Virtualization Security Market to Reach $6.29 Billion by 2030 | CAGR 14.6%
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Major determinants of the market growth
Surge in cybersecurity concerns, increase in adoption of bring your own device and internet of things, and rise in adoption of virtual applications across prime enterprises have boosted the growth of the global virtualization security market. However, lack of awareness of virtualization security and skilled professionals hinder the market growth. On the contrary, surge in government regulations supporting virtualization security is expected to open lucrative opportunities in the future.
Covid-19 scenario:
The Covid-19 pandemic positively affected the market due to rise in demand for virtualization security solutions among small and medium enterprises for protecting company's data.
Moreover, the global adoption of work from home increased the need to detect and block malware and reduce cyber-attacks and data theft issues.
The rise in demand for AI and machine learning-powered solutions increased the need for the virtualization security market. However, the lack of skilled workforce hampered the market.
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The solution segment dominated the market
Based on component, the solution segment held the largest share in 2020, accounting for more than three-fourths of the global virtualization security market, due to rise in AI-powered electronic applications and surge in trend toward data center applications in organizations. However, the service segment is expected to register the highest CAGR of 16.4% during the forecast period, owing to increase in trends toward cybersecurity.
The cloud segment to manifest the highest CAGR through 2030
On the basis of deployment model, the cloud segment is projected to portray the highest CAGR of 15.8% during the forecast period, due to benefits such as increased flexibility, scalability, and ease of administration. However, the on-premise segment dominated the global battery materials market in 2020, contributing to nearly three-fifths of the global virtualization security market, due to rise in adoption of virtualization security solutions across on-premise platforms among strongly regulated industries.
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North America held the largest share
The global virtualization security market across North America held the lion's share in 2020, accounting for nearly two-fifths of the market, as the region is the most dominant market for the virtualization security industry and home to major market players that offer advanced solutions. However, the market across Asia-Pacific is expected to register the highest CAGR of 16.5% during the forecast period, due to presence of prime players in the market and increase in penetration of AI-powered electronic equipment in the region.
Major market players
Trend Micro Incorporated
Juniper Networks, Inc.
IBM Corporation
Intel Corporation
Dell EMC
VMware, Inc.
Microsoft Corporation
Sophos Ltd.
Broadcom, Inc.
McAfee, LLC.
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