Software Defined Perimeter Market Expected to Reach $143.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Software Defined Perimeter Market," The software defined perimeter market was valued at $5.3 billion in 2021, and is estimated to reach $143.1 billion by 2031, growing at a CAGR of 39.3% from 2022 to 2031.

The software defined perimeter, or SDP, is a security framework that controls access to resources based on identity. The development is anticipated to be driven by the increasing acceptance of cloud-based technology, the need for programmable and easily available security structures, stringent standards, and data compliance. Rise in demand for enhanced security solutions between businesses is the primary factor driving the growth of the worldwide software defined perimeter market. There is currently a higher need for software defined perimeter solutions due to a variety of enterprise usage, including cloud, on-premises, virtual, and hybrid. The software defined perimeter's design enables administrations to conduct operations relating to application security and user authentication more effectively. A group of specific users have access to the information in the enterprise organization owing to the structure of the software defined perimeter. Many end-use firms are enthusiastically embracing solutions of a software defined perimeter to meet the rise in need, particularly for simplification in the substructure of security.

However, some difficulties are limiting the global software defined perimeter market size to some extent, such as lack of awareness of security breaches and increasing requirements for SDP deployment. Furthermore, growth of the global SDP market is being hampered by the increased popularity of freeway security applications.

There are numerous potential prospects for the SDP market due to the emergence of Internet of Things (IoT) with SDP-based security systems. IoT is becoming more significant for businesses of all sizes, and it needs protection from outside threats. The dynamic SDP for IoT is the finest substitute for network controls and conventional firewalls, and it is anticipated to accelerate market growth in the near future. Furthermore, the software defined perimeter market provides security and other crucial elements at a reasonable price. It aids in reducing the difficulties encountered when controlling the systems. Additionally, the cloud-based technologies improve VPN tunnels to address security issues. These factors are anticipated to boost the software defined perimeter market share in the upcoming years.

The global software defined perimeter market forecast is segmented based on connectivity, deployment mode, organization size, user type and region. By connectivity, it is classified into controller, gateway, and end point. By deployment mode, it is classified in to on-premises and cloud. By organization size, it is classified into large enterprise and small & medium enterprise. By user type, it is classified into government & defense, IT & telecom, banking, financial services & insurance, manufacturing, healthcare, retail & ecommerce, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the software defined perimeter market analysis report include VeloCloud Networks, Inc., Intel Corporation, Check Point Software Technologies Ltd., Symantec Corporation, Vidder, Inc., Fortinet, Inc. , Cisco Systems, Inc., Palo Alto Networks, Catbird, Inc., and  Cryptzone North America Inc.

The software defined perimeter industry report offers a comprehensive analysis by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlooks, investment opportunities, and top players working toward the growth of the market. Furthermore, the report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Along with the Porter's five forces analysis of the market, the report further profiles market restraints and challenges that have the potential to hinder market growth. These factors include the competitive environment, the bargaining power of suppliers and customers, the threat of entry from new players, and the appearance of substitute products.

Impact of Covid-19 on the Global Software Defined Perimeter Industry

• In the upcoming years, it is anticipated that demand for software defined perimeter solutions will rise as a result of the ongoing COVID-19 epidemic, which has caused a large number of small and large-scale businesses, particularly in the IT and digital marketing sectors, to move their operations to digital platforms and the cloud.
• During the COVID-19 pandemic, organizations that deployed software defined networking earlier have been able to quickly adjust to the new traffic patterns and network requirements that were resulting due to work-from-home mandates. Software defined networking helped those organizations to cope with the ongoing pandemic and maintain economically positive operations.
• The substantial tendency toward remote work during the COVID-19 pandemic has increased interest in the software defined perimeter. Additionally, because VPNs continue to cause a number of problems for remote workers, it is projected that the use of the software defined perimeter would rise during the COVID-19 pandemic and the COVID-19-free era.

Key Findings of the Study

• Based on connectivity, the gateway sub-segment emerged as the global leader in 2021, and end point sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on deployment mode, the on premises sub-segment emerged as the global leader in 2021, and cloud sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on organization size, the large enterprise sub-segment emerged as the global leader in 2021, and small and medium enterprise sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on user type, the government and defense sub-segment emerged as the global leader in 2021, and IT and telecom sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the North Amercian market registered the highest market share in 2021, and is projected to maintain the position during the forecast period.