Global Software Defined Perimeter Market to Generate $1,43,049.2 Million by 2031, Owing to Increased Use of Software Defined Perimeters in Cybersecurity

Software-defined parameter is a virtual software-based boundary that is designed to hide the internet-connected infrastructure so as to protect it from external actors and threats. Thus, instead of creating a network-based perimeter on hardware, the software-defined parameter creates a protected ecosystem of its own which helps in limiting network access, hiding access to critical infrastructure, and managing data within the ecosystem.

Forecast Analysis of the Market

In recent years, there has been an increase in cybersecurity threats which has led to a growth in demand for software defined perimeters. This growth in demand and usage is expected to be the primary growth driver for the software defined perimeter market in the forecast years. Along with this, increasing use of cloud-based systems is expected to push the market further. Also, development of advanced technologies such as Internet of Things is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, lack of awareness regarding software defined perimeter security may restrain the growth of the software defined perimeter market in the forecast period.

Regionally, the software defined perimeter market in the North America region is expected to be the most dominant by 2031. Growing adoption of network technology by private players and government agencies in various countries of this region is anticipated to become the main growth driver of the market in the forecast period.

According to the report published by Research Dive, the global software defined perimeter market is expected to gather a revenue of $1,43,049.2 million by 2031 and grow at 39.3% CAGR in the 2022-2031 timeframe. Some prominent market players include Fortinet, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Catbird Networks, Inc., CERTES NETWORKS, Juniper Networks, Inc., RSA Security LLC., Broadcom, M Intel Corporation, Cisco Systems, Inc., and many others.

Covid-19 Impact on the Software Defined Perimeter Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The software defined perimeter market, however, proved to be an exception. The lockdowns and travel restriction invariably increased the demand and use of digital technologies. Moreover, various IT companies shifted their databases to cloud systems which necessitated the use of software defined parameters to protect their data from external threats. This increase in demand for software defined parameters helped the market to grow during the pandemic years.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the software defined perimeter market to flourish. For instance:

• In November 2021, BlastWave, a leading developer of software defined parameter solutions, launched BlastShield™, a first-of-its-kind, all-in-one software defined parameter solution. This password-less SDP solution runs on a zero-trust security model. This product launch is anticipated to help BlastWave to cater to the demands of the information technology sector in a much better way.
   
• In July 2022, Johnson Controls, a multinational automation company, announced Tempered Networks, a cybersecurity provider. Tempered Networks recently gained a lot of praise and limelight for developing ‘Airwall’ technology, an advanced self-defense system for networks.  This acquisition by Johnson Controls is, thus, predicted to help the company to increase its market share substantially in the next few years.