Ransomware Protection Market is forecast to reach $24.12 billion by 2025, after growing at a CAGR of 14.87% during 2020-2025. The significant rise in the ransomware attacks is analyzed to boost the adoption rate of the ransomware protection solutions thereby elevating the growth of the ransomware protection market. The ransomware attacks are mainly caused through the spam mails, malicious ads, including the Trojans such as crypto locker virus, crypto wall, encryption virus and so on. The report covers Ransomware Protection Market size by type and applications, Ransomware Protection Market share by top 5 companies and also the market share by start-ups during the forecast period.

Key Takeaways

• North America dominates the Ransomware Protection market owing to the presence of a huge number of vendors of cybersecurity in this region.
• Increased adoption of the cloud services, has created an opportunity for attackers to target any vulnerability. Thereby increasing in the adoption rate ransomware protection solutions.
• Increasing emergence of ransomware-as-a-service model is analyzed to drive the ransomware protection market during the forecast period.

Services - Segment Analysis

Professional services is analyzed to hold the highest market share in 2019, owing to the demand for consulting, training & education, and support & maintenance services. However managed services is estimated to grow at the highest CAGR during the forecast period. This is mainly attributed to the small and medium scale enterprises opting for the third-party vendors as managed security service providers for improved cybersecurity operations, within the organization.

By Vertical - Segment Analysis

BFSI sector is analyzed to hold a highest market share during 2019 due to the advent of crypto-currencies such as Bitcoins. However, Healthcare industry is analyzed to grow at highest CAGR during the forecast period as the increasing focus of the cybercriminals in the valuable electronic patient health information, which has huge demand in the black market. Symantec has stated that enterprises accounted for 81 percent of all ransomware infections in 2018. Therefore the significant rise in the ransomware attacks in all the enterprises is analyzed to impact on the ransomware protection market owing to the increasing adoption rate.

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Geography - Segment Analysis

North America dominated the Ransomware Protection market, followed by APAC and Europe. The significant rise in the ransomware attacks in this region in 2019 is attributing to the major market share. As stated by Emsisoft, there has been several ransomware attacks that costed around $7.5 billion with a potential impact on 103 state and municipal governments and agencies, 759 healthcare providers, and 86 universities and many other enterprises in 2019. Therefore the increase in the ransomware attacks and the losses caused is creating a dire need for the adoption of ransomware protection solutions and boosting the market during the forecast period.

Drivers – Ransomware Protection Market

• Rise in the phishing attacks and targeted security breaches

As stated by Symantec, the enterprise ransomware attacks has increased by 12% in 2018.  These attacks have majorly impacted on the healthcare system due to the inaccessibility to medical records and, in some cases, permanently lost. They are impacted on the security systems as many Surveillance systems go offline thereby resulting in loss. Therefore the increasing phishing attacks is analyzed to drive the market during the forecast period 2020-2025.

Challenges – Ransomware Protection Market

• Lack of awareness among security professionals about new ransomware families

Although the ransomware protection solutions is grow at significant the lack of awareness among the security professionals is hampering the growth of the market during the forecast period.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Ransomware Protection market. In 2018, the market of Ransomware Protection has been consolidated by the top players including Intel Security, Malwarebytes, Symantec Corporation, FireEye, Sophos, Trend Micro, Bitdefender, Kaspersky Lab, Zscaler, and SentinelOne among others.

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Acquisitions/Technology Launches

• In July 2018, Symantec Corp, has announced its Cyber Security Brief Podcast. Hosted by threat researchers from Symantec’s Security Technology and Response (STAR) division, the new podcast provides a weekly update on the latest cyber security news and intelligence.
• In November 2016, FireEye collaborated with Pillsbury and Thomson Reuters to manage the increasing risks related to cyber threats

Passive Authentication Market Overview

Passive Authentication Market size is estimated to reach 3.03 billion by 2026 and is projected to grow at a CAGR of 25.5% during the forecast period 2021-2026. Increasing penetration of IoTs and related digital age technologies such as Artificial intelligence, Big Data, Machine Learning is estimated to fuel the market. With the increasing transition towards digitalization in BFSI, the retail sector the growing demand for protecting digital data from cyber breaches to optimize compliance management and risk management is set to drive the market. The increasing adoption of online transactions has significantly triggered the demand for real-time passive authentication platforms. Adoption of passive authentication eliminating the need for password-based security models enables the organizations to verify and validate users analyzing precisely the behavioral authentication pattern to prevent forgery and such seamless, frictionless authentication techniques are analyzed to boost the market during 2021-2026. In October 2020, big banks such as Barclays, Citi, HSBC, National Australia Bank invested $20 Million in BioCatch to expand its behavioral biometric business and thus accelerating the market growth.

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Report Coverage

The report: “Passive Authentication Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Passive Authentication market

Key Takeaways

• Cloud the segment is analyzed to be the fastest-growing market during 2021-2026 due to reduced operational costs and hassle-free systems to fulfill digital business strategies.
• BFSI the sector is estimated to hold the largest market share during the forecast period 2021-2026 due to the rapid penetration of digitalization in this sector.
• North America is estimated to dominate the market during 2021-2026 owing to high investments towards advanced security platforms.
• Increasing penetration of digital banking and rising demand for preventing forgery are estimated to drive the market between 2021 and 2026.
• Biometric data security issues are one of the challenges impeding the growth of the market.
  
