Advancements in the field of cloud computing and rise in awareness about software-defined security and its benefits are expected to pave the way for lucrative opportunities in the industry. Increase in cyber-attacks during the COVID-19 pandemic and rising applications of cloud and virtualization technologies in modern businesses drive the growth of the global software-defined security market.
Major industry players – Check Point Software, Technologies Ltd., Cisco Systems, Inc., Intel Corporation, VMware, Inc., Symantec Corporation, EMC Corporation, Fortinet, Inc., Juniper Networks, Inc., and Palo Alto Networks.
The global software-defined security market was estimated at $5.3 billion in 2020 and is expected to hit $68.3 billion by 2030, registering a CAGR of 29.5% from 2021 to 2030.
The global software defined security market is analyzed across component, deployment mode, application, end user, and region. Based on component, the solution segment accounted for more than three-fourths of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The services segment, on the other hand, would grow at the fastest CAGR of 30.6% from 2021 to 2030.
Based on region, North America held the major share in 2020, generating nearly two-fifths of the global market. Simultaneously, the market across Asia-Pacific would manifest the fastest CAGR of 32.3% during the forecast period. The other provinces studied in the report include Europe and LAMEA.
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Based on deployment mode, the on premise segment contributed to more than three-fourths of the total market share in 2020, and is projected to dominate by 2030. The cloud segment, on the other hand, would grow at the fastest CAGR of 30.7% from 2021 to 2030.
Impact of COVID-19 on Software Defined Security Market-
- The trend of accessing critical enterprise infrastructure from less secure locations (for example, homes of employees) has led to increase in possibility for cyber-attacks. To prevent this, many organizations invested in stronger software defined security solutions for their employees to ensure the asset of the employees as well as the company.
- Software-based firewalls and intrusion detection systems have now become popular and are being extensively deployed into employee’s systems to strengthen the essential security perimeters.
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