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(IT-NEWSWIRE.COM, January 16, 2020 ) MarketsandMarkets forecasts the global virtualization security market size 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 2019–2024. The major factors driving the growth of the virtualization security market are increasing adoption of virtual applications across SMEs and large enterprises, 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.
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Virtualization is a set of activities that help create a virtual version of real components, including computer-hardware platforms, operating systems, storage, and networking. Virtualization encompassing all those technologies needed to set up virtual machines that provide virtual resources or devices. Virtualization helps migrate physical systems into a virtual environment to reduce the overall IT overheads. With server virtualization, network virtualization, and desktop virtualization, organizations have been basking in great IT efficiencies, reducing complexities, and responding faster to changing workplace needs and opportunities. However, virtualization also has several security risks, such as data breaches, data losses, and denial of services, across architecture, hypervisor software, and configuration.
The services segment is expected to grow at a higher CAGR in the virtualization security market. The virtualization security market has been classified by service into professional and managed services. Professional services segment is further classified into integration and design, consulting, support and maintenance, and training and education. The demand for services is directly related to the adoption level of virtualization security solutions. The adoption of virtualization security solutions is increasing to secure business-sensitive cloud and on-premises applications. Third-party providers offer managed services and help in managing the operational challenges of organizations. The overall services segment has a significant influence on the virtualization security market size. Furthermore, these services help in reducing costs, increasing the total revenue, and enhancing business performance.
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The cloud deployment mode is expected to grow at a higher CAGR during the forecast period. Cloud-based virtualization security solutions are gaining high traction over on-premises solutions due to the multiple benefits offered by the cloud model. The selection of the most appropriate deployment model depends on various factors, such as security, scalability, flexibility, and cost. Some of the benefits of cloud deployment model include reduced operational costs, simple deployments, and higher scalability in terms of connected resources. As more and more companies adopt cloud deployment modes, the virtualization security pattern too is expected to swing in favor of the cloud deployment mode in the near future.
The geographic analysis of the virtualization security market is segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest CAGR 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 rising amount of business processes, there has been significant rise in the adoption of virtualization security solutions and services in this region. The APAC region demonstrates a combination of high growth, developing economies, and mass adoption of mobile and internet. Thus, this region is estimated to be growing at the fastest CAGR during the forecast period.
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