Unified Threat Management Market size is poised to grow with a lucrative CAGR from 2023 to 2032, driven by the rising instances of cyberattacks. In fact, in 2022, nearly 39% of businesses in the UK encountered a cyberattack. Subsequently, UTM solutions have gained remarkable traction among IT companies for the protection of enterprise networks against malicious threats.
Additionally, UTM solutions are cost-effective and help manage complex networking environments while also providing multiple security features such as anti-spyware, anti-virus, and others. This makes them one of the go-to cybersecurity solutions for enterprises.
Based on end use, unified threat management market from the BFSI segment is predicted to witness healthy growth through 2032. With the growing popularity of online baking, the demand for end-to-end cybersecurity is creating a notable opportunity for the UTM market. As per a 2020 survey, cash transactions accounted for only 19% of all transactions in the U.S. Many banking corporations have started to make heavy investments towards their online security capabilities. In fact, the Bank of America invests over USD 1 billion in cybersecurity annually.
On the regional front, the North America unified threat management market is estimated to depict a substantial revenue between 2023 and 2032, led by the strong presence of prominent unified threat management service providers such as Cisco, Juniper Networks, and others in Canada and the U.S.
The regional expansion can also be ascribed to surging demand for leak protection systems across the telecom, BFSI, IT, and other sectors. In fact, in October 2022, the U.S. government launched the State and Local Cybersecurity Grant Program which is intended to provide USD 185 million to aid the state, local, and territorial governments in addressing cyber risk for their information systems.
Some leading unified threat management market contenders are Rohde & Schwarz, Cisco, Intel, IBM Corporation, Untangle, Aker, Dell SonicWALL, Juniper Networks, and Huawei, among others. Many of these firms are prioritizing product innovations to consolidate their market position. Citing an instance, in June 2022, Cisco Systems Inc., a U.S.-based technology company, unveiled plans to launch a cloud-based platform with a unified management solution that will deliver threat detection, protection, and remediation capabilities at scale. Through this effort, the company aims to be an open security platform without public cloud lock-in.
In February 2023, the company also expressed its intent to acquire Valtix, a cloud network security company by the end of its third quarter of FY 2023. The company is also a strategic investor in Valtix since 2020 and aims to deliver a seamless experience for the security of workloads across multi-cloud environments through this acquisition.
The Russia-Ukraine war has created a strong demand for UTM solutions as the instances of cyberattacks have gone up exponentially since the conflict began. The war has highlighted the need for governments to ensure adequate cybersecurity measures for their infrastructure as malicious entities primarily target them in such events. These cybersecurity measures play an integral part in keeping nations up and running given that most of the public infrastructure is migrating to the cloud. Growing awareness around the fact is fostering a notable demand for network security solutions such as unified threat management.
The unified threat management market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2018 to 2032, for the following segments:
Market, By Component
Market, By Distribution Channel
Market, By Organization Size
Market, By End Use
The above information has been provided for the following regions and countries: