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 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.
The security appliances market size was valued at $69.18 billion in 2020, and is estimated to reach $229.74 billion by 2030, growing at a CAGR of 12.81% from 2021 to 2030.
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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However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of security appliances software in small and medium scale organizations. Cloud-based deployment is an application licensing and delivery model, where a vendor or a service provider hosts applications remotely. This deployment model provides the IT team with a greater prospect to facilitate real business value to the organization through lower expected cost and an improved ability to focus on innovation and differentiation.
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 facility to prevent accidental and malicious data breaches by scanning text and common files is projected to boost market growth. The functionalities offered by UTM such as reduced network complexity and single-point and single-window administration for all security functions are anticipated to further facilitate the growth of the UTM market.
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.
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