The cryptojacking solutions are expected to expand at a compound annual growth rate of 15% during the forecast period of 2024 to 2032. Cloud computing is becoming an increasingly popular tool for companies to use in order to outsource mission-critical tasks and improve their operational efficiencies. Computing on the cloud has developed into an industry standard for many companies, regardless of their size. The adoption of SaaS solutions can hasten the achievement of an organization's objectives, in addition to cutting its expenses and boosting its productivity. Hackers are increasingly engaging in a type of cyberattack known as cryptojacking, in which they take control of computers or networks in order to mine bitcoin. A developing sector such as bitcoin is placing a burgeoning company at danger, which in turn increases the possibility of cryptojacking. As the industry continues to expand at a quick pace, it is anticipated that there will be a sizeable increase in the amount of money spent on cryptojacking solutions over the course of the next several years. As a result of increased awareness of the danger posed by cryptojacking, more and more businesses are turning to specific solutions to safeguard themselves against the practice. The software is typically put into place as a component of these solutions, with the goal of identifying and obstructing mining activity that may be malicious and preventing it from continuing.
A network monitoring system can also assist enterprises in detecting suspicious or abnormal behavior on their networks, which can be an indication of the presence of a cryptojacking attack if it is severe enough. As a direct response to the growing number of cryptojacking assaults that are taking place, new detecting technologies and tools have been developed. By way of illustration, the identification and categorization of malicious mining activities in real time are now being developed utilizing machine learning. Cloud-based solutions are now being developed as an alternative to conventional techniques for detecting cryptojacking and minimizing its negative effects.
A recent study found that approximately one-quarter of Docker containers that contained malware were infected with cryptojacking malware. In spite of the fact that the value of cryptocurrencies like Bitcoin has decreased since January, the number of attacks on the financial sector that use cryptojacking has surged by more than 250%. Researchers have discovered that the computer networks that were used in the previous infrastructure for hacking continue to be infected by old worms whenever a new victim is infected. This gives the worms the ability to scan and infect new devices. There was a hacking script that was being used to duplicate a certain GitHub account that looked like it belonged to TeamTNT so that it could be utilized for the hacking. Researchers from the Security Research Institute concluded that hackers are likely to experiment with new attack strategies, add new functionality to their malware, and beef up its distribution routes in the future. These findings were revealed in a study that was done by the researchers.
A recent analysis by Kaspersky Lab estimates that there were over 5 million cryptojacking assaults in 2018. This information comes from the publication. According to Kaspersky, miners account for 8% of all risks that have been discovered. According to the most recent projections, cryptojacking breaches will continue to play an important part in the development of future cybersecurity for at least the foreseeable future. It is imperative for businesses to implement a next-generation endpoint security solution that is equipped with robust EDR capabilities in order to maintain adequate protection against hackers who are attempting to access critical data.
As a direct result of the ever-increasing demand for cryptocurrencies, there has been a concomitant growth in the demand for cryptojacking solutions that are dependable as well as secure in North America. Cryptojacking solutions are becoming increasingly popular among businesses as they look for ways to protect their digital assets from being accessed by unauthorized parties. In order to counteract the rise of cybercrime, businesses have devoted more time and resources to improving the security mechanisms they have in place to protect their data from being accessed by hackers. As an additional layer of protection, cryptojacking solutions are becoming increasingly important to a growing number of businesses in North America.
Cloud-based cryptojacking solutions are becoming increasingly popular among European organizations due to the fact that they are both cost-effective and secure. Cloud-based solutions are becoming an increasingly common practice for ensuring the safety of digital assets. As a consequence, there is now an increased need for cryptojacking solutions in this region. Businesses are increasingly looking for cryptojacking solutions that are tailored to their specific requirements as a direct result of the current state of the economy.
The employment of crypto-jacking solutions by telecommunications firms as a means of protecting their networks from hostile attacks is becoming increasingly common. The crypto-jacking solutions can also aid telecom firms in detecting and halting network-based crypto-mining activities that are being performed illegally on their networks. These activities take place on the networks of telecom companies. The frequency of cryptojacking assaults as well as their level of sophistication has steadily increased over the course of the years, rendering this an essential necessity. In addition, it has been demonstrated that cryptojacking solutions offer telecom firms a method of lowering the financial loss that might arise from cryptojacking assaults. This is a significant development. As a result of the continued expansion of the telecom industry over the next few years, an increase in the demand for crypto-jacking solutions is anticipated.
The Expansion of The Cryptojacking Solution Market Will Be Driven by The Rise in The Number of Cryptojacking Attacks
Because of the lesser risk involved and the greater possibility for financial gain, cybercriminals have shifted their attention from ransomware assaults to cryptocurrency malware attacks as a result of the proliferation of numerous forms of cryptocurrencies. A number of worries have surfaced as a direct consequence of the meteoric rise of bitcoin. However, while laws and cyberattacks involving cryptocurrencies appear to be the key concerns, a new threat known as "cryptojacking" has recently entered the scene. In this kind of cyberattack, the perpetrators strive to obtain access to the computational resources of a corporation or organization, and once they do, they install crypto-mining malware so that they can mine bitcoin for their own benefit.
Research that was issued in 2018 by Cyber Danger Alliance (CTA) said that there was a tremendous spike in the rate of unlawful cryptojacking in 2018, which was 459% higher than the rate in 2017. This was despite the fact that cryptojacking is a relatively new threat. In addition, according to McAfee, crypto mining malware samples surged by 629% to more than 2.9 million samples in the first quarter of 2018, and the company stated that this trend will continue to expand in the years to come. As a result, there has been a surge in the need for cryptojacking detection and mitigation solutions due to the rise in the number of cryptojacking attacks carried out against enterprises.
Observed Heightening in the Value of Cryptocurrencies
In the years following the introduction of cryptocurrency in 2009, the market for digital currencies has demonstrated remarkable expansion. The markets for cryptocurrencies have been extremely volatile over the past few years. Cryptojacking attacks have increased considerable in number as a result of the rise in the value of various cryptocurrencies and the development in the number of different types of cryptocurrencies. According to the 2019 annual Internet Security Threat Report (ISTR) report from Symantec, cryptojacking operations have decreased throughout the course of 2018, perhaps as a result of the reduction in the values of various cryptocurrencies.
Between the months of December 2017 and February 2018, Symantec successfully prevented about 8 million instances of cryptojacking each month. The value of bitcoin is on the rise once more in 2019, which is helping to ensure that cryptojacking will continue to be an attractive business opportunity for online criminals. According to the 2019 SonicWall Cyber Threat Report, the volume of cryptojacking attacks reached 52.7 million reported attacks during the first six months of the year 2019. The rising value of cryptocurrencies on the market would lead to a rise in demand for cryptojacking detection and mitigation solutions.
Innovation and Strategic Collaboration to Impact Market Share
Key players in the market for cryptojacking solutions are placing increased emphasis on product innovation and cultivating strategic partnerships with technology vendors in order to work together on the development of more sophisticated cryptojacking solutions and services. This is done with the intention of mitigating the effects of any potential dangers.
Major anti-cryptojacking software providers including SonicWall, Kaspersky, McAfee, Optiv, and Versa Networks are among those selling their services.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cryptojacking Solution market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
