides saving time, money, and resources.
Nevertheless, the services segment is projected to witness the largest CAGR of 18.4 percent from 2022 to 2031, due to the adoption of services with a rise in competition in businesses, a surge in user needs, cyber threats, and project risks.
The cloud segment is projected to manifest the fastest CAGR of 19.6 percent from 2022 to 2031. This is accredited to the adoption of the cloud for its benefits such as low cost, easy maintenance, flexibility, and scalability.
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 leading status by 2031. However, the healthcare segment is likely to manifest the fastest CAGR of 23.7 percent from 2022 to 2031, owing to an increase in penetration of the internet leading, to exposure of medical devices to new cybersecurity vulnerabilities.