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(Wireless-NewsWire.Com, December 12, 2018 ) According to a new market research report "Microsegmentation Market by Component (Software and Services), Security Type (Network Security, Database Security, and Application Security), Service, Organization Size, Deployment Type, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, The global microsegmentation market size is expected to grow from USD 670.3 Million in 2017 to USD 2,038.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period.
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The major factors driving the growth of the microsegmentation market include increase in network connectivity and data theft, and maintaining safe third-party access.
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The consulting and advisory services segment is expected to have the largest market size in the microsegmentationmarket during the forecast period.
Consulting and advisory services play a significant role in achieving the zero trust security model through microsegmentation. They provide strategic insights for the operational, organizational, and technological transformation to various verticals depending upon their requirements. Moreover, these services offer an innovative service-layer framework to help establish a next generation security architecture.
The managed services segment is expected to grow at the highest CAGR during the forecast period.
Managed services are being rapidly adopted by developed countries, such as the US and Canada. Managed services play a huge role in the deployment of microsegmentation software according to requirement of client. Managed services include all the pre- and post-deployment queries and needs of the customers. These services may include planning, designing, testing, integration, maintenance, and support. These services are mainly outsourced for on-time delivery, reduction of capital expenditure, operating expenses.
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The Banking, Financial Services, and Insurance (BFSI) vertical is estimated to have the second largest market size in 2017.
The security solutions help financial service providers protect their customers, meet government and industry compliance standards, facilitate security auditing, and avoid the damage to reputation caused by data breaches. This sector is continuously upgrading its processing and transaction technologies and requires end-to-end security solutions to optimize operations against both internal and external threats.
North America is expected to have the largest market share in the microsegmentation market during the forecast period.
North America is expected to have the largest market share and dominate the microsegmentation market during the forecast period. The region has the presence of major sustainable and well-established economies who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new security solutions.
The region comprises countries such as the US and Canada, which are witnessing the significant adoption of microsegmentation solutions. Increase in ransomware attacks on the connected devices, growing usage of security virtualization and cloud computing, and increasing need for security upgradation are some of the major factors driving the growth of the North America market. The ease in regulations and significant government spending has spurred innovations in the region.
The major vendors in the microsegmentation market include VMware (US), Cisco (US), Unisys (US), vArmour (US), Juniper Networks (US), OPAQ Networks (US), ShieldX Networks (US), Cloudvisory (US), Extra Hop (US), GuardiCore (MEA), Bracket Computing (US), illumio (US), Nutanix (US), and August Schell (US).
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