Unified Threat Management Market

Global Unified Threat Management Market Size (2024 to 2029)

The global unified threat management (UTM) market is predicted to reach USD 7.76 billion in 2024 and USD 13.37 billion by 2029, growing at a CAGR of 11.5% during the forecast period.

Unified Threat Management (UTM) is considered a comprehensive security solution that offers functionalities like network firewalls, antivirus, VPN, load balancing, preventing data leaks, content filtering, and device reports, offering great value for enterprises. Due to the encapsulation of all of these security features in one device, the demand for UTM solutions and services has increased over the past decade. Small organizations were once the best-performing end users in the unified threat management market because of their general advantages such as low cost, ease of deployment, and configuration, but today, organizations are also adopting UTM solutions because of their scalable and Agile functionalities capable of reducing energy consumption and improving IT productivity.

The increase in cybercrime has endangered the misuse of confidential data by many businesses and organizations. It is one of the main engines of growth for the global unified threat management market. In addition, UTM systems help governments prevent attacks aimed at damaging critical defense information. This UTM generates maximum income as it prevents great devastation from occurring.

Global Unified Threat Management Market Drivers:

The growing importance of cybersecurity due to the increasing prevalence of cyber-attacks is expected to fuel the growth of the global unified threat management market over the calculated period. In addition, the increasing need for threat management solutions in various organizations for information confidentiality contributes significantly to the increase in the size of the market. Most companies are actively integrating these solutions due to many benefits, such as improved data security, reduced implementation costs, and easy implementation. In addition, the increasing technological progressions in UTM solutions are creating promising opportunities to expand the global unified threat management market.

Greater reliance on web applications is expected to lead to an unprecedented increase in identity and data theft, which should drive demand for UTM solutions to protect web applications. Moreover, these solutions are available at low cost and are easy to implement. The growing awareness of the virtual private network by end-users and the development of next-generation UTM solutions should further increase the growth prospects of the market.

Impact of COVID-19 on the global UTM market:

The global impact of COVID-19 on the unified threat management market is touted to be positive. An increasing number of product launches is expected to increase the competitive landscape for COVID-19's impact on the unified threat management market. In addition, inorganic growth approaches such as collaborations, alliances, partnerships, mergers and acquisitions, agreements, etc., are expected to be on the market shortly.

GLOBAL UNIFIED THREAT MANAGEMENT MARKET REPORT COVERAGE:

The global market study offers both quantitative and qualitative assessments of the market elements of interest to its client. The global unified threat management market is mainly categorized into component, services, deployment, end user, and region.

Global Unified Threat Management Market - By Component:

• Hardware

• Software  

• Virtual       

The unified threat management market is segmented into hardware, software, and virtual depending on the components. The hardware segment will rule the market during the outlook period because of the rising call for UTM devices to reduce cyber-attacks worldwide. Specialized UTM machines in ASIC (Application Specific Integrated Circuit) chipsets help analyze multiple threats simultaneously. In addition, ASIC-based processing devices can fulfill the needs of high-speed networks and provide enhanced security levels, efficiency, and functionality.

Global Unified Threat Management Market - By Service:

• Advise, Support, and Maintenance               

• Managed UTM      

Based on the service, the global UTM market is bifurcated into advice, support and maintenance, and managed UTM. The support and maintenance segment is foreseen to dominate the market due to the growing need for experienced and well-trained technicians and third-party support and maintenance services. The rising call for consulting services to protect critical data and obtain professional advice on new solutions should stimulate the consulting services segment. Also, the requirements for UTM solutions vary from organization to organization. This should further stimulate the demand for advisory services.

Global Unified Threat Management Market - By Deployment:

• Cloud         

• On-Premises        

Cloud deployment should emerge as the most preferred method of deploying UTM solutions. Deploying in the cloud enables organizations to make large-scale customizations of solutions and services. It also helps to set up a control center to organize and coordinate the different components of the UTM. Furthermore, technological progress is stimulating demand. This type of implementation eliminates the need to host, acquire, maintain, and manage local firewalls within an organization and provides benefits such as ease of installation and cost reduction. It should also stimulate segment growth over the conjecture period compared to on-premise implementations.

Global Unified Threat Management Market - By End User:

• BFSI            

• Government          

• Retail         

• Healthcare              

• Manufacturing      

The UTM market is segmented by end-user into BFSI, government, healthcare, retail, manufacturing, telecommunications, and IT. Telecommunications and IT are expected to be the main end-use segments during the anticipated period. Increased use of the digital information-gathering protocol should be a critical element in driving the adoption of this segment.

Global Unified Threat Management Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

The North American region dominated the market with the raise in acceptance of cloud based solutions strict government regulations, and increase in cyber threats across different industries. Asia Pacific to predicted to witness highest CAGR during the forecast period.

KEY PLAYERS IN THE MARKET:

The main companies in the global UTM market are Barracuda Networks, Inc., Cisco Systems, Inc., Check Point Software Technologies Ltd, SonicWall, Fortinet, Inc., Huawei Technologies Co., Ltd, Untangle, Inc., Juniper Networks, Inc., Sophos Ltd., WatchGuard Technologies, Inc., and others.

RECENT DEVELOPMENTS:

In October 2018, WatchGuard Technologies, Inc. introduced a new UTM system, the "Firebox T series", with updated hardware. The system provides a broadband network and security for small offices, distributed businesses, and home offices.