The software defined perimeter (SDP) market is expected to reach US$12,247.9 mn in evaluation by 2025 end, clocking a robust 30.9% CAGR. The market was valued at US$1,129.5 mn in 2016. It is expected to continue its robust growth, thanks to rising challenges with IT security, collaboration, access, and incorporation of technologies like cloud.
The SDP solutions promise to provide a stable and robust access to IT firms without the need to deploy their individual security teams, which are expected to reduce costs significantly, and cater to growing demand of a mobile workforce.
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An Overview of Security Challenges
Recent history of security hacks present a challenging picture for enterprises around the globe. Here are some major incidences which shook the world.
- In November 2018, the US department of Justice indicted two men which used SamSam ransom ware. These two men caused Medstar Health, and Hollywood Presbyterian Medical Center to lose more than $30 million. Despite their indictment, these losses were separate from their extortion payments.
- Jackson County, in Georgia paid $400,000 to hackers to avoid attack of ransom ware. Similar attacks were witnessed in 2019 by Albany in New York, Imperial county in California, Greenville city in North Carolina, and Augusta, Maine.
- It was reported that over 5 million TSL servers can be impacted as a handling code of the Exim mail transfer agent was leaked to hackers.
Key Trends in the SDP Market
- The large sum of losses, extortion payments, and potential liabilities are expected to deter many enterprises to avail the SDP solutions. Additionally, despite the threats it is unlikely that small counties, and enterprises will be able to upgrade their infrastructure in time to meet the potential security threats. Moreover, the SDP model is a highly secure one. It was developed on the back of Defense Information Systems Agency’s work. It promises the most secure way to access on a need-to-know basis for outsiders. Hence, authentication requires extremely high security which is expected to boost growth of the software defined perimeter market in the near future.
- The growth of cloud is also expected to drive significant growth for the software defined perimeter market in the near future. Major technogy companies like Google, Microsoft, and Amazon are betting big on cloud. Additionally, the large investments to outdo each other are expected to keep costs low during the foecast perid. This is expected to be a major boon for the software defined perimeter market. Additionally, many enterprises are looking for over the cloud solutions to access apps, and tools in order to simplify processes. Apart from the security, these are expected to be a major boon for the software defined perimeter market in the near future.
- Among its end-users, the software defined perimeter market caters to a wide range of sectors. These including manufacturing, BFSI, healthcare, IT, Telecom, and defense as well. Among these, the BFSI, defense, IT and Telecom are expected to drive the largest growth for the SDP market in the near future. The growing demand for secure solutions in the banking sector, and increased reliance on the IT sector to cater to consumer preferences are expected to drive major growth for the SDP market in the near future.
- Cloud-based deployment is expected to gain major traction over, thanks to their scalability, and cost-effectiveness. More enterprises are expected to opt for cloud solutions as on-premise continues to remain far more expensive in comparison. This is expected to drive healthy growth for the SDP market during the forecast period.
The above review is based on a TMR report, titled, “Software Defined Perimeter (SDP) Market (Application - Security and Authentication; Component - Software and Services (Consulting, System Integration and Operation & Maintenance); End-use - BFSI, IT & Telecom, Manufacturing, Defense, Healthcare, Government, Education; Deployment Type - Cloud(Public, Private and Hybrid) and On-premise) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
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According to a research report "Software Defined Perimeter Market by Component (Solutions and Services), Connectivity, Deployment Mode, Organization Size, User Type (Government & Defense, IT & Telecom, and Retail & eCommerce), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global SDP market size is expected to grow from USD 2.9 billion in 2019 to USD 13.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 36.5% during the forecast period.
Major factors fueling the market growth include the rising need for policy-based security architecture to reduce network complexities, increasing adoption of cloud-based applications, and growing need for regulations and compliance to enhance network security.Browse 105 market data Tables and 39 Figures spread through 174 Pages and in-depth TOC on "Software Defined Perimeter Market - Global Forecast to 2024"Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141863014The end point connectivity segment to hold the largest market size during the forecast periodThe SDP market by connectivity is segmented into controller, gateways, and end point.
The growth in the connectivity market is associated with the rise in the number of security breaches targeting business networks and applications, where hackers try to gain access to sensitive data.
As vulnerabilities have become more complex and sophisticated, the demand for SDP products is expected to increase, to cater to the growing challenges posed by these threats.By service, the consulting and implementation segment to grow at a higher CAGR during the forecast periodThe SDP market by service is segmented into consulting and implementation services; and training, support, and maintenance services.
The growing need to upgrade and enhance existing SDP solutions and make the deployed solution more robust with the emerging nature of cyberattacks to pave the way for consulting and implementation services in the market.
Consulting and implementation services help companies choose the most suitable SDP solution, depending on their business-specific requirements and user type.North America to hold the largest market size during the forecast periodNorth America is dominating the SDP market, as the region is considered to be the most advanced region with regards to cutting edge security technology adoption and infrastructure.
According to a research report "Software Defined Perimeter Market by Component (Solutions and Services), Connectivity, Deployment Mode, Organization Size, User Type (Government & Defense, IT & Telecom, and Retail & eCommerce), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global SDP market size is expected to grow from USD 2.9 billion in 2019 to USD 13.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 36.5% during the forecast period.Major factors fueling the market growth include the rising need for policy-based security architecture to reduce network complexities, increasing adoption of cloud-based applications, and growing need for regulations and compliance to enhance network security.Browse and in-depth TOC on "Software Defined Perimeter Market - Global Forecast to 2024"105 - Tables 39 - Figures 174 – PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141863014The end point connectivity segment to hold the largest market size during the forecast periodThe SDP market by connectivity is segmented into controller, gateways, and end point.
The growth in the connectivity market is associated with the rise in the number of security breaches targeting business networks and applications, where hackers try to gain access to sensitive data.
As vulnerabilities have become more complex and sophisticated, the demand for SDP products is expected to increase, to cater to the growing challenges posed by these threats.By service, the consulting and implementation segment to grow at a higher CAGR during the forecast periodThe SDP market by service is segmented into consulting and implementation services, and training, support, and maintenance services.
The growing need to upgrade and enhance existing SDP solutions and make the deployed solution more robust with the emerging nature of cyberattacks to pave the way for consulting and implementation services in the market.
Consulting and implementation services help companies choose the most suitable SDP solution, depending on their business-specific requirements and user type.Speak to Our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=141863014North America to hold the largest market size during the forecast periodNorth America is dominating the SDP market, as the region is considered to be the most advanced region with regards to cutting edge security technology adoption and infrastructure.
In addition, the region is highly regulated in terms of compliance management.
