The global unified threat management market has risen at a steady pace in recent years due to the rapid rise of cybercrime and the importance of cyber security in today’s enterprise world. The rising threat posed by cybercrime is likely to ensure stable demand from the global unified threat management market in the coming years. The steady advancement of digital tools to handle cybercrime and the increasing support in the corporate sector for widespread adoption of advanced security methods is likely to drive the global unified threat management market at a rapid growth rate over the 2017-2024 forecast period. North America is likely to remain the most lucrative regional market for unified threat management market players over the 2017-2024 forecast period due to the widespread incorporation of technological means to support sophisticated cyber security protocol.
According to Transparency Market Research, the global unified threat management market is expected to reach a valuation of US$3.4 bn by the end of 2017. The unified threat management market is projected to exhibit a strong 11.1% CAGR between 2017 and 2024, enabling the market’s growth to a valuation of US$5.8 bn by the end of 2024.
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Software Platforms to Remain Dominant Component of Unified Threat Management Market
By component, the global unified threat management market is bifurcated into software platforms and support services. Of these, software platforms are likely to remain the dominant contributor to the global unified threat management market over the 2017-2024 forecast period. The software platforms segment is likely to be valued at more than US$2.8 bn by the end of 2017 and further rise to more than US$4.9 bn by the end of 2024, exhibiting a robust CAGR of 11.8% therein. The share of the software platforms segment in the global unified threat management market is thus expected to increase from 82.3% in 2017 to 84.9% in 2024.
North America to Remain Dominant Contributor to Global Unified Threat Management Market
Regionally, North America is the leading market for unified threat management market players. The widespread awareness in the region about the importance of cyber security in the modern digital age is likely to ensure stable growth of the unified threat management market in North America over the 2017-2024 forecast period. The North America unified threat management market is likely to be valued at US$1.2 bn by the end of 2017 and further rise to US$2.1 bn by the end of 2024. The unified threat management market is expected to exhibit a strong 11.6% CAGR in North America over the 2017-2024 forecast period.
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Japan Unified Threat Management Market to Exhibit Highest CAGR of 14.2%
Apart from North America, Europe, Japan, and Asia Pacific except Japan are also likely to make a notable contribution to the global unified threat management market over the 2017-2024 forecast period. The unified threat management market in Japan is expected to exhibit a robust 14.2% CAGR between 2017 and 2024, reaching a valuation of US$971.1 mn by the end of 2024. The Japan unified threat management market alone is likely to be valued more than the APEJ unified threat management market by 2024, with the latter expected to be valued at US$809.7 mn by the end of 2024.
Global Unified Threat Management Market: Competitive Dynamics
Leading players in the global unified threat management market include Check Point Software Technologies Ltd., WatchGuard Technologies Inc., Juniper Networks Inc., Cisco Systems Inc., IBM Corporation, Huawei Technologies Co. Ltd., Fortinet Inc., Hillstone Networks Inc., SonicWALL Inc., and Comodo Group Inc.
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