Advancements in industrial-grade digital technology, an increase in inclination toward cloud-based security appliances software, and a rise in the need for improved supply chain and customer relationship management majorly contribute to the growth of the 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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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.
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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. UTM is a solution that allows organizations and IT personnel to monitor and manage a wide variety of security-related applications and components, making them available to users in a secure manner.
The development of such solutions that fulfill the impending need to secure an employee’s personal data at the workplace is expected to supplement the growth of UTM.
The COVID-19 outbreak had a positive impact on the growth of the security appliances market as the new technologies are helping enterprises to address the extensive capacity demand of security appliances even after the restrictions imposed by the governments and remote working. The outbreak of COVID-19 has affected communities globally while governments and companies are trying their best to respond faster to the challenges posed by this pandemic.
However, from the first quarter of 2020, the COVID-19 pandemic created an unbalanced health situation, with stringent restrictions to maintain social distancing and lockdown implemented across the world. Thus, with a major aim to contain this pandemic, the majority of the economies have enforced a complete shutdown, thereby leading to decline in business operations.
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This report gives security appliances market forecast and an in-depth profile of 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.
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.
- Region-wise, the security appliances market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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