May 18, 2024
Microsegmentation Market

The Global Microsegmentation Market Is Driven By Increasing Demand For Advanced Network Security Solutions

Microsegmentation involves dividing networks into smaller logical segments to minimize the risks associated with lateral movement of threats. It helps confine breaches and prevents cyber attackers from moving freely within the network if one device or segment gets compromised. Microsegmentation products assist in enforcing security controls around individual applications, protecting critical assets from unauthorized access, threats moving across virtual workloads and containers. The growing adoption of public and hybrid cloud environments along with online digital services has accelerated the need for more granular network access controls over endpoints, workloads and applications using techniques like microsegmentation.

The global Microsegmentation Market is estimated to be valued at US$ 2328.75 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing need to protect evolving digital business models against cyber threats is a key driver boosting investments in microsegmentation solutions. As Cloud-first strategies gain prominence, there is greater emphasis on strengthening security controls over hybrid cloud environments and platforms involving various virtual servers, containers and IoT systems. Microsegmentation allows enterprises to prevent lateral threat movement by isolating workloads and applications from one another despite being co-located on shared infrastructure. Moreover, the COVID-19 pandemic has further accelerated the digital transformation journeys of enterprises, bringing additional focus on improving security capabilities of networks supporting remote workforce and online business operations. Microsegmentation aids in maintaining robust and risk-controlled access controls associated with distributed enterprise networks in today’s work-from-anywhere environment.

Porter’s Analysis

Threat of new entrants: Low barriers to entry protect the incumbent players from new competition. Thriving companies with established infrastructure and R&D capabilities maintain an edge over new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power driven by the availability of alternatives and differentiation in technology. However, switching costs are relatively high.
Bargaining power of suppliers: Suppliers exert weak pressure given their lack of product differentiation and large number of options available to buyers.
Threat of new substitutes: Potential substitutes such as advanced driver assistance systems pose a moderate threat due to technological innovations.
Competitive rivalry: Intense competition exists amongst top players on the basis of technology, innovation, and geographic expansion.

Key Takeaways

The Global Microsegmentation Market Demand is expected to witness high growth. The global Microsegmentation Market is estimated to be valued at US$ 2328.75 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030.

The market in North America is expected to dominate due to high adoption of advanced technologies and presence of key players in the region. The increasing demand for network security and growing BYOD trends are fueling market growth in the region. The Asia Pacific region is anticipated to showcase the fastest growth over the forecast period supported by increasing investments in smart city initiatives and rising focus towards network security in countries such as China, India and Japan.

Key players operating in the microsegmentation market are AutoX, Inc., Baidu, BMW AG, Daimler AG, EasyMile, Ford Motor Company, GM Cruise LLC, Hyundai, Tesla, Inc., and Waymo LLC. Key players are focusing on developing innovative technologies and exploring strategic partnerships to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it