The highly competitive vendor landscape of the global market for data center security features a large number of core IT solutions providers and several large enterprises dealing in the sector of digital technologies. So as to carve a more profitable growth trajectory in the market, companies have been putting increased emphasis on monetizing opportunities in new application areas and emerging markets, observes Transparency Market Research in a recent report. Companies are also observed to be more actively involved in R&D activities and strategic collaborations with the aim of tapping new application areas and expanding their product portfolios.
Some of the leading companies in the market are Symantec Corporation, McAfee, Inc. (Intel Corporation), Fortinet, Inc., Juniper Networks, Inc., Cisco Systems, Inc., IBM Corporation, Hewlett-Packard Development Company, Dell, Inc., Check Point Software Technologies, Ltd., and Trend Micro, Inc.
According to the report, the global data center security market will register a CAGR of 12.60% over the period between 2014 and 2024, rising to a revenue opportunity of US$ 11.77 bn by 2024.
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Software Segment Continues to Be Most Lucrative
Of the key components of a typical data center security solution, the software segment presently accounts for a dominant share in the market, accounting for a lion’s share in the overall valuation of the market at the beginning of forecast period of the report. The trend continues to remain strong and data center security software products continue to account for a significant share of the market to this date. The segment is likely to lead in terms of revenue valuation as well as market share, over the forecast period as well.
From a geographical perspective, the market in North America accounts for the dominant share in the market, thanks to the presence of several leading players as well as a digitally well-developed infrastructure of the enterprise sector that involves the massive usage of voluminous data centers. The region is likely to hold its top spot throughout the report’s forecast period; the market in Asia Pacific is expected to emerge as one of the most promising regional markets owing to an increased focus on the digitization of industries such as BFSI, telecom, and networking.
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Increased Focus of Enterprises on Security of Digital Data Drives Market
One of the key factors driving the global data center security market is the rising complexity and sophistication of data thefts and the consecutive rise in demand for advanced security solutions to keep digital data from such looming threats. The increased adoption of data centers in the enterprise sector with the aim of centralizing IT operations and data is compounding the increased need for effective security tools and solutions. The market is also driven due to the increased investment of emerging economies into the improvement of IT infrastructure of enterprise and government sectors.
The vast rise in digital data due to ongoing digitization activities in countries across Asia Pacific and Latin America are also necessitating the use of data center, driving the need for effective security solutions in turn. Rise in R&D activities and the steady influx of advanced and more reliable data center security solutions will drive the market over the next few years.
