The global software-defined perimeter market is expected to grow at a CAGR of 5% over the forecast period 2020 to 2025, according to a new report by ResearchAndMarkets.com. Wikipedia defines Software Defined Perimeter as: “Software Defined Perimeter (SDP), also called a "Black Cloud", is an approach to computer security which evolved from the work done at the Defense Information Systems Agency (DISA) under the Global Information Grid (GIG) Black Core Network initiative around 2007. Software-defined perimeter (SDP) framework was developed by the Cloud Security Alliance (CSA) to control access to resources based on identity.”
Read more Global Blockchain IoT Market Expected To Grow At A CAGR of 44.83% To $2,389 Million By 2025
The ResearchAndMarkets report titled “Global Software-Defined Perimeter Market: Growth, Trends and Forecast (2020-2025),” states:
“Cloud services are the primary drivers for the digital transformation with ubiquitous adoption in various industries. It has brought different security challenges for the business that is the crucial reason promoting the growth of the global software-defined perimeter market during the projected period.”
Cloud services provide significant opportunities to accelerate the business through rapid scalability and the flexibility of resource utilization. It also reduces operational costs as well as control financial spending on large scale upgrades as cloud computing facilitates seamless scaling at reasonable costs, reports BusinessWire.
Key Market Trends
BFSI Sector Will Experience Significant Growth
- Wide-scale adoption of digitalization in every sector has also touched the financial sector, and most of the banks are migrating their data, process, and infrastructure to hybrid cloud to benefit from both, on-premises, and off-premise cloud implementation.
- The rapid adoption of electronic devices and high penetration of the internet has also fueled the growth of digital services and increased the customers' expectations for ease of payment, 24x7 uptime, secure storage, and interoperability. It has created an opportunity to maintain a multi-channel relationship with customers at a much-reduced cost. Cloud computing has also shortened the development cycles for new products and supports a faster and more efficient response to the needs of the customers.
- However, it had led to the emergence of cybertheft across the globe and challenges customers financial security and personal privacy. For instance, over 1.4 billion records were lost to data breaches in March 2017 alone, and many of them involved cloud servers. As well as cyber hackers via the SWIFT network had illegally transferred close to USD 1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank.
- Many financial institutions are collaborating with technology solution vendors to advance their cyber security solutions and protect sensitive data. For instance, SBI, most significant and most prominent public sector bank in India, has partnered with Trend Micro to secure its endpoints VMs and digital infrastructure, including cloud and mobility assets. The company has deployed its endpoint and server security solutions across more than 26000 branches of SBI in and outside India, covering over 275,000 endpoints along with securing 29,000 VMs (virtual machines).
North America to Hold a Significant Market Share
- The healthcare industry is experiencing a transformation with new tools and technologies to reconstruct the delivery of health services in order to improve efficiency with better patient care.
- Digital healthcare services provide personalized patient care at reduced costs. According to a recent HIMSS Analytics survey, over 83% of healthcare organizations are already using cloud services.
- Moreover, major players in the retail sector are embracing hybrid cloud solutions with various applications in their own data center and others in the public cloud, in order to benefit from both on-premise and off-premise cloud implementation and to create a great shopping experience. For instance, Amazon Go stores utilize a combination of computer vision, deep learning, and sensor fusion technology to automate the payment and checkout process. So that customer can directly enter the store, pick-up items and leave without queuing while the payment is made automatically through the Amazon Go app.
- The recent outbreak of COVID-19 across the globe is expected to have a short-term increase in demand of security software owing to the increased usage of API and other services from distributed infrastructure. This is expected to influence a significant growth in demand over the next few years as the number of enterprises adopting digital infrastructure is expected to increase.
The global software-defined perimeter market is moderately concentrated and is dominated by a few significant players like Perimeter 81, ZScaler, Cisco Systems, Inc, Okta Inc., APPGate, and Check Point. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries.
Read more Worldwide Wearable Display Market Is Forecasted To Grow At A CAGR Of 20%
- April 2020 - Okta, Inc. entered strategic partnerships with leading endpoint protection and management providers VMware Carbon Black, CrowdStrike, and Tanium. The new integration partnerships provide a broad set of device risk signals to the Okta Identity Cloud, enabling enterprises to combine endpoint risk detection with user identity to deliver unparalleled access security.
- March 2020 - AppGate, the cybersecurity company signed a distribution agreement with Promark, a premier, the U.S focused value-added distributor. It will distribute AppGate SDP, a unique and robust software-defined perimeter solution, among its growing base of U.S. channel partners.