According to the latest report by Research Dive, the global software defined perimeter (SDP) market is predicted to witness a significant rise in revenue from $2,000.0 million in 2018 to over $23,132.8 million by 2026, at a stable CAGR of 35.8% over the forecast period from 2019 to 2026.
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Regional Analysis
The North America region is expected to gain the highest market share with a rise in revenue from $760.0 million in 2018 to over $8,327.8 million by 2026 in the analysis period. Multiple organizations in the region have extensively used and implemented SDP security systems along with which there have been several technological advancements that have added to the growth of the market in the analysis period.
Key Market Segments
- By connectivity, the gateway sub-segment is set to gain highest revenue of $9,114.3 million by 2026, rising from $860.0 million in 2018. This segment plays an important role in providing better communication security by adding transport layer security connections to it. Also, it works to provide double layer of security by confirming the user’s identity before giving them access which is set to boost the growth of the sub-segment.
- By development mode, the cloud development sub-segment is predicted to dominate the market with a rise in revenue from $930.0 million in 2018 to over $11,658.9 million by 2026. Multiple organizations are opting to store their data on the cloud as it provides a more effective level of security. The storage of data on the cloud also allows employees working within the same organization easy access to it, which is adding to the growth of the sub-segment.
- By organization size, the large enterprises sub-segment is expected to gain the highest market share with a rise in revenue from $1,188.0 million to over $12,885.0 million by 2026. This growth is due to the substantial quantity of data that larger organizations need to maintain and organize. It requires extensive security facility which is predicted to add to the growth of the segment in the analysis period.
- By user type, the government and defence sub-segment garnered a revenue of $480.0 million in 2018, and is expected to rise further. This growth is due to the requirement of extensive security for data stored within the government or defence sector. The data is primarily comprised of confidential data such as intelligence information, protection of weapons using surveillance and more. This requires a reliable security system which is expected to boost the growth of the system in the forecast period.
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Market Dynamics
The software defined perimeter market is set to witness exponential growth due to multiple technological developments over the years that has led to the extensive use of cloud systems. Also, many companies are working on making sure that the devices used are authentic in terms of safety. They have also implemented a zero trust policy known as confirmation of trust which can be changed only after confirming the safety status of the devices. Also, the use of cloud service to reduce the threat of cyber attacks within the IT and networking domain is predicted to add to the growth of the market in the forecast period.
On the other hand, the low level of awareness among people about SDP as well as the non-availability of an industry standard SDP is predicted to restrain the growth of the market in the analysis period.
Internet of Things has changed the way technology functions, including the SDP security system which has ensured the growth of the software defined perimeter market. The rising level of prominence of IoT has ensured protection of businesses and their data against the threat of cyber attacks. Also, IoTs alternative function as a firewall is further expected to provide an opportunity of growth for the market in the estimated timeframe.
Key Players, New Developments, and Strategies
As per the report, some of the renowned key players of the market are
- Fortinet, Inc.
- Catbird Networks, Inc.
- RSA Security LLC.
- Intel Corporation
- Check Point Software Technologies Ltd.
- CERTES NETWORKS
- Cisco Systems, Inc.
- Palo Alto Networks, Inc.
- Juniper Networks, Inc.
- Broadcom
In February 2019, Juniper Networks, a global leader in the software defined perimeter launched a new version of the Pulse Secure, which in addition to its pre-existing Secure Access platform consists of Network Access Control (NAC), Virtual Private Network (VPN), and Application Delivery Controller (ADC).
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The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
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