Government Initiatives to Promote Cyber Security Boosts Software-defined security Market
According to our latest market study on “Software-defined security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Application, End Use, and Geography," the software-defined security market is projected to grow from US$ 7.13 billion in 2021 to US$ 40.73 billion by 2028; it is expected to grow at a CAGR of 28.6% from 2022 to 2028.
Source: The Insight Partners Analysis
Creating a "cyber-secure nation" for enterprises and individuals is a major part of national cybersecurity strategies of several countries. A rise in the volume of confidential data being generated and a surge in cybercrime activities are the main factors favoring the software-defined security industry’s progress. The use of cloud technologies has grown significantly over time, propelling the demand for more dependable and affordable security solutions. Moreover, the proliferation of e-commerce, growing awareness of data protection, trend of bringing your own device (BYOD), and acceptance of managed security measures, contributing to the growth of software-defined security market. Several nations have issued strict guidelines for cybersecurity. For instance, the Ministry of Electronics and Information Technology (MeitY) India launched the Cyber Surakshit Bharat program to develop a strong cybersecurity ecosystem in India. Supported by the National E-Government Division (NeGD), this program is in line with the government's goal of creating "Digital India." The need for sound governance has increased because of the Indian government's initiatives on cybersecurity. The program would urge chief information security officers (CISOs) and front-line IT personnel from all government agencies to educate themselves on cybercrime and develop their self-defense skills. Further, the Singapore Cybersecurity Act mandates that businesses create a robust infrastructure to make cyberspace safer while fostering global alliances. Such government policies rolled out to reduce potential cyber dangers and attacks are anticipated to open new business prospects during the projected period in software-defined security market.
In software-defined security market ecosystem, organizations extensively use software-defined security solutions because they offer speedier operations, real-time virus updates, and cost-effectiveness. With rising digitization, the use of cloud technology has grown dramatically over time, necessitating the development of more secure and cost-effective security solutions, boost the demand for software-defined security market. Furthermore, in the software-defined security market, in recent years, many companies have adopted business apps, BYOD guidelines and choose-your-own-device (CYOD) trends, and other technologies to make flexible work arrangements and extract higher employee output. The subsequently growing concerns about the integrity and confidentiality of organizational data bolster the demand for software-defined security market.
In the software-defined security market, North America is characterized by the presence of well-developed countries, a robust industrial base, and high technology adoption. The presence of fast-growing economies and surging implementation of automation, propelling the adoption of advanced security solutions, are among the prime factors driving the growth of the software-defined security market in North America. Inventory planning, demand planning, and supply planning are among the key areas wherein software-defined security is required in the region.
Check Point Software Technologies Ltd.; Intel Corporation; Juniper Networks, Inc.; Cisco Systems, Inc.; VMware, Inc.; EMC Corporation; Palo Alto Networks; Fortinet, Inc.; Symantec Corporation; and Versa Networks, Inc. are among the key software-defined security market players profiled during the study. In software-defined security market, several other major companies were also studied and analyzed to get a holistic view of the software-defined security market and its ecosystem.
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