ALBANY, New York, April 17, 2019 /PRNewswire/ -- The competitive landscape of the global unified threat management market is highly fragmented with plethora of players operating across the globe, says Transparency Market Research (TMR). Prominent players are emphasizing on integrating customized solutions for virtual & cloud-based environments to gain an edge in the unified threat management market. Top companies are ramping their investments to develop agile network security management systems to meet growing demand for network security from blooming information technology industry.
Apart from this, players are adopting several strategies to fortify their market share. Acquisitions and mergers, collaboration, and geographical expansions are some of these strategies. For instance, January 8, 2019, Sophos, a major player in unified threat management market acquired a next-generation cloud infrastructure security company, Avid Secure.
Some of the major players operating in this market are Juniper Networks Inc., Fortinet Inc., Dell SonicWALL, Cisco Systems Inc., IBM Corporation, Hillstone Networks Inc., Huawei Technologies Co. Ltd., SonicWALL Inc., and Comodo Group Inc.
According to TMR, the global unified threat management market is expected to grow at an impressive 11.1% CAGR from 2017 to 2022. Rising at this CAGR, the market is expected to attain a valuation of US$5.8 bn by 2022. The analysts noted the global unified threat management market at a valuation of US$3.4 bn in 2016.
Component-wise, the software platforms segment is expected to be a leading contributor in the unified threat management market in the next couple of years. Geographically, North America is likely to dominant the unified threat management market on account of strong awareness about importance of cyber security in digital age.
Need to Secure Data in Organization to Drive Growth
The global unified threat management market is expected to rise at a significant pace in the forecast period. This is mainly because of its features such as ease-of-deployment, ease-of-use, and its ability to integrate with other systems. Unified threat management system (UTM) is a cloud-based security solution that comprises of several network security tools like antivirus, anti-spyware, network firewall, intrusion detection, spam and content filters etc. It has an ability to protect enterprises against different malware attacks and security threats.
The growing industrialization and urbanization across the globe is a strong factor expected to drive the global unified threat management market. Several government and private organizations are adopting unified threat management systems to fight against malicious attacks such as distributed denial of service (DDOS) attacks and web attacks which aimed to harm companies' vital data.
On the flipside, the holistic reach of these systems has several negative impact on the unified threat management market as it makes them venerable. This has prevented widespread adoption of these utilities. To overcome this challenge, services providers are continuously launching updates of the system to ensure robust functioning.
Increasing Incidences of Cyber Crime to Augment Expansion
There number of cases of data breach and cybercrime have increased exponentially in last few years. This has made organizations – from big multinational conglomerates to small and medium sized ones, and government bodies to up spends on protecting their sensitive data. The ability of unified threat management systems to manage different security functions from one place is expected to offer a significant boost to the unified threat management market.
Along with this, these systems require less hardware configuration as compared to traditional security systems, this reduce overall installation cost and time.
This review is based on the findings of a TMR report, titled, "Unified Threat Management Market (Component - Software Platforms, Support Services; Enterprise Type - Large Enterprises, Small and Midsized Enterprises; End Use Vertical - IT & Telecom, BFSI, Government, Healthcare, Manufacturing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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