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Ransomware Attacks and Regulatory Compliance Drive the SCM Market
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The ANZ SCM market was mainly driven by the growing cyber threat landscape emerging from the increasing rate of ransomware attacks, business email compromise incidents, and phishing attacks. In the light of the growing threat landscape, the governments in the region are strengthening their cyber security strategy. The Australian Government is planning to invest more than A$230 million in the next 4 to 5 years. Meanwhile, the New Zealand Government is also reviewing its cyber security strategy introduced in 2015 to ensure cyber safety for its businesses and citizens. Vendors of SCM solutions are constantly innovating and introducing new integrated solutions to combat advanced threats. They are looking at offering more value-added services pertaining to threat intelligence and security analytics to distinguish themselves from the competition. On the technology front, enterprises in ANZ are introducing more analytics capabilities which allow real-time behavioral sandboxing and generate various types of detailed reports which will help users to prevent cyber threats. Vendors are also introducing solutions with AI and machine learning integrated into their SCM solutions. This will allow better spam filtering, improve user productivity, and reduce the number of phishing attacks, malware, and ransomware incidents.In addition to the market growth analysis, the study highlights the key driving forces of the SCM market. Some key drivers include the increasing risks associated with email and Web gateways, which are driving the need for SCM solutions. Besides, industry and local compliance continues to drive investment in SCM for data protection and content management. Moreover, the increasing adoption of mobility in workplace requires organizations tighten control over online content to enhance productivity and to prevent threats.Market trends are analyzed for the study period 2016 to 2022, with 2017 as the base year. SCM solutions are the key focus area in this study. The vertical segmentation in this study includes government, banking, financial services and insurance (BFSI), service providers, manufacturing, education, and other sectors. Companies mentioned in the SCM market's competitive landscape include Symantec, Cisco (IronPort), Forcepoint, Trend Micro, RUAG Defence (Clearswift), McAfee, Axway (Tumbleweed), Barracuda, Sophos and other small vendors. The countries included in this study are Australia and New Zealand.
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