Microsegmentation is a security practice that divides network into segments so that businesses can analyze, monitor, visualize, and control the traffic. In other words, microsegmentation is a security segmentation and this process is used by professionals to break a network into smaller networks in order to keep the overall system security. The security engineers create zones to isolate data centers, applications, and workload across cloud, on premise, and hybrid networks. Microsegmentation is gaining popularity due to its operational efficiency. Furthermore, major global players across different regions are focusing on developing new products and services with new features and technologies to gain a competitive edge in the market. Industries are developing securities with new features in order to protect and secure organizational data.
The global microsegmentation market was valued at US$ 1490.4 Mn in 2021.
The global microsegmentation market is expected to grow significantly during the forecast period, owing to the rising popularity of digitization in organizations. Organization databases mainly include sensitive data related to payment cards and financial information. Databases are the primary targets of cybercriminals, which increases the loss of personal and business information. Due to the increasing incidence of data breaches and high-profile data theft, organizations are planning to detect future threats. For instance, according to Coherent Market Insights analysis, the global cyber security market reached US$ 121,000 million in 2017 from US$ 3,500 million in 2004. These factors are expected to drive market growth during the forecast period.
Among verticals, the banking, financial services, and insurance (BFSI) segment are expected to exhibit the highest growth during the forecast period. The security solutions provide support to the financial service provider to protect their data, and customers, meet industry & government compliance standards and avoid damage caused by data breaches. The BFSI vertical is continuously focusing on upgrading its processing and transactional technologies and also requires end-to-end security to minimize operations against both internal and external threats. For instance, in September 2016, healthcare and banking, financial services, and insurance (BFSI) used Microsoft cloud platforms to protect employee data and optimize business processes and models. The demand for cyber security solutions is increasing in BFSI vertical due to the rising adoption of smart banking, internet banking, and mobile banking. The industry is facing challenges in maintaining application, network, and data security. The attackers are targeting these sectors with viruses, malware, and other cyber-attacks.
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