The global ransomware protection market is estimated to grow to $33 billion by the end of 2025, at a compound annual growth rate (CAGR) of nearly 16 percent, with Microsoft, Cisco, McAfee and Sophos among the most prominent competitors.
That’s according to a new report by Persistence Market Research. Other competitors include Trend Micro, Symantec, Kaspersky Lab, Malwarebytes, Avast Software, Palo Alto Networks, Zemana, Webroot, Barracuda Networks, AlienVault, Check Point Software Technologies and Bitdefender.
Growing digitization and cloud adoption are boosting the ransomware protection market, according to the report.
North America is the largest regional market because the continent is a “virtual goldmine” for hackers, Persistence said. The region’s well-developed internet infrastructure and its faster adoption of technologies such as cloud computing makes it particularly vulnerable, the researcher said. This market in North America is estimated to reach $4 billion by the end of this year and is expected to grow to nearly $11.3 billion by the end of 2025, at a CAGR of nearly 14 percent.
Latin America and Europe appear to be leading the proactive and global approach to fighting ransomware, and key players in the market should target countries such as the United Kingdom, Brazil, Mexico and the Netherlands as the growth rates are quite high there, according to the report.
The global solution segment (endpoint security, network security) is anticipated to exceed $26 billion by the end of 2025, also registering an annual growth rate of 16 percent during the forecast period.