Report : Unified Threat Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services); Deployment (Cloud and On-Premise); Enterprise Size (Large Enterprises and SMEs); and End Users (BFSI, Manufacturing, Healthcare, Retail, Government, IT & Telecom, and Others)
According to the new research report on "Unified Threat Management Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 11.88 billion by 2030 and register a CAGR of 10.7% from 2023 to 2030.
The global unified threat management market is projected to exhibit a notable growth rate during the forecast period of 2023 to 2030. The primary factors promoting unified threat management market growth include rising cyber threats across varied industry verticals and the increasing number of connected devices. However, concerns regarding the performance of the solution due to consolidating various solutions together may hinder market growth in the coming years. In spite of such restraining factors, increased spending on the adoption of unified security solutions by SMEs due to its cost-effective nature is expected to fuel the growth of the unified threat management market size in the near future.
Healthcare institutions are undergoing a significant digital transformation involving a mounting reliance on technology to deliver patient care and critical services which is also boosting the growth of the unified threat management market. The rising digitalization in the healthcare industry offers access to medical information and services from anytime, anywhere, and ensures timely and efficient patient care. Digitalization has resulted in the introduction of several tools and methods for enhancing healthcare services. These tools help to keeps the record of patients' information and health-related data accessible to doctors as well as patients. However, due to growing digitalization in healthcare systems, the industry has become prone to various kinds of cyberattacks and threats. For instance, according to Check Point Software Technologies Ltd's Check Point Research (CPR), healthcare institutions experienced 1,426 weekly attacks in 2022, an increase of over 60% compared to 2021. Thus, the rising threats of cyberattacks and digitalization in the healthcare industry can generate the demand for enhanced security solutions. A unified threat management solution can protect healthcare institutions from attacks such as distributed denial of service (DDoS), ransomware, phishing, and malware. Thus, digitalization in the healthcare system creates lucrative opportunities for the unified threat management market growth.
The increasing number of cyber-attacks in France is boosting the demand for unified threat management software. For instance, in April 2022, cybersecurity researchers identified a new campaign by Russian-linked hackers that targets diplomats and embassy officials from France that started in January. The hacks began with a phishing email to deliver a malware-laden file. Also, these linked hackers leveraged the networks of businesses, healthcare organizations, and critical infrastructures across France and other countries to attack targets. Hackers' primary motivations appear to be information stealing and disruption. UTM protects against viruses, malware, and other malicious software by scanning files and attachments for threats. Hence, the increase in such attacks fuels France unified threat management market share.
Key Findings of Study:
Based on deployment, the unified threat management market is segmented cloud and on-premise. The cloud segment held the largest unified threat management market share in 2022. The advantages of cloud services, such as cost-effectiveness, flexibility, and enhanced security, lead to the adoption of cloud services for security solutions. Cloud-based identity verification platform offers secure and reliable identity verification services to individuals, businesses, and developers which leads to its adoption and propels unified threat management market size. Cloud-based identity verification solution providers use virtual technology to host applications of their client's enterprise from an offsite location. Due to the cost benefits of cloud deployment, it is largely adopted by various small and medium enterprises worldwide. Cloud deployment is an attractive option for companies that look for fast expansion on a global level, mainly because of benefits such as payment on an as-needed basis, no capital and operations costs, regular data backup, and instant provisioning features of cloud-based solutions. Thus, such benefits of cloud fuels the segment growth in unified threat management market.
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