Shift toward Remote Working Coupled with Growing Emphasis on Preventing Security Breaches to Bolster Market Growth
The digitalization trend over the past couple of decades has played an imperative role in redefining the online security sphere. The booming information technology sector in several regions of the world coupled with fast-paced advancements in technology has paved the way for a range of software defined perimeter solutions in recent years. Software defined perimeter continues to gain considerable traction across a host of end-use industries and institutions including healthcare, manufacturing, IT & telecom, BFSI, government, and education. Due to the growing shift toward digital technologies and solutions, security and authentication of sensitive and critical data are critical– a factor that is expected to propel the growth of the global software defined perimeter market during the forecast period.
A software defined perimeter enables IT managers to efficiently deploy gateway access either on-premise or on the cloud, which, in turn, safeguards employees’ remote access to various on-premise and cloud applications. Software defined perimeter solutions play a key role in preventing various types of network attacks such as DDoS, Server Query (OWASP10), Man-in-the-Middle, and Advanced Persistent Threat, among others. The growing adoption of software defined perimeter, particularly by the governments around the world is one of the leading factors that is expected to set the tone for the growth of the global software defined perimeter market.
At the back of these factors, along with rapid progress in information technology, entry of new software defined perimeter solutions, growing investments toward the development of cutting-edge software defined perimeter solutions, and growing emphasis on improving existing digital security infrastructure and framework mainly in the BFSI sector, the global software defined perimeter market is set to reach a market value of US$ 41.1 Bn by the end of 2030.
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Progress in Cloud Technology and Widening Applications of Software Defined Perimeter to Aid Market Growth
Technological advancements are likely to play an important role in the overall development and adoption of software defined perimeter solutions during the assessment period. The software defined perimeter has gained immense traction over the past decade to prevent a broad spectrum of network-based attacks and server vulnerabilities. At present, players operating in the current software defined perimeter market are increasingly working toward improving the efficiency of their software defined perimeter solutions to prevent security breaches. Moreover, the adoption of a software defined perimeter is on the rise, as it is compatible with a range of devices, including laptops, personal computers, cellphones, and other devices that are connected to the Internet of Things (IoT). Moreover, as a software defined perimeter significantly reduces network attack surface, while simultaneously prohibiting port and vulnerability scanning by harmful software and users, the demand is expected to move in the upward trajectory in the upcoming years.
Due to considerable efforts roped in by players operating in the software defined perimeter market, at present, a range of deployment models is available. Some of the most popular deployment models that are currently available across the global software defined perimeter market include client-to-gateway deployment, client-to-server deployment, server-to-server deployment, and client-to-server deployment, among others. The growing emphasis toward improving IoT security in various industrial domains is one of the major factors that are likely to shape the growth of the global software defined perimeter market.
Demand for Software Defined Perimeter on Rise amid COVID-19 as Remote Working Gains Momentum
In the wake of the ongoing COVID-19 pandemic, several major to small-scale establishments around the world, particularly in the IT and the digital marketing sector have shifted their operations across digital platforms and on the cloud due to which, the demand for software defined perimeter solutions is expected to grow in the upcoming years. While several IT companies have announced that remote working is likely to remain the norm for the entirety of 2020 and the first quarter of 2021, the adoption of software defined perimeter solutions is likely to gain considerable traction.
The substantial shift toward remote work due to the COVID-19 pandemic has played an imperative role in increasing interest in the software defined perimeter. In addition, as VPN’s continue to put forward a range of challenges in front of remote workers, the adoption of the software defined perimeter is projected to grow during the COVID-19 pandemic and the COVID-19-free era.
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Software Defined Perimeter Market: Overview
- The global software defined perimeter market is expected to register a CAGR of 31% between 2020 and 2030
- Rising use of software defined perimeter in order to reduce evolving threats across enterprises is expected to boost the software defined perimeter market in the near future
- The global software defined perimeter market is expected to reach US$ 40.1 Bn by 2030 from ~US$ 2.7 Bn in 2020
- North America holds a major share of the software defined perimeter market in terms of revenue and is anticipated to dominate the market during the forecast period, followed by Europe and Asia Pacific
- North America remains the leading region in the software defined perimeter market with revenues in 2020 estimated at US$ 951.3 Mn
- The software defined perimeter market in Middle East & Africa and South America is also expected to show moderate growth during the forecast period
- Asia Pacific is projected to expand significantly in terms of share of the global software defined perimeter market during the forecast period. This is due to significant presence of a large number of small and medium enterprises in the region, particularly India and China operating in cloud-based applications, propelling the demand for software defined perimeter in the APAC region.