Security Appliances Market Supported by a CAGR of 12.81% by 2030
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.
The
security appliances market trends in Asia-Pacific are expected to exhibit
highest growth during the forecast period, owing to strong economic growth
along with the ongoing development in security appliances and cyber security,
which drives the organizations to invest heavily in security appliances market
to sustain growth and improve productivity. In addition, factors such as major
shift toward digital transformation, cloud deployment & technological
advancement among small & medium businesses, and continuously ongoing
modernization in work force management strategy in emerging economies notably
contribute toward the market growth. Furthermore, key players in Asia-Pacific
are focusing on enhancing their operations and increasing their overall
efficiency to stay competitive in the market, which is expected to provide
lucrative opportunities for the growth of the market during the forecast
period.
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.
As
per Security Appliances Market Analysis. 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. Sectors such as manufacturing and transportation have been
severely impacted, worsening the business scenario and resulting in colossal
monetary and employment losses. However, this pandemic has elevated the growth
of the security appliances market and is expected to exhibit an increase during
the forecast period.
This
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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