The software defined perimeter (SDP) market is competitive due to the high concentration of service providers, says Transparency Market Research (TMR) in a new report. In order to stay competitive, vendors have adopted various types of organic and inorganic growth plans such as partnerships and collaborations, new product launches, and mergers and acquisitions to amplify their offerings in the software defined perimeter market.
Some of the top players in the software defined perimeter market include Checkpoint Software Technologies Inc., Cisco Systems Inc., Symantec Corporation, and Intel Corporation among others.
Transparency Market Research estimates the global software defined perimeter market to develop at an outstanding 30.9% CAGR between 2017 and 2025 for the market’s valuation to increase from US$1, 129.5 mn in 2016 to US$12,247.9 mn by 2025.
In 2016, BFSI held the leading share of almost 24.8% amongst other end-use segments in the software defined perimeter market. In terms of geography, while North America dominates the global software defined perimeter market; however, Asia Pacific is expected to display a higher growth rate over other regional segments during the forecast period.
Loopholes of Traditional Security Solutions Drives Demand
The growth of the global market for software defined perimeter is driven by the increasing need for security system for protecting dispersed enterprise applications, for growing cloud based services, and for growing digitalization. This is mainly due to rising adoption of deployment based applications that demand upgrading to an equally advanced network infrastructure in order to leverage the full potential of these applications. In this scenario, SDP solutions allow security infrastructure to be easily configured, managed, and controlled using policy-driven, programmable, and scalable security framework, without any external high level expertise.
Some other factors such as economic development, rapid urbanization, and employment rate along with rapid industrialization are also driving the global software defined perimeter market. Vendors in the software defined perimeter space have significant growth opportunities in regions such as Asia Pacific, Latin America, and the Middle East and Africa attributed to their significantly rising industrial economy.
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North America and Western Europe are also expected to extend significant growth opportunities to vendors in the global market owing to increasing adoption of cloud-based application model in the services industry in these regions.
Lack of Industry Standards to Hinder Growth
The global software defined perimeter market is negatively impacted by the lack of awareness with respect to security in virtual environments. This is because most enterprises are still unaware of the significance of security controls used for accessing their applications. In addition, highly specific pre-requisites for the adoption of SPD model are challenging the growth of this market. Last but not the least, lack of industry standards and increased adoption of freeway security applications are hindering the growth of this market.
Nevertheless, growing market for software-defined networking (sdn) and growing number of connected devices due to bring-your-own-device (BYOD) and IoT trends will extend lucrative opportunities to the growth of this market.