According to a research report "Virtualization Security Market - Global Forecast to 2024", published by the key player, the global virtualization security market is expected to grow from USD 1.3 billion in 2019 to USD 2.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. The significant aspects of driving the virtualization security market include increasing adoption of virtual applications across SMEs and large enterprises. Driven by multiple factors, such as flexibility, cost-saving, and availability, an increasing number of companies are transferring their data to the cloud (though this is also exposing these companies to various risks associated with virtualization). Some of the other drivers for this market are the rising incidents of cyberattacks and increase in stringent regulations and compliance requirements. The growth of the global virtualization security market is attributed to the growing need for virtualization security to address privacy requirements and compliance concern driven security spending.
Virtual Infrastructure protection segment to grow at the highest CAGR during the forecast period
Virtualization security led to an increase in the reliability of virtual network environment and the underlying infrastructure, which is essential for growing cloud services. Virtualization security helps to improve business competitiveness by increasing enterprise business efficiency and user productivity. Virtual Infrastructure protection refers to the security configurations and hybrid appliances in a virtualized environment. With the use of this solution, enterprises can lock down configuration of the hypervisor to prevent access to any unused ports. Moreover, this solution limits the potential risk of attack through the bypass of the management console and direct connection to one of the hypervisors control points. Furthermore, this type of solution provides a central control point for authenticated access to all hypervisor and management control points, and hence, organizations are deploying virtualization security solutions.
Managed services to grow at a higher CAGR during the forecast period
Managed services mostly revolve around the term “outsourcing.” Technologies such as big data analytics, blockchain, and AI are rapidly evolving. Therefore, protecting business-critical applications is getting tougher every day. This task becomes even harder when an organization does not have a dedicated IT security team or experts. However, due to high costs and resource constraints, organizations often outsource this task to MSSPs. The MSSPs offer round-the-clock visibility into the IT infrastructure and provide security assessment and monitoring of applications, systems, and devices. The demand for managed services is on the rise due to growth in large-scale networks and increase in IoT and cloud applications in organizations.
Asia Pacific to grow at the highest CAGR in the market during the forecast period
The APAC region is expected to experience extensive growth opportunities during the forecast period. With the increasing adoption of cloud technologies, virtualization and the increasing amount of business processes, there has been a significant rise in the adoption of virtualization security solutions and services in this region. Increasing focus and investments in areas such as virtualized environment, quality, and advanced security techniques is set to drive the growth of the virtualization security market. Increasing adoption of virtualization security for cloud-based applications has created a demand for full-fledged virtualization security solutions in the region. The APAC region demonstrates a combination of high growth, developing economies, and mass adoption of BYOD and IoT trends. Thus, this region is estimated to be growing at the fastest CAGR during the forecast period.
Various growth strategies have been adopted by the major players to increase their market presence, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments. Some of the major technology vendors in the virtualization security market are Trend Micro (Japan), VMware (US), Juniper Networks (US), Fortinet (US), Sophos (UK), Cisco (US), IBM (US), Centrify (US), HyTrust (US), Check Point (srael), Tripwire (US), HPE (US), Dell EMC (US), Intel (US), CA Technologies (US), Symantec (US), StrataCloud (US), ESET (Slovakia), McAfee (US), and Huawei (China).
Source: ASDReports - Market Research
Date: Oct 30, 2019