Increasing Deployment of Cloud Technology Provides Opportunities for Unified Threat Management Market During 2022–2030
According to our latest market study on "Unified Threat Management Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type, Component, and Application," the market was valued at US$ 5.25 billion in 2022 and is expected to reach US$ 11.88 billion by 2030; it is estimated to record a CAGR of 10.7% from 2022 to 2030.
Cloud computing provides a cost-effective way to handle the data, enabling organizations to store and process it in a centralized location without investing in expensive hardware and infrastructure. This provides SMEs with a very cost-effective way to get access to various software solutions and store systems on the cloud. Cloud services can be used on a subscription or pay-as-you-go basis model, which helps small businesses reduce capital spending and allows them to shift their IT costs to operational expenses. As SMEs and startups can be a massive contributor to any country's economic growth, several public and private entities are constantly investing to flourish the cloud infrastructure. Some of them are mentioned below:
Unified Threat Management Market — by Geography, 2022
Unified Threat Management Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services); Deployment (Cloud and On-Premise); Enterprise Size (Large Enterprises and SMEs); and End Users (BFSI, Manufacturing, Healthcare, Retail, Government, IT & Telecom, and Others) and Geography
Unified Threat Management Market Analysis by 2030
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Source: The Insight Partners Analysis
- In May 2023, Amazon Web Services (AWS) announced an investment of US$ 12.7 billion to develop an efficient cloud infrastructure in India by 2030. Under the Digital India Vision, the country is focused on expanding its cloud infrastructure to meet growing customer demand for cloud infrastructure.
- In FY 2022, the US government invested over US$ 100 billion in information technology (IT), of which US$ 12 billion was used to enhance cybersecurity and other cloud services.
Such a rise in investment is expected to flourish the cloud services. Cloud services allow small businesses to access advanced technology, such as a unified threat management system. The deployment of a unified threat management system on a cloud platform will help businesses access it with robust security measures and advanced data protection features, boosting the growth of the unified threat management market. Thus, the growing cloud market will encourage and help startups and SMEs access advanced technologies and solutions that can create lucrative opportunities for the unified threat management market growth.
Fortinet Inc, Check Point Software Technologies Ltd, SonicWall Inc, Sophos Ltd, Cisco Systems Inc, Juniper Networks Inc, Barracuda Networks Inc, Stormshield SAS, Huawei Technologies Co Ltd, and WatchGuard Technologies Inc are among the key unified threat management market players profiled in the report. Several other major unified threat management market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The unified threat management market report provides detailed market insights, which help the key players strategize their growth.
In the UK, there is an increase in the number of cyber-attacks. According to the report of the American Association of Geographers (AAG), 32% of UK businesses stated suffering a breach during 2022–2023. For medium businesses, breaches rose to 59%, whereas for large businesses, it went up to 69%. The average cost of such a breach against medium and large businesses was US$ 4,960. The most usual cyber threat faced by businesses in the UK in 2022 was phishing. 82% of board management in the UK businesses find cyber security a high priority. As of December 2022, 54% of UK businesses have identified cyber security risks, up from 52% in 2021. However, the cyber security risks in 2022 has dropped compared to 64% in 2020. As the frequency and severity of data breaches and cyberattacks continue to escalate, organizations are becoming more worried about the security of their digital assets and customer data, driving the growth of the unified threat management market. As UTM solutions offer a holistic approach to cybersecurity, addressing multiple threat vectors in a single platform, its demand is increasing, further fueling the unified threat management market growth.
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