Software Defined Security Market Expected to Reach $68.83 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Software Defined Security Market by Component, Deployment Mode, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global software defined security market size was valued at $5.3 billion in 2020, and is projected to reach $68.83 billion by 2030, registering a CAGR of 29.5% from 2021 to 2030.

Software defined security services rely heavily on network response times; network latency influences whether an attack can be identified and prevented; and greater network latencies may allow malicious packets to get past security firewalls or intrusion detection systems without raising an alarm.

With recent developments in cloud computing and improved state of global networks and networking equipment, network latency concerns have been greatly reduced in modern day scenarios. With advanced networks implemented in popular business applications throughout the world, network delays can be decreased to the point where it is faster to redirect packets through high-end cloud-based security equipment at a remote place rather than analyze them locally. Such improvements are being realized through contemporary 5G networks, and the software defined security sector stands to benefit greatly from them.

In 2019, the solution segment dominated the global software defined security market trends, and is expected to maintain its dominance in the coming years. The need for faster response, better security, and increased use of cloud services are some of the key drivers of the market growth. Growing investments and continuous technological advances are expected to provide opportunities to raise money for players in the global market. Organizations are concerned about the security of automated and virtualized infrastructure before using software-defined networking (SDN), which is further boosting the growth of the software defined security industry.

Within the market, the services segment is estimated to emerge as the fastest-growing segment. The growing market for cloud-based infrastructure is expected to drive the software defined security market share. Increasing concern among businesses over the development of infrastructure security and the growing need for informal data management are expected to drive the market.

Post COVID-19, the size of the global software defined security market forecast is estimated to be $6.70 billion in 2021, and is projected to reach $ 68.83 billion by 2030.

The COVID-19 pandemic has had a massive favorable influence on the global software defined security industry, which is projected to increase following the COVID-19 pandemic. This is attributed to the fast spread of coronavirus around the world, which forced many organizations to convert to remote working and work from home practices during the COVID-19 pandemic. Deploying costly network security hardware at these newly emerged endpoints (created by remote employees) can be costly, time-consuming, and even impractical for many businesses; in light of this, many businesses have turned to software defined security market growth for their enterprise security infrastructure and employee data security. Moreover, with sudden surge in cyber-criminal activities that targeted many organizations and their customers, the demand for improved security of confidential corporate assets rose, and along with it, the software defined security market analysis soared during the pandemic times.

Key Findings Of The Study

• By component, in 2020, the solution segment is estimated to be the major shareholder. However, the services segment is expected to witness highest growth rate during the forecast period.
• On the basis of deployment, the on premise segment accounted for the highest revenue in 2020. However, the cloud segment is expected to witness the highest growth rate during the forecast period.
• On the basis of application, the application and mobile device security segment accounted for the highest revenue in 2020. However, the virtual machines/server/storage security segment is expected to witness the highest growth rate during the forecast period
• On the basis of end user, the telecom service providers segment accounted for the highest revenue in 2020. However, the cloud service providers segment is expected to witness the highest growth rate during the forecast period.
• Region-wise, the software defined security market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

Some of the key companies mentioned within the report are Check Point Software, Technologies Ltd., Cisco Systems, Inc., Intel Corporation, VMware, Inc., Symantec Corporation, EMC Corporation, Fortinet, Inc., Juniper Networks, Inc., and Palo Alto Networks.