Know How Software Defined Security Industry Will Grow By 2022 (Technology, Market Size, Growth, Hidden Factors & players)
December 12, 2019 by Market-NewsFlash
Reporting on Software Defined Security’s future with today’s facts
Global software-defined security market is expected to grow from USD 2.19 billion in 2017 to USD 11.13 billion by 2023, at a compound annual growth rate (CAGR) of 31.40% during the forecast period.
Key factors driving the software-defined security market are the booming markets of cloud-based infrastructure, growing concerns among enterprises for security of virtualized infrastructure and growing demand for managing unstructured data, thus helping the organizations to automate and deploy their network security management systems.
Also, features of software-defined security such as working by integrating with other technologies such as identity & access management, data loss prevention and other software-defined networking technologies is expected to considerably drive the software-defined security market. However, due to lack of industry regulations, many companies are avoiding the use of software-defined security which is expected to restrain the growth of the market. Also, the lack of technical expertise is expected to hamper the growth of software-defined security market.
Huawei’s SDSec Solution’s innovative features include artificial intelligence (AI) based threat response, software-defined network-security defense, and intelligent security policy optimization. Its primary target is to increase the defense mechanism of the system and has started garnering accolades from many corners.
Cisco is joining hands with NetApp to develop a better portfolio for themselves by improving the software-defined segments considerably. This is a good sign for the software-defined security market prospects.
Geographical analysis of the global software-defined security market includes regions namely North America, Europe, and Asia Pacific (APAC).
North America’s market dominance in this sector is based on the substantial improvement of technological aspects. People and organizations here have this tendency to adopt the latest updates and implement them in work culture. As a result, software-defined security is witnessing substantial growth. Taking advantage of the infrastructural superiority, the region is recording proliferation of the sector across industry verticals. The region can also boast of a strong presence of several market giants who are shaping the continental market, as well as, leaving indelible imprints on the global market.
The software-defined security market is constantly evolving as technological upgradation is causing rapid changes. Major companies are convinced of tactical steps for further market expansion and are employing strategies such as product launch, merger, acquisitions, joint venture, and others. For instance, VMware Inc. is planning on acquiring CloudHealth Technologies to make a solid statement in this software-defined security market. The company has also purchased VeloCloud to take on arch-rival Cisco.
Some of the major players in global software-defined security market include Intel Corporation (U.S.), Cisco Systems Inc. (U.S.), EMC Corporation (U.S.), VMware Inc. (U.S.), Citrix Systems Inc. (U.S.), Fujitsu LTD. (Japan), Symantec Corporation (U.S.), Ericsson Inc. (Sweden), IBM Corporation (U.S.), Dell Inc. (U.S.), and others.
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