Global Virtualization Security Market Anticipated to Generate a Revenue of $6,986.3 Million, Growing at a CAGR of 13.6% from 2021 to 2028Download Sample Reports Overview
The global virtualization security market is estimated to be valued at $6,986.3 million by 2028, surging from $2,571.6 million in 2020, at a noteworthy CAGR of 13.6%
COVID-19 impact on Virtualization Security Market
The Covid-19 pandemic served as a wake-up call for many organizations around the world, revealing how well or badly they were prepared for business continuity. Various governments and regulatory agencies have ordered both public and commercial enterprises to embrace new strategies for working remotely and keeping social distance in the wake of the COVID-19 pandemic. Since then, digital business practices have become the new business continuity plan (BCP) for a variety of companies. Individuals are more attracted to adopt digital technologies such as cloud solutions as a result of the widespread usage of BYODs (bring your own device), the WFH trend, and internet penetration across the globe, boosting the need for virtual machine security in cloud computing to protect against cyber-attacks. Organizations might need virtualization security solutions to maintain business continuity while also staying safe from cybercrime and harmful threat actors. Many companies are investing extensively in R&D to build cloud-based analytics software to track COVID-19's spread which has positively impacted the virtualization security market.
Global Virtualization Security Market Analysis
Virtualization technology is a developing set of technologies and characteristics that make virtualization feasible by reducing performance overheads and enhancing security. Virtualization creates a totally new environment for the data center, with distinct management, concentration, changing state, and movement features. Each of these features must be evaluated for potential compliance risk by IT professionals. Virtualization's potential dynamics are expected to compel enterprises to rethink their security defenses, starting with a solid perimeter. Massive cyberattacks occur around the world when people utilize the internet to launch premeditated and politically driven attacks on cloud IT infrastructures, resulting in data loss for individuals, businesses, and governments. There has been a surge in the frequency of cyber-crime as a result of the rapid development in digital transactions globally across verticals. The virtualization security market is being fueled by an increase in enterprise data breaches or data leaks.
Although virtualization provides many benefits, however, the lack of IT security knowledge limits its market growth.
Due to the growing requirement for managing security services within organizations, the key players in the market are spending extensively in virtualization security. To prevent the spread of COVID-19, many companies are allowing their staff to work from home during the lockdown. During this time, data breaches are the most pressing problem. Virtualization security applications can make remote work easier to manage while also ensuring data, network security, secure virtual machine mode, and also to secure virtual machine. This enables users/workers to access mission-critical apps at any time, from any device, and from any location. Furthermore, by separating programs from their local operating systems, virtualization security applications maintain a uniform, low-cost operating system configuration around diverse workstations.
Global Virtualization Security Market, Segmentation
The global virtualization security market size is based on component, deployment, enterprise size, end-use, and region.
The component segment is further classifieds into solution and service. The solution sub-segment is expected to have the largest market share, with revenues exceeding $4,955.9 million by 2028, up from $1,853.4 million in 2020. The solution sub-segment revenue is dominating due to the growing number of sophisticated cyber-attacks on cloud computing systems, as well as the growing demand for compliance with numerous impending legislations. Because of its cost-cutting, flexibility, and scalability, cloud computing is one of today's most fascinating technologies. With the rapid advancement of cloud computing technologies, data security is becoming increasingly crucial. It's critical to weigh the benefits and risks of moving to cloud computing while deciding whether or not to do so. Components of virtualization is one of the most important aspects of cloud computing. Virtualization is a technology that aids IT firms in cost-effectively optimizing their application performance. The increasing use of the organization of virtualization revolves around virtual servers in part because virtualizing servers can result in significant cost savings, such type of factor is boosting demand for virtualization security market.
Based on deployment, the analysis has been divided into on-premise and cloud. Out of these, cloud sub-segment is predicted to be the most dominant and also anticipated to show the fastest growth during the forecast period. By 2028, the cloud sub-segment of the worldwide virtualization security market is expected to have a significant market share of $4,332.0 million, up from $1,548.3 million in 2020. Virtualization has developed as a means of enhancing system security while also delivering on the cloud computing promise. It enables businesses to save IT expenses while increasing the productivity, usability, and flexibility of their existing computer equipment.
Based on enterprise size, the analysis has been divided into o large enterprises and SMEs. By 2028, the large enterprises sub-segment of the global virtualization security market will have a dominant market share of $4,384.2 million, up from $1675.2 million in 2020. Thousands of companies have migrated their operations to the cloud during the last ten years. Enterprise cloud computing provides businesses with new options to minimise costs while boosting their network security, scalability, and flexibility. Cyber criminals routinely target enterprise firms in order to steal or leak data. Data breaches are expensive to fix and can harm the company's brand and consumer connections. By lowering the amount of hardware in an environment, virtualization increases physical security. In a virtualized environment, less hardware means fewer data centers. Server virtualizations allow servers to return to revert to their default state in case of an intrusion.
The end-use sub-segment is further divided into BFSI, government & defense, IT & telecommunication, healthcare, retail, manufacturing, education, and others. By 2028, the global virtualization security market share for IT & telecommunication is expected to have a significant market share, exceeding $1291.5 million, up from $504.3 million in 2020. Cloud computing has risen in popularity during the last half-decade. It has had a major impact on the IT, technology, and business industries. As a result of the rise of cloud-native 5G technology, telecommunications companies have been forced to update their networks and migrate to virtualized and cloud architectures. An unanticipated increase in data traffic due to the global pandemic, a boom in broadband services, and rising customer demands are some of the key factors driving the IT and telecommunication segment to dominate the market.
The virtualization security market size for the North America region is projected to have the largest share. The market in North America generated a revenue of $914.2 million in 2020 and is projected to register a revenue of $2,430.5 million by 2028. Firms in this region have been gradually increasing their use of virtualization security solutions and services as a result of the existence of considerable technical specialists and substantial IT budgets. With the help of virtualization of security and network activities, traditional network and security workloads can be transformed into computing. Virtual functions can be intelligently co-located with business workloads on high-volume servers in any data center, network node, or cloud. With the increasing adoption of advanced technologies and use of various virtualization security, it is expected to grow in popularity, owing to a surge in demand from a variety of industries. Use of this technological solution is in high demand in the healthcare, life sciences, education, gaming, entertainment, e-commerce, and retail industries.
Top 10 Major Key Players in the Global Virtualization Security Market are -
- Fortinet Inc.
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Trend Micro
- Sophos Ltd
- Juniper Networks, Inc.
- Broadcom Corporation
- Check Point Software Technologies, Ltd
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Virtualization Security Market:
- Bargaining Power of Suppliers: The bargaining power of the supplier is high because the virtualization security market is consolidated and there is low adoption rate of the technology in the developing regions.
Thus, the bargaining power suppliers is high.
- Bargaining Power of Buyers: The bargaining power of the buyers is low because different governments have expressed a strong need for virtualization security in order to reduce the complexity and risk associated with IT infrastructure
Thus, the bargaining power of the buyers is low.
- Threat of New Entrants: The companies entering virtualization security market have to deal with the advanced options available from all the major players.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: Due to the entry of businesses with technologically enhanced platforms and lower cost solutions, the threat of substitutes is considerable.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is low mainly because the high number of players operating in virtualization security industry.
Therefore, competitive rivalry in the market is low.