Transparency Market Research (TMR) reports that the global software defined Perimeter (SDP) market is projected to witness a notable growth in the coming years due to the high concentration of service providers. The competition in the market is very high as players are adopting different inorganic and organic growth plans in order to strengthen their foothold in the market and generate more revenue during the forecast period.
The leading vendors of the global software defined perimeter (SDP) market are Intel Corporation, Symantec Corporation, Cisco Systems Inc., Checkpoint Software Technologies Inc., Palo Alto Networks, and Dell EMC. Top players are making huge investments in research and development strategies in order to produce better outputs and increase revenue of the market in the years to come. Apart from that, players are also plotting collaborations and partnership programs, and launching new products in order to amplify their offerings in the market for software defined perimeter.
As per the TMR report statement, the global software defined perimeter market is estimated to reach an outstanding CAGR of 30.9% within the forecast period of 2017 to 2025. The market is presumed to reach a valuation of US$12,247.9 mn by the end of the forecast period from US$1, 129.5 mn as per the 2016 records. The end-use segment BFSI is forecasted to be contributing a lead share of about 24.8% and to be dominating the segment in the future years as well.
From a geographical point of view, the global software defined perimeter market is seen to be dominate by the North American region because of the rise in adoption of cloud-based application model in their service industries.
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Rising Digitalization Offering Growth Opportunities for SDP Market
With change in time and generation, there is more need for secured network system in order to protect all dispersed applications of enterprise. Since the olden day’s network security was not strong enough, the need for better and more advanced security solutions had boosted the growth of the software defined perimeter market in present times. Cloud based services is also growing by the day and so is digitalization. In order to leverage complete potential of deployment based applications, there has been a rise in adoption of software defined perimeters and other such software development programs. SDP solutions are meant to easily control, manage, and configure, security infrastructure with the help of scalable, programmable, and policy-driven security framework. This all can be done without the need of any high level expertise. Thus, these factors add up to the demand for SDP market in the future.
Other factors propelling the market for software defined perimeter are rapid urbanization, economic development, and employment. Industrialization is also accelerating at a rapid speed these days bringing more growth opportunities for the software defined perimeter market in the long run.
Lack of Awareness Regarding Secure Software Solutions to Hamper Market Growth
The market for software defined perimeter may have to face challenges due to factors like the lack of awareness in terms of virtual environment security. Most of the big enterprises and business societies are still unaware of the importance of security controls that are used in order to access the applications they handle on an everyday basis. Adding to that, adopting SPD model for specifically high pre-requisites are a major challenge to the growth of the market in the long run. Lastly, the rise in adoption of freeway security applications and lack of industry standards may hamper the market globally. However, surge in number of connected devices because of internet-of-things (IoT), and bring-your-own-device (BYOD) may offer lucrative opportunities of growth in the market.