Albany, NY -- (SBWIRE) -- 01/04/2019 -- The global unified threat management market is fragmented in nature owing to the presence of many small regional vendors. The market also has multinational companies giving a tough challenge to their smaller counterparts. A noticeable trend in the market is players competing on the basis of technology, product quality, and price in order to steal a march over their competitors. However, deep-pocketed vendors are ultimately expected to steal a march over their competitors with their ability to produce superior products having better security features.
Some of the prominent names operating in the global market for unified threat management are WatchGuard Technologies Inc., Check Point Software Technologies Ltd., Juniper Networks Inc., Fortinet Inc., Cisco Systems Inc., IBM Corporation, Hillstone Networks Inc., Huawei Technologies Co. Ltd., SonicWALL Inc., and Comodo Group Inc.
A research study by Transparency Market Research projects the global market for unified threat management to attain a value of US$5.8 bn by 2022-end from US$3.4 bn in 2016, by registering 11.1% CAGR from 2017 to 2022.
Component-wise, the global market for unified threat management can be split into software platforms and support services. Between them, the segment of software platforms is expected to be a leading contributor to the market in the next couple of years. Its share in the market is expected to become 84.9% by 2022.
Geographically, the prominent segments of the global market for unified threat management are North America, Europe, Japan, and Asia Pacific except Japan, and the Middle East and Africa. North America, among them, is a dominant market on account of the strong awareness about the role of cyber security in the modern digital age. The market in the region is predicted to rise at a solid 11.6% CAGR over the course of the forecast period from 2017 to 2022.
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Threats of Cybercrime Catalyzing Demand in Market
Majorly fuelling demand in the market for unified threat management is the looming threat of cybercrime. This has made organizations – from big multinational conglomerates to small and medium sized ones, and government bodies to up spends on protecting their sensitive data. This is to ensure they grow or function smoothly without any setbacks. Explains the lead analyst of the TMR report, "Unified threat management addresses a wide variety of security concerns ranging from firewalls and intrusion alerts to spam, antimalware, and other kinds of content filtering services. The availability of different security tools under a single brand name and operating system will help stoke demand for unified threat management in the next couple of years."
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Concerns over Breakdown of Single Component That Can Affect Entire Functioning of System, Crimps Uptake
However, on the flipside, the holistic reach of unified threat management systems also makes them a potential danger, if a single component of it were to break down. This has prevented potential customers from purchasing and installing them. To overcome the challenge, technological advancement is needed to ensure the availability of security systems updated about any potential cybercrime threats to the latest database.