Software Defined Perimeter (SDP) Market size is expected to substantially expand from 2021 to 2027 due to higher adoption in cloud-based applications. The significant boom in digitalization has brought huge advancements in the IT sector and a higher need for policy-based security architecture. Rising deployment by various governments, the surging use of semiconductors, along with the influx of the Internet of Things (IoT) and Bring Your Device (BYOD) are also some ideal drivers for industry growth.
Software-defined perimeter is a network boundary that hides several internet-connected infrastructures, that are hosted on-premises or in the cloud, from external parties and attackers. However, the dearth of awareness related to data protection and quality in cybersecurity standards may pose a challenge for the industry progression.
With regards to components, the SDP solutions market size will see inclination driven by the soaring need for enhanced productivity as well as cost and time savings. These solutions not only offer centralized security compliance but also provide effective policy management with the help of appliances, and virtual machines.
Based on organization size, the software defined perimeter market is segmented into small & medium enterprises (SMEs) and large enterprises. Out of these, the product demand in large enterprises will rise with the growing obligation to effectively handle and safely store huge amounts of data related to finance and accounting. The increasing need for double authentication and to limit the evolving threats across enterprises are other promising trends for the overall market expansion.
Cloud SDP industry, on the basis of deployment, is set to observe notable proceeds driven by the rising need for improving the security, and authentication services. There is a higher preference for cloud-based security solutions in comparison to traditional on-premises methods in large enterprises and SMEs. Benefits, such as enhanced scalability, lowered costs and easy infrastructure will also contribute towards the industry proliferation.
The software defined perimeter market size in Asia Pacific will grow with the booming semiconductor sector and rising demand for high purity quartz in the region. The growth in ecommerce, retailers, and telecom service providers along with the influx of cloud-based technologies has triggered the increase in the total count of small and medium enterprises. The mounting number of solar and manufacturing plants will also favor the regional market growth.
North America SDP market will gain traction through 2027 with increasing adoption to offer efficiency and high performance in large enterprises. The growing number of government initiatives and the rising deployment of cutting-edge security technologies are other factors influencing the market expansion.
Some of the leading SDP market players comprise Intel Corporation, Certes Networks, Inc., RSA Security LLC (Dell EMC, Dell Technologies, Symphony Technology Group), Palo Alto Networks, VeloCloud Networks, Inc. (VMware), Cryptzone North America Inc., Check Point Software Technologies Ltd., Symantec Corporation, Fortinet, Inc., Cisco Systems, Inc., and, Juniper Networks, Inc.
Strategic partnerships, inclusive of mergers and acquisitions along with capacity expansions, technological advancements, and investments, are some of the major initiatives adopted by these firms to strengthen their market position whilst gaining competitive advantages.
For instance, in February 2019, Symantec Corp. bought Luminate Security, an SDP technology frontrunner, for the latter’s Secure Access Cloud™ technology to enhance its integrated cyber defense platform to help users access workloads and applications irrespective of infrastructure.
In response to the COVID-19 outbreak, which posed a backtracking effect on the global economic landscape, the SDP market saw lucrative growth. This can be attributed to the rise in the number of network and data security risks in the energy & utility sector owing to the regulation of the work from home (WFH) derivatives. Apart from offering cybersecurity, the solutions helped to enable the “secure by default” environments to prevent lateral attacks and provide protection to grid resiliency.