Cryptojacking Solution Market

Cryptojacking Solution Market Outlook (2023 to 2033)

According to Future Market Insights, the cryptojacking solutions market will grow from US$ 17.02 billion in 2023 to US$ 64.87 billion in 2033. According to forecasts, the market will grow at a CAGR of 14.2% during the forecast period. Cloud computing is increasingly used by businesses to outsource critical functions and gain operational efficiencies. Cloud computing has become the norm for many businesses, regardless of their size. In addition to reducing costs and improving efficiency, SaaS solutions help organizations achieve their goals more quickly.

Cyberattacks called cryptojacking are increasingly common, involving hackers hijacking computers or networks to mine cryptocurrency. A growing industry such as cryptocurrency is putting a growing threat of cryptojacking at risk. In the coming years, there is expected to be a substantial increase in the demand for cryptojacking solutions as the market continues to grow at a rapid pace. It is becoming more common for organizations to use specialized solutions to protect themselves against cryptojacking as they become more aware of the threat of cryptojacking. As part of these solutions, the software is usually deployed to detect and block mining activity that may be malicious and to prevent it from proceeding.

A network monitoring solution can also help organizations detect suspicious or irregular network activity, which may indicate the presence of a cryptojacking attack. New detection technologies and tools have been developed in response to the increasing prevalence of cryptojacking attacks. For example, real-time detection and classification of malicious mining activity are being developed using machine learning. As an alternative to traditional methods of detecting and mitigating cryptojacking, cloud-based solutions are being developed.

According to a recent study, about a quarter of Docker containers containing malware is infected with cryptojacking malware. Despite cryptocurrencies like Bitcoin dropping since January, attacks on the financial sector using cryptojacking have increased by over 250%. Researchers have found that the computer networks used in the previous hacking infrastructure continue to be infected by old worms whenever a new victim is infected, enabling them to scan and infect new machines. There was a hacking script that was being used to copy a particular GitHub account that appeared to be a TeamTNT account to use for the hacking. In a study conducted by the Security Research Institute, the researchers found that hackers are likely to experiment with new attack techniques, add new functionality to their malware, and beef up their distribution channels.

Kaspersky Lab reports that over 5 million cryptojacking attacks took place in 2018 according to a recent report. According to Kaspersky, 8% of all threats detected are miners. Cryptojacking breaches will continue to play a significant role in the future of cybersecurity for the foreseeable future based on the current forecasts. A next-generation endpoint security solution with strong EDR capabilities is essential to ensure enterprises remain protected from hackers trying to gain access to sensitive data.

In response to the ever-increasing demand for cryptocurrencies, North America is also experiencing an increase in the need for reliable and secure cryptojacking solutions. As companies seek to secure their digital assets from unauthorized access, they are increasingly turning to cryptojacking solutions. To combat cybercrime, companies have invested more time and resources into strengthening their security measures to prevent hackers from accessing their data. Many companies in North America are beginning to prioritize cryptojacking solutions as an additional layer of security.

European businesses are increasingly using cloud-based cryptojacking solutions due to their cost-effectiveness and security. The security of digital assets is increasingly being handled by cloud-based solutions. The region has subsequently developed a demand for cryptojacking solutions. As a result of the current economic environment, businesses are increasingly seeking cryptojacking solutions tailored to their needs.

Crypto-jacking solutions are increasingly being used by telecom companies to protect their networks against malicious attacks. The crypto-jacking solutions can also assist telecom companies in detecting and stopping network-based crypto-mining activities that are unauthorized and performed on their networks. Throughout the years, the prevalence and sophistication of cryptojacking attacks have increased, making this a crucial necessity. Furthermore, crypto-jacking solutions have been shown to provide telecom companies with a way of reducing the financial loss that can result from cryptojacking attacks. The demand for crypto-jacking solutions is expected to increase in the coming years as the telecom industry continues to grow.

Data Points	Key Statistics
Estimated Base Year Value (2022)	US$ 15.5 billion
Expected Market Value (2023)	US$ 17.02 billion
Anticipated Forecast Value (2033)	US$ 64.87 billion
Projected Growth Rate (2023 to 2033)	14.2% CAGR

Cryptojacking is an unauthorized use of someone else’s business and personal computers, laptops, and mobile devices for mining cryptocurrency. Cybercriminals hack the system to install a malicious software. This software uses the computer’s power and resources to mine for cryptocurrencies or steal cryptocurrency wallets owned by unsuspecting victims.

It is one of the easiest ways for cyber criminals make free money with minimal effort. There are various ways of Cryptojacking, one way is by using malicious emails having a link or an attachment that installs cryptomining code on a victim’s computer.

And another way is web browser mining, in which cybercriminal injects cryptomining script in the victim’s browser that runs automatically.

Cryptojacking Solution Market: - Market Dynamics

The Rise in Cryptojacking Attacks would drive the growth of Cryptojacking Solution Market

The increase in the different types of cryptocurrencies has changed the focus of cybercriminals from ransomware to cryptocurrency malware attacks due to the lower risk and higher potential for financial gain. The exponential rise in cryptocurrency has resulted in a number of concerns.

Yet while regulations and cryptocurrency hacks seem to be the primary worries, a new threat known as “cryptojacking” has come into the picture. In this type of attack, cybercriminal try to gain access over a company or organization's computing resources and installs cryptomining malware to mine cryptocurrency for their own personal profit.

As the cryptojacking is a relatively new threat, a report from Cyber Threat Alliance (CTA) published in 2018, stated that there has been a massive increase of 459% rate of illegal cryptojacking in 2018.

Moreover, according to McAfee, crypto mining, malware samples increased by 629% to more than 2.9 million samples in Q1 of 2018 and stated that the trends continues to grow in the coming years.

Thus, the rise in cryptojacking attacks on organizations has increased the demand for cryptojacking detection and mitigation solutions.

Increase in the Value of Cryptocurrencies

Cryptocurrency was invented in 2009 and since that the digital currency market has shown tremendous growth. Cryptocurrency markets are fast-moving market in the past few years. With the increase in the different types of cryptocurrencies and their rise in value, cryptojacking attacks on has grown to significant in number.

According to Symantec’s 2019, annual Internet Security Threat Report (ISTR) report, the cryptojacking activities have declined during the course of 2018, as the values of cryptocurrency was down.

From December 2017 through February 2018, Symantec blocked approximately 8 million cryptojacking events each month. All through, in 2019, bitcoin is surging again and is helping cryptojacking stay relevant as a lucrative option for cybercriminals.

Cryptojacking volume hit 52.7 million registered attacks in the first six months of the year 2019, according to 2019 SonicWall Cyber Threat Report. The rising market capitalization of cryptocurrency would increase the demand for cryptojacking detection and mitigation solutions.

Cryptojacking Solution Market: - Key Players

Key players in the cryptojacking solution market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced cryptojacking solutions and services to mitigate potential threats.

The major players offering cryptojacking solution include

• SonicWall
• Kaspersky
• McAfee
• Optiv
• Versa Networks

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global cryptojacking solution market.

The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with cryptojacking solution market attractiveness as per segments.

The report on cryptojacking solution market also maps the qualitative impact of various factors on cryptojacking solution market segments and geographies.

Cryptojacking Solution Market Segmentation

By Component:

• Anti- Cryptojacking Solution
• Services
• Professional Services
• Consulting
• Training and Education
• Support and Maintenance
• Managed Services

By Deployment Mode:

• Cloud-Based
• On-Premises

By Industry:

• BFSI
• Retail
• Government and Public Sector
• Manufacturing
• Healthcare
• Education
• Energy and Utilities
• Others