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According to the latest report by IMARC Group, titled "Security Appliances Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026, the global security appliances market exhibited strong growth during 2015-2020. Security appliances refer to stand-alone tools and practices designed to protect a computer network from unwanted cyber traffic. Some common types of security appliances include active, passive and preventive devices and unified threat management. These applications are deployed on-cloud and on-premises by organizations to prevent possible threats to data, hardware, network, and computer programs, such as data theft, burglary, terrorism, and virus. Security appliances involve user accounts, encryption, anti-virus software, and a firewall that works in combination to filter trusted and untrusted networks. On account of these benefits, they find extensive applications across the defense, healthcare, information technology (IT), and banking, financial services and insurance (BFSI) industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Security Appliances Market Trends:
The increasing incidents of cyberattacks and rising security breaches represent the key factor driving the global security appliances market growth. As a result, organizations are widely adopting cloud-based solutions combined with additional infrastructural technologies to create highly secure platforms. Additionally, the emerging trend of bring-your-own-devices (BYOD) to the workplace has further accelerated the market growth as it has made networks more vulnerable to malware and cyber threats. Moreover, security appliances are cost-effective and provide advanced solutions for managing complex data volumes, which is acting as a major growth-inducing factor. Apart from this, the development of advanced security appliances integrated with improved range, capabilities and functionalities, are further creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of around 12.2% during 2021-2026.
Market Summary:
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