CHICAGO, Feb. 11, 2020 /PRNewswire/ -- According to a new market research report "Software Defined Perimeter Market by Component (Solutions and Services), Connectivity, Deployment Mode, Organization Size, User Type (Government & Defense, IT & Telecom, and Retail & eCommerce), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global SDP market size is expected to grow from USD 2.9 billion in 2019 to USD 13.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 36.5% during the forecast period.
Major factors fueling the market growth include the rising need for policy-based security architecture to reduce network complexities, increasing adoption of cloud-based applications, and growing need for regulations and compliance to enhance network security.
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The end point connectivity segment to hold the largest market size during the forecast period
The SDP market by connectivity is segmented into controller, gateways, and end point. The end point segment is expected to have largest market size during the forecast period, as it provides proof of device authenticity by integrating the device and user authentication and mitigates credential theft, brute force password guessing, and other threats. The growth in the connectivity market is associated with the rise in the number of security breaches targeting business networks and applications, where hackers try to gain access to sensitive data. As vulnerabilities have become more complex and sophisticated, the demand for SDP products is expected to increase, to cater to the growing challenges posed by these threats.
By service, the consulting and implementation segment to grow at a higher CAGR during the forecast period
The Software Defined Perimeter Market by service is segmented into consulting and implementation services, and training, support, and maintenance services. The growing need to upgrade and enhance existing SDP solutions and make the deployed solution more robust with the emerging nature of cyberattacks to pave the way for consulting and implementation services in the market. Consulting and implementation services help companies choose the most suitable SDP solution, depending on their business-specific requirements and user type.
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North America to hold the largest market size during the forecast period
North America is dominating the SDP market, as the region is considered to be the most advanced region with regards to cutting edge security technology adoption and infrastructure. Governments in this region are taking initiatives to build a secure Information Technology (IT) environment and protect the sensitive data. In addition, the region is highly regulated in terms of compliance management. As data centers become increasingly software-driven, businesses need flexible and agile security solutions.
Major vendors in the global Software Defined Perimeter Market includes Check Point (Israel), Cisco (US), Akamai (US), Palo Alto Networks (US), Symantec (US), Okta (US), Proofpoint (US), Verizon (US), Fortinet (US), Intel (US), Perimeter 81 (Israel), Safe-T (Israel), Pulse Secure (US), CloudPassage (US), Illumio (US), DH2i (US), Certes Networks (US), TrustedPassage (US), Cato Networks (US), and AppGate (US).
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