According to the research report titled ‘Global Unified Threat Management (UTM) Market Size study, by Deployment Outlook (Cloud, On-premise), Enterprise (Large Enterprise, Small & Medium Enterprise), by End use (BFSI, Government, Healthcare, Manufacturing, Retail, Telecom & IT, Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global unified threat management (UTM) market size was worth USD 5.17 billion in 2020 and is expected to multiply at a CAGR of 14.3% over 2021-2027, subsequently reaching USD 13.18 billion by the end of the forecast period.
 

Increasing number of data breaches and rising investments in cyber security are propelling global unified threat management (UTM) market growth, cites the study.
 

The Cybercrime Magazine cited that US President's budget for cybersecurity comprised of USD 15 billion in 2019, an increase of USD 583.4 million (4.1%) from 2018, and the US federal government will raise the budget from USD 10.9 billion in FY 2018 to more than USD 14.1 billion in FY 2023.
 

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For the unversed, UTM stands for unified threat management, which is a single-solution approach to cyber security that includes various security activities instead of having single point solutions for every type of threat.
 

Growing acceptance of cybersecurity which incorporates all such features like gateway anti-spam, gateway antivirus, and network firewalling in a single application is further augmenting global unified threat management (UTM) industry share. Moreover, emphasis to meet regulatory compliance as well as achieve simplicity, integrated approach, and decreased technical training requirements are contributing to the industry progression.
 

Speaking of restraints, degradation in performance features is anticipated to hamper the overall industry expansion.
 

Elaborating on deployment outlook, the market is split into on-premise, and cloud. Based on enterprise type, the industry is bifurcated into small & medium enterprise, and large enterprise. Moving on to end user scope, the industry segmentation comprises telecom & IT, retail, manufacturing, healthcare, government, BFSI, and others.
 

Geographically, North America holds considerable portion of global unified threat management (UTM) market share presently, attributable to flourishing IT sector, and technological advancements.
 

Meanwhile, Asia Pacific industry is projected to gain momentum over the upcoming years, owing to territorial disputes between nations, and increasing cyber threats.
 

Major contenders in global unified threat management (UTM) market sphere are Checkpoint Software Technologies Ltd., Huawei Technologies Co. Ltd., Juniper Networks Inc., WatchGuard Technologies Inc., Sophos Ltd., Untangle Inc., Fortinet Inc., SonicWall, Cisco Systems Inc., and Barracuda Networks Inc.