At 9.9% CAGR, North America Unified Threat Management Market is Projected to be Worth US$ 4,068.57 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America unified threat management market was valued at US$ 1,915.59 million in 2022 and is expected to reach US$ 4,068.57 million by 2030, registering a CAGR of 9.9% from 2022 to 2030. Rising cases of data breach and growing government investments and initiatives for SMEs are among the critical factors attributed to the North America unified threat management market expansion.

The rise in digitalization has encouraged several businesses across various industry verticals to digitalize their business in order to gain competitive advantage, enhance operational workflow, and reach more targeted audiences. However, the adoption of digital solutions makes critical data vulnerable and accessible to potential data breach incidents, leading to a rise in the number of data breach cases and incidents. A data breach is a security incident where an unauthorized party gains access to any business-sensitive and crucial information. Data breach incidents can impact business performance due to loss of critical information, financial losses, loss of trust of customers, and others. A few of the data breach incidents and related information are mentioned below:

• In July 2023, IBM Security released the Cost of a Data Breach report for 2023. The report indicated that the global average data breach cost reached US$ 4.45 million in 2023, a 15% increase over the previous three years.
  
  
• As of July 2023, the file transfer tool MOVEit experienced a massive data hack impacting 200 organizations and 17.5 million individuals. The data of multiple critical organizations and government bodies, such as the Department of Agriculture, Energy, and Department of Health and Human Services, got leaked.
  
  
• In May 2023, Deutsche Telekom AG's brand T-Mobile experienced its second data breach case for 2023, where over 800 customer's PINs, full names, and phone numbers got leaked.
  
  Adopting unified threat management solutions and services can help businesses boost their network security. This solution provides multiple security features via a single platform, which can help to get an advanced level of cost-efficient security solution. Thus, the rise in the number of data breach cases generates the demand for enhanced levels of security solutions, such as unified threat management, and fuels market growth.
  
  On the contrary, growing number of integrated solution hampers the growth of North America unified threat management market.
  
  Based on component, the North America unified threat management market is bifurcated into solution and services. The solution segment held 77.6% share of the North America unified threat management market in 2022, amassing US$ 1,486.58 million. It is projected to garner US$ 3,286.08 million by 2030 to expand at 10.4% CAGR during 2022-2030.
  
  In terms of deployment, the North America unified threat management market is bifurcated into cloud and on-premise. The cloud segment held 73.5% share of the North America unified threat management market in 2022, amassing US$ 1,408.36 million. It is estimated to garner US$ 3,163.00 million by 2030 to expand at 10.6% CAGR during 2022-2030.
  
  By enterprise size, the North America unified threat management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 69.8% share of North America unified threat management market in 2022, amassing US$ 1,337.09 million. It is predicted to garner US$ 2,783.73 million by 2030 to expand at 9.6% CAGR during 2022-2030.
  
  In terms of end users, the North America unified threat management market is segmented into BFSI, manufacturing, healthcare, retail, government, IT & Telecom, and others. The IT & Telecom segment held 26.8% share of the North America unified threat management market in 2022, amassing US$ 513.72 million. It is estimated to garner US$ 1,126.62 million by 2030 to expand at 10.3% CAGR during 2022-2030.
  
  Based on country, the North America unified threat management market is categorized into the US, Canada, and Mexico. The US held 82.4% share of North America unified threat management market in 2022, amassing US$ 1,579.02 million. It is projected to garner US$ 3,421.38 million by 2030 to expand at 10.1% CAGR during 2022-2030.
  
  Key players operating in the North America unified threat management market are Fortinet Inc; Sophos Ltd.; Cisco Systems Inc; Juniper Networks Inc; Huawei Technologies Co Ltd; Barracuda Networks, Inc.; WatchGuard Technologies Inc; SonicWall Inc; and Check Point Software Technologies Ltd, among others.
  
  2023: Cisco unveiled the latest progress towards its vision of the Cisco Security Cloud, a unified, AI-driven, cross-domain security platform. Cisco's new XDR solution and the release of advanced features for Duo MFA will help organizations better protect the integrity of their entire IT ecosystem.
  
  2023: Cisco introduces new cloud services in the IoT Operations Dashboard to increase industrial asset visibility, securely manage assets from anywhere, and provide Industrial Internet of Things (IoT) customers with a seamless path to cloud automation for Operational Technology (OT) teams. Cisco's unified SASE solution, Cisco+ Secure Connect, now supports integration into Cisco SD-WAN fabrics leveraging Viptela technology, providing any Cisco SD-WAN customer with access to fast, secure private applications and internet access.
  
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