LONDON--(BUSINESS WIRE)--The global data center security solutions market size is expected to grow by USD 5 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increasing number of cyberattacks in the past few years and growing concerns of enterprises over data security have increased the demand for data center security solutions. Enterprises are also adopting enhanced security through cloud solutions owing to new regulations governing data protection. Data center security solutions such as hybrid cloud solutions, public cloud solutions, and multi-cloud environments are also gaining traction in the market. Thus, the growing threat of cyber-attacks is expected to drive market growth during the forecast period.
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The information technology sectors are expected to have a mixed impact due to the outbreak of coronavirus and the sector is expected to grow at a neutral growth rate. The outbreak of COVID-19 globally is also expected to have a neutral impact on the growth of the data center security solutions market during the forecast period. The increase in demand for e-learning, binge television watching, and remote working has surged the Internet usage across the world, which is expected to drive the demand for data centers, thereby maintaining the growth momentum of the market in focus.
As per Technavio, the growing popularity of software-defined data centers (SDDC) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Data Center Security Solutions Market: Growing Popularity of Software-defined Data Centers (SDDC)
The emergence of IoT and OTT services has increased the popularity of software-defined data centers among enterprises. In addition, enterprises are aiming to utilize the available hardware resources through virtualization to reduce capital expenditure, increase operational performance, and reduce space constraints. This has led the stakeholders from the global data center market to adopt SDDCs, which enables enterprises to adopt software-controlled security policies. Thus, the advent of SDDC has triggered the demand for software-defined security, thereby driving the growth of the market.
“Factors such as the need to comply with regulations, and the increase in Internet traffic and rising demand for digitalization will have a significant impact on the growth of the data center security solutions market value during the forecast period,” says a senior analyst at Technavio.
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Data Center Security Solutions Market: Segmentation Analysis
This market research report segments the data center security solutions market by type (logical security and physical security) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the data center security solutions market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing adoption of cloud services by enterprises across industries to reduce the operational and capital expenditure incurred by on-premise data centers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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