Unified Threat Management Market Size is Projected to Reach USD 10.9 Billion at a CAGR of 11.20% by 2030 – Report by Market Research Future (MRFR)
Growing Demand for Consolidated Cloud Security Drives Unified Threat Management Market
New York, US, May 11, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Unified Threat Management Market: By Component, By Deployment, By Organization 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 11.20% to attain a valuation of around USD 10.9 Billion by the end of 2030.
The unified threat management market is likely to witness significant growth. Various organizations are boosting their investments to accelerate user growth, augmenting a robust creator economy. Market Research Future (MRFR) states that the global unified threat management market is poised to reach USD 10.9 billion by 2030, growing at an 11.20% CAGR throughout the review period (2022-2030).
Unified threat management (UTM) capabilities, also known as a Next-Generation Firewall (NGFW), provide multiple security features and services to protect devices and services on the network from security threats in a simplified way. UTM functions include antivirus, anti-spam, content filtering, and web filtering solutions.
IT teams face significant challenges in protecting their companies’ digital assets against evolving and sophisticated threats, including spam & phishing attacks, viruses, trojans & spyware-infected files, unapproved content, and unapproved website access. UTM solutions address these challenges with limited budgets and resources. Implementing unified threat management capabilities helps secure multiple devices designed to perform a specialized function, including spam filtering and web content filtering/antivirus protection.
Prominent unified threat management market players include,
- Huawei Technologies Co. Ltd.
- Cisco Systems Inc.
- Hewlett Packard Company
- Sophos Group plc
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Unified Threat Management Market Report Scope:
|Unified Threat Management Market Size by 2030||USD 10.9 Billion (2030)|
|Unified Threat Management Market CAGR during 2022-2030||11.20%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Regulatory use of data breaches helps in evolving the unified threat management market growth.|
The global unified threat management market is segmented into components, deployments, organization size, verticals, and regions. The component segment is sub-segmented into hardware and software. The deployment segment is sub-segmented into on-premise and on-cloud. The organization size segment is sub-segmented into SMEs and large enterprises. The vertical segment is sub-segmented into BFSI, government, utilities, retail, and others. By regions, the UTM market is sub-segmented into the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.
The unified threat management market includes tier-1, tier-2, and local players, having a global reach and diverse product portfolios. Technology developers focus on creating personalized solutions and standard products to cater to customers’ needs. UTM solution providers prioritize investments in advanced technologies, robust R&D projects, and strategic partnerships.
These companies are focusing on aggressive marketing growth, promotions, and participation in trade shows to strengthen their market positioning. Major unified threat management market players invest in R&D and marketing strategies such as partnerships & collaborations, mergers & acquisitions, product launches, and developments to expand their market footprint and acquire more clients.
For instance, on Apr.18, 2023, Vega Reederei GmbH & Co. KG (Germany), a leading operator of container ships, tankers, and bulk carriers, announced a partnership with Inmarsat to enhance cyber security across its fleet. Inmarsat offers global coverage and cyber-security capabilities through Fleet Xpress and Fleet Secure UTM.
Inmarsat’s cyber unified threat management is connected to its Global Xpress Ka-band satellite communications and L-band backup solutions through Fleet Xpress services, covering Fleet Secure. Under the new agreement, Inmarsat will install its UTM across Vega Reederei’s fleet of vessels. Vega is being proactive in protecting its connected fleet safe against growing cyber threats through these installations.
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The increasing adoption of IoT and artificial intelligence across various domains drive the unified threat management industry. Besides, the market growth is predominantly driven by factors such as increasing cases of data breaches, malicious actors operating from anywhere in the world, growing convergence between cyberspace & physical systems, and the difficulty in reducing vulnerabilities in complex cyber networks.
The growing number of ransomware attacks and the rising sophistication of cyberattacks are major unified threat management market drivers. Over the past few years, cybercrime and scams have increased significantly, causing massive losses to businesses. However, shortages of unified threat management professionals and budget constraints among SMEs and start-ups in developing economies are two major factors impeding market growth.
The rise in cyber fraud and cyberattacks will be a major driving force in the market. When malicious code is unintentionally downloaded on a computer or mobile device, it exposes users to various risks. Also, high investments required for unified threat management development hamper the market growth. Budgets assigned to meet cybersecurity needs are not keeping pace with the number of attacks. Emerging businesses in MEA, Latin America, and APAC frequently struggle to find suitable funds to implement cybersecurity solutions.
A lack of capital finance and security professionals can be a significant barrier to adopting a cybersecurity approach for certain small and medium-sized businesses. The increase in targeted assaults globally and a rise in malware and phishing attacks boost the market demand. As cybercrime has skyrocketed, businesses worldwide have increased spending on cutting-edge information security solutions to strengthen their internal security infrastructures.
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The rise in demand for cloud-based unified threat management solutions offers significant market opportunities. Because of its dependable and adaptable architecture, the concept of cloud computing is widely used. Cloud solutions are increasingly becoming popular among enterprises because they simplify data storage and provide users with access to limitless computing capacity via remote servers accessible via the Internet.
North America dominates the global unified threat management market. With the increased internet use in countries such as the United States and Canada, cybersecurity technologies are expected to grow in popularity. Besides, growing deployments of sophisticated cybersecurity technologies in prominent banks such as JP Morgan Chase, Citibank, and Bank of America boost the UTM market size, providing round-the-clock protection against hackers.
Furthermore, the growing wireless infrastructure for portable devices increases data risk, making security a necessary and critical aspect of any firm in the region. The unified threat management market in the Asia-Pacific region is growing rapidly. Rapid industrialization and the increasing adoption of digital transactions create a vast demand for UTM solutions. Furthermore, rising security threat awareness and expanding IT security systems in developed & developing countries contribute to market growth.
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