Software Defined Security Market Consumption And Demand, Sales Forecast 2028

According to Premium Market Insights new research study on "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.

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Some Of the Major Players Influencing are Check Point Software Technologies Ltd., Intel Corporation, Juniper Networks, Inc., Cisco Systems, Inc., VMware, Inc., EMC Corporation, Palo Alto Networks, Fortinet, Inc., Symantec Corporation, Versa Networks, Inc.

Software-defined security offerings help overcome challenges such as spoofing/cache poisoning, tunneling, hijacking, phantom domain attack, random subdomain attack, domain lock-up attack, and botnet-based customer premise equipment (CPE) attack. With software-defined security, organizations can block or redirect DNS requests to identify malicious domains and alert users about visiting dangerous sites or possible malware attacks by communicating with operators. According to the Global DNS Threat report by EfficientIP, India witnessed the highest number of DNS attacks in 2021. Moreover, globally ~87% of organizations experienced DNS attacks, and the average cost incurred by each attack was ~US$ 950,000. Per the Global DNS Threat Report, organizations across industries suffered an average of 7.6 attacks in 2020. Asia recorded a 15% increase in DNS attacks in 2021, and these attacks incurred the cost of US$ 908,140 in 2021, compared to US$ 792,840 in 2020. The same report by EfficientIP states that Malaysia, Spain, and France witnessed 78%, 36%, and 25% rise in damages caused by DNS attacks in 2021 Software-defined security allows organizations to inspect e-mail traffic and request access from several websites to determine their data safety. Moreover, the use of software-defined security for data exfiltration via DNS tunneling can be detected and blocked by an intrusion prevention system integrated into next-generation firewall. This helps in blocking e-mails that may contain malware and prevent users from visiting websites that may be malicious. Mimecast, Check Point Software Technologies Ltd., Comodo Security Solutions Inc., DNSFilter Inc., and DomainTools are among the software-defined security developers that offer DNS monitoring solutions. Thus, surge in DNS attacks, contributing to the growth of software-defined security market.

MARKET DYNAMICS

The IT infrastructure has grown more complicated and heterogeneous in the past five years due to new platforms, BYOD regulations, CYOD trends, business apps, and other technologies. The BYOD and CYOD trends are becoming more common in business settings due to the quick improvements in mobile computing. Through mobile devices, employees may access organizational data from anywhere, at any time, which boosts their productivity, protect organizational data from potential hazards, and maintain data confidentiality and integrity. Users' access to company data is evolving as the BYOD policy gains traction in SMEs and large corporations. Organizations are signing up for security services to shield BYOD devices such as smartphones, tablets, desktop computers, and laptops from cyberattacks. The software-defined security market is anticipated to grow with the increase in expenditure on security services.

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MARKET SCOPE

The "Global Software-defined security Market Analysis to 2028" is a specialized and in-depth study that specially focuses on market trend analysis. The report aims to provide software-defined security market overview with detailed segmentation based on component, deployment, application, and end user. The report also provides key statistics of the software-defined security market based on the revenue performances of the leading market players. It specifies key trends and opportunities in the software-defined security market.

MARKET SEGMENTATION

The software-defined security market is segmented on the basis of component, deployment, application, and end user. Based on component, the software-defined security market is segmented into solution and service. Th solution segment is further segmented into security software, control automation and orchestration solution, security compliance and policy management, and performance management and reporting. The service segment is further bifurcated into professional services and managed services. Based on deployment, the software-defined security market is segmented into on-premise and cloud-based. On the basis of application, the software-defined security market is segmented into network monitoring, intrusion detection, firewall control, content filtering and malware detection, and others. On the basis of end user, the software-defined security market is segmented as IT & telecom service provider, cloud service provider, BFSI, government, and others.

REGIONAL FRAMEWORK

The report provides the size and forecast estimates of the software-defined security market from 2019 to 2028 with respect to five major regions-North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The market in each region is subsegmented into respective countries and segments. The report entails the analysis and forecast of 18 countries in the world, along with current trend and opportunities prevailing in each region.

APAC is expected to register the highest CAGR in the software-defined security market during the forecast period. With the growing use of cloud infrastructure in both developed and developing countries, the consumption of cybersecurity services is anticipated to increase during the forecast period. Additionally, data vulnerability has increased due to the expansion of the wireless network for mobile devices, making cybersecurity a crucial component of every organization. Developing countries in APAC, including India, China, and Singapore, are facing a rising number of cybersecurity-related problems every year. India has seen a spike in the number of cybercrime reports, and it currently ranks fifth across the world in terms of DNS hijacks. According to Gemalto, 37% of worldwide data breaches involve stolen or compromised Indian records. These factors are contributing to the growth of the software-defined security market in APAC countries. The following figure showcases the revenue growth trend in the global software-defined security market:

The report analyses factors affecting software-defined security market from both demand and supply side, along with evaluating the key market dynamics, i.e., drivers, restraints, opportunities, and future trends. It also provides exhaustive PEST analysis of the software-defined security market.

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IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic benefitted the software-defined security market, and it is expected to have immediate and long-term effects on the market. Lockdown restrictions imposed in different countries hampered the operations of numerous enterprises, manufacturing facilities, and retail operations. However, the shift toward remote working environments has been a by-product of this global crisis. Adopting the work-from-home model has raised awareness among enterprises about data security and cyberattacks, thereby triggering the demand for cloud-based security solutions. Additionally, many major and small businesses have raised the amount of money they spend on cyber security-related products. Thus, the COVID-19 pandemic has changed how a company's management approaches cybersecurity.

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