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(I-SoftwareNews.Com, October 25, 2018 ) 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. The base year considered for the study is 2015 and the market size is calculated from 2016 to 2021. As the global threat environment is changing rapidly, the rise in volume of security breaches and exposure to Personally Identifiable Information (PII) is the biggest concern. There has been a notable spike in the phishing attacks in Q1, 2016. Phishing attacks are used by cybercriminal and fraudsters, employing both social engineering and technical maneuver to steal customer’s personal identity data and other sensitive information via deceptive emails and texts. The innovation in ransomware protection market is driven by the development and upgradation of new security products to protect end users from ransomware and other advanced threats.
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Market Dynamics:
Drivers
• Rise in the volume of phishing attacks and targeted security breaches
• Emergence of Ransomware-as-a-Service model
• Advent of crypto-currencies for ransom payments
Restraints
• Availability of free endpoint security solutions for ransomware protection
Opportunities
• Organizations looking for multi-layered security approach
• Sharing of threat intelligence among enterprises
• Rise in demand for data backup and recovery solutions
Challenges
• Lack of awareness among security professionals about new ransomware families
• Rise in average ransom amount
The ransomware protection ecosystem comprises major vendors such as Intel Security, Symantec Corporation, Trend Micro, FireEye, Sophos, Bitdefender, Kaspersky Lab, Malwarebytes, Zscaler, SentinelOne, and others. Other stakeholders include cyber security solutions providers, consulting firms, IT service providers, value added resellers, and security technology providers.
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/ransomware-protection-market-84263725.html
Major Market Developments
• 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 against the advanced cyber threats as well as enhance product integration and market growth.
• In November 2016, FireEye collaborated with Pillsbury and Thomson Reuters to manage the increasing risks related to cyber threats.
• In November 2016, Zscaler partnered with Carahsoft Technology Corp with the help of which Zscaler can offer cloud security to the public sector, which would result in low cost and minimized complexity.
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 vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships & agreements, and mergers & acquisitions to expand their offerings in the ransomware protection market.
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Source: EmailWire.Com 
Source: EmailWire.com
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