The global microsegmentation market was valued at US$ 687.3 Million in 2017 and is expected to surpass US$ 3,032.3 Million by 2027, registering a CAGR of 24.9% during the forecast period (2019-2027), according to the Global Microsegmentation Market Report, By Component (Software and Services), By Service (Managed Services and Professional Services), by Security (Network Security, Database Security, and Application Security), By Deployment Type (On-premises and Cloud), By Organization Size (SMEs and Large Enterprises), By Vertical (Government & Defense, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Energy & Utility, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Increasing adoption of integrated data protection and workload isolation in small and medium enterprises (SMEs) is expected to drive the market growth during the forecast period. Microsegmentation in SMEs create secure zones in data centers & cloud deployments and isolate & secure workload individually, as SMEs do not have security measures to protect their data, cloud infrastructure, endpoints, networks, and applications. The demand for microsegmentation solutions is increasing rapidly across SMEs and large enterprises in order to meet IT security requirements. For instance, Cloudfare launched Cloudfare for teams, a set of solutions that protect company and employee, globally. Cloudflare for teams is a new solution that secures and controls internet traffic in order to protect employees and organization from threats on the public internet.
Moreover, increasing cyber-attacks is also expected to drive the market growth during the forecast period. For instance, in 2018, according to a report given by Engineering Employers Federation (EEF), 48% of manufacturers have suffered from cyber-attacks and 21 % of the manufacturers have lost intellectual property due to cyber-attacks. Microsegmentation is generally used to reduce the number of cyber threats in organizations. For instance, Hillstone Networks, a China-based company who delivers innovative and effective network solutions to enterprise customers, launched Hillstone CloudHive to upgrade its microsegmentation solution for cloud workload protection, and monitor inbound and outbound traffic of virtual machines with correlation analysis.
Global Microsegmentation Market - Impact of Coronavirus (Covid-19) Pandemic:
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is an increase in phishing ransom and malspam attack, as attackers are using COVID-19 as bait to impersonate company brands by misleading employees and customers. Not only businesses are affected by these attacks, end users who download COVID-19 related information are also being targeted through downloading ransom ware disguised as legitimate applications. Cybercriminals are launching COVID-19- themed attacks in the form of phishing mail with a malicious attachment that will disrupt the system and steal important credentials. This, in turn, increases demand for microsegmentation solutions.
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Key Trends and Analysis of the Global Microsegmentation Market:
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