Market Trends of Global Software-Defined Perimeter Industry
BFSI Sector Will Experience Significant Growth
- Wide-scale adoption of digitalization in every sector has also touched the financial sector. Most banks are migrating their data, process, and infrastructure to hybrid cloud to benefit from both on-premises and off-premise cloud implementation.
- The rapid adoption of electronic devices and high internet penetration fuelled the growth of digital services and increased the customers' expectations for ease of payment, 24x7 uptime, secure storage, and interoperability. It has created an opportunity to maintain a multi-channel relationship with customers at a much-reduced cost. Cloud computing has also shortened the development cycles for new products and supports a faster and more efficient response to customers' needs.
- Further, several technology start-ups specializing in the financial segment have emerged, disrupting how we make purchases. For instance, in India, from app-based wallets and Aadhaar/UPI-linked instant transactions to single-window e-commerce apps, fintech start-ups need to be mindful of the threats and invest in robust data security frameworks for the apps. Such instances demand software-defined perimeter solutions to control cyber threats in the banking, financial services, and insurance (BFSI) industry.
- Many financial institutions collaborate with government organizations to advance cyber security awareness and protect sensitive data. For instance, in February 2022, the Department of Justice (DoJ) and the industry group Bankers Association of the Philippines (BAP) signed a memorandum of understanding (MoU) to raise cybersecurity awareness and combat cybercrime in the Philippines. In addition, the increased awareness among financial organizations would prompt deploying software-defined perimeter solutions.
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North America to Hold a Significant Market Share
- The healthcare industry is experiencing a transformation with new tools and technologies to reconstruct the delivery of health services to improve efficiency with better patient care. Mobile health applications and wearable technologies are leveraged as practical health tools to monitor patients' activities. For instance, smartphones are used as an adapter with electrocardiogram electrodes to transmit data to detect silent atrial fibrillation.
- According to Groupe Speciale Mobile Association (GSMA), by 2025, the number of Internet of Things (IoT) connections in North America is expected to grow to 5.9 billion from 2.3 billion in 2018. With the rising trend of IoT devices, the demand for high network security solutions is increasing, which caters to adopting the software-defined perimeter (SDP), mostly in medium and large enterprises.
- In April 2022, the US government launched the Bureau of Cyberspace and Digital Policy (CDP) to enhance cybersecurity across the nation, aiming to address cybersecurity challenges. In addition, the government would address the national security challenges, economic opportunities, and implications for US values associated with cyberspace, digital technologies, and digital policy. Further, the CDP bureau includes three policy units: International Cyberspace Security, International Information and Communications Policy, and Digital Freedom. Such initiatives taken by the government would further boost the market growth over the forecast period.
- Moreover, major players in the retail sector are embracing hybrid cloud solutions with various applications in their data centers and others in the public cloud to benefit from both on-premise and off-premise cloud implementation and create a great shopping experience. For instance, AmazonGo stores utilize a combination of computer vision, deep learning, and sensor fusion technology to automate the payment and checkout process so that customers can directly enter the store, pick up items and leave without queuing. In contrast, the payment is made automatically through the Amazon Go app. Therefore, the retail sector is shifting to digitalization and requires network security in the future, which paves a promising road for a software-defined perimeter market.
- The recent outbreak of COVID-19 worldwide resulted in a short-term increase in demand for security software owing to the increased usage of API and other services from distributed infrastructure. However, this is expected to influence a significant growth in demand over the next few years as the number of enterprises adopting digital infrastructure is expected to increase.
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