According to a new report, published by KBV research, The Global Security Appliances Market size is expected to reach $152.1 billion by 2028, rising at a market growth of 11.6% CAGR during the forecast period.
The Cloud segment is showcasing a CAGR of 12% during (2022 - 2028). Since cloud deployment demands no investment in IT infrastructure as all data is stored on a cloud server. Cloud-based deployment is an application license and delivery approach in which an application is hosted remotely by a vendor or service provider. This deployment methodology gives the IT team a better chance to deliver actual business value to the company by lowering predicted expenses and allowing them to focus more on innovation and differentiation.
The BFSI segment acquired maximum revenue share in the Global Security Appliances Market by Industry in 2021, thereby, achieving a market value of $30.6 billion by 2028. The financial institutions must guarantee sealed security and digital privacy because banks and financial institutions want to use the cloud, mobile, and social technologies to provide successful financial management. While using wireless devices and storing data on the cloud gives BFSI employees more flexibility in managing files, it also leaves them more exposed to cyber-attacks. As a result, the market for security equipment in the BFSI industry is growing.
The Virtual Private Network segment has shown growth rate of 12.4% during (2022 - 2028). Virtual private networks (or VPNs) provide network security for remote workers by encrypting communications between an endpoint and a network or system via the Internet. To authenticate communications from devices, utilize to secure networks, most remote-access VPNs use Internet Protocol Security (IPsec) or Secure Sockets Layer (SSL).
North America is the fastest growing region in the Global Security Appliances Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $55.9 billion by 2028. The Europe market is estimated to witness a CAGR of 10.8% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 12.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/security-appliances-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cisco Systems, Inc., Check Point Software Technologies Ltd., Broadcom, Inc., Intel Corporation, Fortinet, Inc., Palo Alto Networks, Inc., Bosch Security Systems GmbH, Honeywell International, Inc., Trend Micro, Inc., and Juniper Networks, Inc.
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