According to a new market research report published by Credence Research “Unified Threat Management Market ((Component- Software Platforms, Support Services), (Enterprise- Large Enterprises, Small and Medium-sized Enterprises), (Deployment Model- On-Premise, Cloud-based), (End-User- BFSI, Manufacturing, IT & Telecom, Healthcare, Government)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall unified threat management market worldwide was valued at US$ 4.50 Bn in 2018 and is set to grow with a CAGR of 15.5% during the forecast period.
Rising adoption of the internet of things (IoT) along with increasing number of data breaches and network intrusions is driving the demand for unified threat management. Unified threat management is an advanced approach where single component provides multiple functions. Adoption of virtual private network among end-users and advanced unified threat management solutions shall back the global market. Further, due to low deployment cost and increased adoption of smart devices, unified threat management is set to grow. Due to the aforementioned reasons, the unified threat management will mark a notable growth for the unified threat management market during the forecast period.
Based on organization type, the small and medium enterprises shall hold a significant share in the small and medium enterprises segment forecast period. in the developing economies such as China, India – the growth of the segment is anticipated to boost over the forecast period. The increased advanced threats have targeted the small & medium enterprises all across the globe. This has thus led to an increase in demand for more advanced firewalls and web security gateways. Due to this, small and medium enterprises opt for unified threat management. Thus we expect that the small and medium enterprises segment will be the fastest expanding segment during the forecast period.
Based on geography, North America is expected to dominate the unified threat management market in 2018. Due to the growth in cloud security infrastructure and high awareness on the importance of cybersecurity in the region, the demand for unified threat management is high. The Asia Pacific shall grow at a faster pace during the forecast period. The evolving trend in the IT industry in the region is ensuing the full deployment of cloud services, mobile, and other emerging technologies. Thus, we expect that the Asia Pacific region will grow significantly during the forecast period 2019-2027.
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