Advancements in industrial-grade digital technology, an increase in inclination toward cloud-based security appliances software, and a rise in need for improved supply chain and customer relationship management majorly contribute to the growth of the Security Appliances Market. However, the lack of IT infrastructure in underdeveloped nations and the increase in security & privacy concerns hamper the growth of the security appliances market.
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Depending on the deployment model, the on-premise segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety.
On-premise deployment model enables installation of the software and permits applications to run on systems present in the premises of the organization, rather than at a distant facility such as server space or cloud. This model is appropriate for specific applications such as financial applications and health records with critical data that entail large data transfers and operations.
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On the basis of type, the content management segment dominated the overall security appliances industry in 2020 and is expected to continue this trend throughout the forecast period. Increased markets for cloud-based and cross-platform solutions have created opportunities for market expansion.
In addition, integration with parallel products such as customer relationship management, analytics-driven content management, and cross-channel integration are some of the trends that have enhanced the adoption of content management among end-user industries. However, the unified threat management (UTM) segment is expected to witness the highest growth, and this trend is expected to continue during the forecast period.
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Region-wise, the security appliances market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years. Some key market players in the security appliances market are Cisco Systems, Inc., Check Point Software Technologies Ltd., Symantec Corporation, Intel Corporation, Fortinet, Inc., Palo Alto Networks, Inc., Bosch Sicherheitssysteme GmbH, Honeywell International Inc., Johnson Controls International plc. and Juniper Networks, Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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Key Findings of the Study
- By type, the content management segment dominated the security appliances market share in 2020. However, the Unified threat management (UTM) segment is expected to exhibit significant growth during the forecast period.
- On the basis of the deployment model, the on-premise segment accounted for the highest revenue in the market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on the industry vertical, the banking, financial services, and insurance (BFSI) segment generated the highest revenue in 2020. However, the healthcare segment is expected to witness the highest growth rate in the near future.
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