  

  Global Passive Authentication Market Share, By Region, 2020 (%)

  

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Passive Authentication Market Segment Analysis – By Deployment 

By deployment, Passive Authentication Market has been segmented under cloud and on-premise. Cloud Segment and is estimated to be the fastest-growing market during the forecast period 2021-2026 owing to reduced operational cost and higher scalability. The increasing adoption of cloud infrastructure in various business organizations has significantly triggered the growth of the market. Cloud-based deployment removes the hassle of maintaining and updating systems to fulfill business strategies. In cloud deployment, data synchronization can be done seamlessly from multiple sources as it provides the ability to communicate and share data more easily than on-premise. Moreover, advanced benefits of cloud deployment such as ease of deployment, and pay per usage model are analyzed to drive the market. In February 2021, Ping Identity launched biometric face-based onboarding solutions to secure account creation for remote users. Such developments are anticipated to boost the market during the forecast period 2021-2026. 

Passive Authentication Market Segment Analysis – By End User 

By end-user, Passive Authentication Market has been segmented under industrial, commercial, and residential sectors. The industrial sector is anticipated to account for the largest market share of 48% by 2026 due to the rising demand for verifying users to protect against sophisticated cyber-attacks. Among industrial sectors, BFSI sector is estimated to hold the major market share of 18% by 2026 owing to increasing demand for validating and verifying users to facilitate digital banking solutions. The increasing number of data breaches and sophisticated cyber-attacks have contributed to the growth of the market. Increasing penetration of remote workforce and BYOD trend are anticipated to boost the market. Retail and e-commerce is analyzed to be the fastest-growing market owing to a growing demand for authenticating users to protect their financial information by leveraging biometric solutions to enhance the consumer experience. In January 2021, South Korean bank Daegu bank announced to open checking and saving accounts through a fully digital process by leveraging Facephi’s facial recognition software. Such developments are anticipated to propel market growth during 2021-2026. 

Passive Authentication Market Segment Analysis – By Geography

By geography, Passive Authentication Market has been segmented under North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 36% in 2020 and is estimated to hold the major market share with a CAGR 14.67% during 2021-2026 owing to high investment towards advanced security techniques and early adoption of biometrics and behavioral analysis. In December 2020, Mexico passed a new law to enable creating a database with the personal data including biometrics for the entire population of the country. APAC is estimated to be the fastest growing market during the forecast period 2021-2026 with a CAGR 16.3% owing to the shift towards digitalization and growing demand for the prevention of digital forgery and cyber-crime. For instance, from December 2020 onwards, Singapore citizens can use facial recognition authentication to access online Government services. In December 2020, Malaysia based eKYC firm Wise AI announced to raise a fund of an undisclosed amount to expand the digital identity solution based on face recognition technology in South-East Asia. Such developments and investments are analyzed to drive the market during 2021-2026 in this region.

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Passive Authentication Market Drivers

Growing demand for quick and secure digital transaction

The increasing convergence of BFSI sector with digitalization to deliver reliable, secure, and seamless services to achieve enhanced customer experience is estimated to drive the market during the forecast period 2021-2026. The banking sector holds a large volume of sensitive and confidential financial data that must be protected to avoid data breaches and cyber-attacks. Combining Behavioral Biometrics with Machine Learning and Risk Assessment, the passive authentication platforms enable connected customers to experience a robust and convenient digital banking operation. Rising demand for correlative authentication has contributed to the growth of the market. Increasing security concerns among the banks and the consumers regarding information leakage or false data injection have significantly triggered the growth of the market. In October, 2020 Elco Federal Credit Union announced to deploy Enacommpassive biometric voice recognition technology for personalized and intelligent customer interaction to verify and validate their users. Such developments are set to drive the market during 2021-2026.

Increasing adoption of Biometric System for forgery prevention

Increasing penetration of biometric authentication using biological characteristics to verify and validate users’ identity to prevent cyber-crimes such as identity theft, data breaches are set to drive the market during the forecast period2021-2026. Growing demand for behavioral biometric pattern analysis in online baking, the e-commerce sector has contributed to the growth of passive authentication market.With the advancements in biometric authentication such as the development of gait recognition, mouse biometrics, keystroke dynamics the demand for passive authentication is analyzed to gain huge traction during 2021-2026. In February 2020, Mastercard announced to work with transport organizations to develop a gait authentication system for developing digital transit fares as an alternative to physical transit fares.

Passive Authentication Market Challenges

Biometric data security concerns

Passive Authentication Market Landscape

Technology launches, acquisitions, Partnerships, and R&D activities are key strategies adopted by players in the Passive Authentication market. In 2020, the market of Passive Authentication industry outlook has been fragmented by several companies. Passive Authentication top 10 companies include Cisco Systems Inc., BioCatch Ltd., NEC Corporation, IBM Corporation, Aware Inc., Equifax Inc., Truststamp Inc., Jumio, RSA Security LLC, Typing DNA among others.

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Acquisitions/Technology Launches

• In December 2020, NEC completed the acquisition of Avaloq to expand digital business solutions and wealth management platforms.
• In February 2020, BioCatch announced the completion of acquisition Aimbrain’s multi modal biometric authentication platform.
• In September 2019, NEC Corporation announced to start working with Japanese banks for deployment of biometric authentication at ATMs.