Software Defined Perimeter Market Segment Analysis By Offering
By offering, Software Defined Perimeter Market has been segmented under solution and services. Solution segment dominated the market in 2020 acquiring a share of 58% and is estimated to witness the fastest growth at a CAGR 19.34% owing to increasing demand for reducing network attacks by preventing unauthorized or unauthenticated users from network resources. Security compliance and policy management are analyzed to witness the highest growth with % during 2021-2026 owing to the increasing automation of security and compliance management to provide a centralized compliance solution to deliver high productivity concealing data vulnerability over heavy traffic networks. Furthermore, increasing penetration of BYOD trends and remote working models are anticipated to propel the growth of the software-defined perimeter solution market. For instance, in July 2020, NetMotion launched powerful software-defined perimeter solution, also known as Zero Trust Network Access (ZTNA) to enhance the security platform for the growing remote workforce. Such developments are analyzed to drive the market during 2021-2026.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=18687
Report Price: $4500 (Single User License)
Software Defined Perimeter Market Segment Analysis By Industry Vertical
By industry vertical, Software Defined Perimeter Market has been segmented under Defense, Banking, Financial Services and Insurance (BFSI), Telecommunications and IT, Education, Healthcare, General Manufacturing, Retail and E-commerce, Government and Public Sector and others.BFSI sector dominated the market in 2020 and is estimated to hold the major market share of 13.75% by 2026 and is also estimated to be the fastest-growing market during 2021-2026 owing to increasing cyber-attacks. The drastic technology-based changes in BFSI sector have led to a massive and large volume of data generation and processing. Banking sector has adopted cloud-based storage techniques to simplify the digital banking processes. Improper or weak integration of IT infrastructure to facilitate mobile banking can lead to disruption of services, information leakage, false data injection, or forceful access of data by unauthorized personnel. BFSI sector holds sensitive and confidential financial data which must be protected to avoid data breaches and cyber-attacks. With the increasing demand for securing networks from vulnerable attacks in the BFSI sector the demand for software-defined perimeter solutions has gained huge traction. According to reports, in May 2019, Instasafe announced the partnership with ESDS to offer powerful software-defined perimeter security solutions to simplify the growing security challenges and manage multi-cloud workloads more efficiently. Such partnerships are anticipated to accelerate the market growth during 2021-2026.
Software Defined Perimeter Market Segment Analysis By Geography
By geography, Software Defined Perimeter Market has been segmented under North America, Europe, APAC, South America, and RoW. North America dominated the market acquiring a share of 25% in 2020 and is estimated to hold the major market share with a CAGR 11.56% during 2021-2026owing to early adoption of highly regulated compliance management to protect IT assets and high investments towards secured IT infrastructure. APAC is estimated to be the fastest-growing market during the forecast period with a CAGR of 14.34% owing to the increasing transition towards digitalization and massive adoption of cloud-based applications. For the past few years, India has witnessed frequent cyber threats and attacks across various industry verticals. For instance, according to Indian Computer Emergency Response Team India has faced nearly 7 Lakhs cyber-attacks till August 2020 which is analyzed to stimulate the market growth during the forecast period.
Software Defined Perimeter Market Drivers
The exponential growth in Cyberattacks
Increasing adoption of digital business strategy to generate new business outcomes leveraging IoTs, cloud computing has attracted cyber-terrorists or hackers to target web servers or online services or devices. With the quick and massive adoption of digitalization in Defense, Banking &Financeand advancements in E-commerce, IT & Telecommunication has contributed to the growth of Software Defined Perimeter services by limiting the exposure to cyber risk.The increasing concern among organizations about the goodwill and loss of productivity when they are threatened with cyber-attacks analyzed to accelerate the market growth during the forecast period. To mitigate the risks associated with security breaches enterprises are adopting this programmable security architecture for limiting the access of internal networks based upon user identification and authentication. In December 2020, DH2i launched DxOdyssey, a new IoT, edge-optimized SDP solution for ensuring a high level of security for the transmission of large-volume data generated from IoT devices. Such developments are anticipated to boost the market during the forecast period 2021-2026.
Massive transition towards digitalization in the BFSI sector
The drastic technology-based changes in the BFSI sector have led to a massive and large volume of data generation and processing. The banking sector has adopted cloud-based storage techniques to simplify digital banking processes. The BFSI sector mostly partners with third parties to create and maintain the IT infrastructure to facilitate mobile banking. Improper or weak integration can lead to disruption of services, information leakage, false data injection, or forceful access of data by unauthorized personnel. BFSI sector holds sensitive and confidential financial data which must be protected to avoid data breaches and cyber-attacks. With the increasing demand for securing networks from vulnerable attacks in the BFSI sector the demand for SDP has gained huge traction. In July 2020, Tech Mahindra and Cyqurex announced their global strategic partnership to expand Zero Trust cyber security solutions leveraging Cyqurexs core Software Defined Perimeter (SDP) technology. Such partnerships are estimated to boost the market during 2021-2026.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=18687
Software Defined Perimeter Market Challenges
High cost owing to complexity in deployment
An increasing number of cyber threats and attacks have made it inevitable for enterprises to adopt Software Defined Perimeter services to get real-time protection from sophisticated web security threats and attacks. A higher level of protection against cyber-attacks requires high investments for its robust infrastructure and deployment and thus many enterprises are yet reluctant about adopting it hampering the market growth. However, significant investments in cyber security are set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026.
Software Defined Perimeter Market Landscape
Product innovations, acquisitions, Partnerships, and R&D activities are key strategies adopted by players in the Software-Defined Perimeter market. In 2020, the market of Software-Defined Perimeter industry outlook has been fragmented by several companies. Software Defined Perimeter top 10 companies include Cisco Systems Inc., Intel Corporation, Symantec Corporation, Juniper Networks Inc., Fortinet Inc., Velo Cloud Networks Inc., Viddu Inc., Checkpoint Software Technologies Ltd, Palo Alto Networks Inc, RSA Security LLC among others.
In July 2020, Aryaka and Checkpoint Software announced their global managed partnership to develop integrated Cyber security.
In December 2020, Juniper Networks announced to acquire Apstra to accelerate its data center operations through automation.
Security compliance and policy management is analyzed to dominate the market during 2021-2026.
BFSI sector is estimated to be the fastest-growing market during 201-2026 due to exponential growth in cyber-attacks in the financial sector.
North America is estimated to dominate the market with a CAGR of 11.56% during 2021-2026 owing to the early adoption of stringent policies to protect IT assets.
Alarming growth in number of cyber-attacks and growing demand to protect financial data in BFSI sector is boosting the market.
High cost is one of the challenges impeding the growth of the market.
A. Scalable Software Defined Networking (SDN) Market in Telecommunications Industry
B. Software-defined Security Market
For more Information and Communications Technology Market related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.