The global unified threat management market is characterized by the presence of numerous small vendors along with a few multinational companies, reports Transparency Market Research (TMR). These companies share an intense competition driven by new product developments and enhancement in the quality of the product. Major players in the global unified threat management market include Comodo Group Inc., Hillstone Networks Inc., WatchGuard Technologies Inc., Cisco Systems Inc., Juniper Networks Inc., and Huawei Technologies Co. Ltd. These companies are working on enhancing the security features of their products to expand their global footprints in the market.
As per expert analysts, the global unified threat management market is anticipated to register a promising CAGR of 11.1% during the forecast period which is 2017 to 2022. Progressing at this rate, the market is expected to rise from its initial value of US$3.4 to US$3.4 by the end of the forecast period.
The global unified threat management market has two segments based on components, support services, and software platforms. Of them, the software platforms segment is expected to lead the market during the forecast period to attain a value of US$4.9 by the end of 2022. This owing to rising use of this platform in the end use industries.
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Prominent segments of the global unified threat management market based on geography comprise Asia Pacific expect Japan, Europe, Middle East and Africa, North America, and Japan. Among these, North America has the strongest foothold in the market due to advancements in cyber security.
- Increasing Cybercrimes To Surge the Demand for UTMs
The rise in cybercrime has put sensitive data of numerous companies and organizations at the stake of getting misused. This is one of the major driving factors in the growth of the global unified threat management market. Additionally, UTM systems help governments in preventing attacks aimed at harming critical defense information. This application of UTM generates the maximum revenue as it prevents major devastation from happening.
Furthermore, rising applications of UTM in the BFSI sector and telecom industries have played a key role in the unified threat management market’s growth. In addition to this, UTM systems aid organization in saving costs and consumption of power. Consequently, they is high adoption of UTM solutions in business enterprises, thereby expediting the market’s growth.
- Development of UTM Systems with Neural Networks to Create New Avenues
Integration of neural networks in UTM systems has served as a major landmark in the global unified threat management market. Sophos has developed a new UTM system called Sandstorm that functions on advanced machine learning technology. This system detects both known and unknown threats before they enter your system. The idea of integration of multiple security functions in a single appliance has attracted numerous consumers to the global unified threat management market. The small and mid-scale industries are the ones extensively adopting these UTM systems, thus presenting lucrative growth opportunities for the market.