Global Security Appliances Market Garnered About USD 110 Billion in 2021 and is Expected to Grow at a CAGR of ~14% During 2022-2030; Market to Grow on Account of Rising Network Infrastructure Complexity and Frequency of Security Threats
New York, July 20, 2022 (GLOBE NEWSWIRE) -- In April 2022, Costa Rica, a country in Central America, was attacked by ransomware named Conti. According to Rodrigo Chaves Robles, the president of Costa Rica, the hackers gained access to 27 government organization entities, including local government and state-owned utilities. Online data leaks have exposed over 650GB of stolen information. Further, the Conti ransomware cartel had increased its demand for payment to about USD 10 million from the Costa Rica Government. As of May 9th, Conti ransomware had exposed more than 98 percent of a 670 GB data dump that reportedly comprised of material that was obtained illegally from governmental organizations.
Kenneth Research has released a new report titled “Global Security Appliances Market” that gives a comprehensive analysis of the market’s features, including growth drivers, restraints, current market trends, and potential for future growth. In the market research report, which covers the forecast period, i.e., 2022-2030, the influence of COVID-19 and its effects on end-users are both in-depth explored. In addition, the research study examines the product portfolios and market expansion plans of the principal competitors.
In the year 2020, business organizations worldwide were expected to spend more than USD 120 billion on security which is further projected to rise to over USD 170 billion by 2022. Businesses of all sizes are becoming more concerned nowadays about cybersecurity as a result of the disruption caused by the increasingly sophisticated strategies used by cybercriminals. It is predicted that distributed denial- of- services (DDoS) attacks would double from about 7 million in 2018 to over 15 million by 2023. DDoS attacks increased in frequency in 2020, with close to 5 million attacks recorded in the first half of the year. This would stand to around 25,500 attacks daily and about 12 attacks every minute. The WannaCry ransomware outbreak, which debuted in 2017, was among the most destructive in history. More than 231,000 computers in 150 nations were infected by the malware, which resulted in at least USD 4.2 billion in losses. The rise in cyber-attacks and the complexity of network infrastructure are some of the major factors predicted for the expansion of the global security appliances market.
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Organizations are advised to adopt advanced technologies to protect their systems, networks, and users from serious cyber security risks. For instance, a survey indicated that around 20 percent of breaches used some sort of malware, while about 45 percent involved hacking, over 80 percent were financially motivated, and close to 20 percent included phishing or social engineering. In order to store, manage and analyze data, cloud computing refers to the utilization of networks of remote servers, typically accessed through the internet. Cloud computing is expected to bring in about USD 405 billion in revenue as a subset of IT services in 2021. The rising demand for cloud-based services and bring-your-own-device (BYOD) are some of the additional factors predicted to accelerate market growth. The global security appliances market gathered around USD 110 billion in 2021 and is predicted to grow at a CAGR of ~14% over the forecast period.
The global security appliances market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the North American region is anticipated to hold the biggest share of the market over the forecast period on the back of having a strong technical advanced infrastructure and for the growing deployment of data centers in the region. For instance, Silicon Valley is the 3rd largest data center in North America with over 300 MW of total inventory. In the year 2021, about 22 megawatts (MW) of capacity was being added in these data centers and over 5 MW were available across the whole Silicon Valley. Additionally, physical infrastructure and connective network components make up the 2 main parts of the Microsoft Azure global infrastructure. The physical components consist of more than 200 physical data centers that are divided into regions and connected by one of the world’s most extensive networks. The advanced infrastructure and the complexity of the network infrastructure are predicted to rise the demand for security appliances and thereby expand the market growth in the region over the forecast period.
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On the other hand, as a result of the rising demand for security appliances, owing to the rising number of cybercrime incidents, the market in the Asia-Pacific region is anticipated to have the largest growth throughout the forecast period. Nearly, 17 percent of the Chinese population had experienced internet fraud in the recent years. Comparatively, in Japan, about 600 instances of internet banking fraud were reported to the authorities, while online banking fraud-related losses totaled around USD 7 million in 2021. Also, there were over 11.5 thousand cybercrime cases that were successfully prosecuted in 2021. Increasing number of internet crimes that necessitate the need for security appliances is therefore expected to drive the growth of the Asia Pacific security appliances market during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply forecast future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
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The global security appliances market is segmented by type into the firewall, intrusion detection and prevention (IDP), unified threat management (UTM), content management, virtual private network (VPN), and others. Owing to their advanced security features and reliable cloud protection solutions, such as centralized integration and management, rapid detection of incoming security threats, and better network monitoring, the firewall segment is predicted to experience rapid growth in the coming years. The top three exporters of firewalls are Netherlands, India, and China with 3.2 thousand export shipments to the United States. Netherland is the top exporter of firewalls with about 2,400 shipments followed by India with around 220 shipments and China in 3rd place with close to 150 shipments as of March 2022.
On the other hand, the unified threat management (UTM) segment is expected to grow with a significant CAGR during the forecast period, backed by the rising awareness regarding the benefits of UTM and the increasing exports of this type of security appliance. Most of the world’s UTM exporters exported around 11 shipments to Bangladesh, India, and Peru. China, Singapore, and the U.K. are the top 3 countries that exports UTM. With 4 shipments, China was the top exporter of UTM, followed by Singapore with 1 shipment and the United Kingdom in 3rd place with 1 shipment as of July 2022.
The global security appliances market is segmented by end-user into BFSI, IT& telecommunications, energy & utilities, manufacturing, healthcare, retail, and, others. Amongst these, the healthcare segment is projected to witness significant growth during the forecast period and also hold a noteworthy share of the market, primarily backed by the rising cases of cybercrimes in healthcare organizations. For instance, amongst the healthcare organizations worldwide, around 52 percent of fraud occurrences involved the theft of consumer data, while close to 40 percent of the attacks specifically targeted financial assets. Moreover, over 90 percent of the stolen personal identification information (PII) were customer records as opposed to employee records. In addition to that there were 24 health networks as victim organizations, 11 healthcare insurance victim organizations, 6 pharmacology centers, and 5 hospital victim organizations in 2019.
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The global security appliances market is further segmented on the basis of deployment mode.
Global Security Appliances Market, Segmentation by Deployment Mode:
Some of the prominent industry leaders in the global security appliances market that are included in our report are Cisco Systems, Inc., Check Point Software Technologies Ltd., Broadcom, Intel Corporation, Palo Alto Networks, Inc., Honeywell International Inc., Fortinet, Inc., Trend Micro Incorporated, Bosch Sicherheitssysteme GmbH, Juniper Networks, Inc., and others.
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