Network Security Market Share, Key Market Players, Trends & Forecast, 2020–2028
The market growth is majorly driven by the requirement for stringent data protection and increasing incidences of cyber-terrorism.
Market Size – USD 184.59 Billion in 2020, Market Growth – CAGR of 10.2%, Market Trends – Extensive demand for cloud-based network security solutions by SMEs
The Network Security Market size is anticipated to register at a CAGR of 10.2%, growing from USD 184.59 Billion in 2020 to attain a valuation of USD 400.02 Billion by 2028. The market growth is majorly driven by the requirement for stringent data protection and increasing incidences of cyber-terrorism. Due to the rising incidences of hacking and data breaching, the market for network security has been gaining traction over the last decade. Due to the growing virtualization and digital transformation, the need for network security solutions for cloud technology and BYOD is increasing exponentially.
Network security is a term that covers a broad spectrum of services, such as a multitude of processes, devices, and technologies. Essentially it is a set of configurations and commands designed to protect and maintain the integrity, confidentiality, and accessibility of the networks and data through the incorporation of stringent software and hardware services. With increasing risks in network infrastructure, large and small enterprises have started investing in the deployment of network security solutions to manage risks. The benefit of network security solutions is that they reduce capital expenditures and enhance workforce productivity.
However, the key factor restraining the market’s growth is the increased susceptibility of the devices to cyber-attacks and terrorism. The growing incidences of these attacks have rattled the network infrastructure of several large and small organizations. They have increased the vulnerability of the network to viruses, theft, and loss of crucial data.
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Further key findings from the report suggest:
The Network Security Market size is anticipated to register at a CAGR of 10.2%, growing from USD 184.59 Billion in 2020 to attain a valuation of USD 400.02 Billion by 2028.
The market growth is majorly driven by the requirement for stringent data protection and increasing incidences of cyber-terrorism.
Network security is a term that covers a broad spectrum of services, such as a multitude of processes, devices, and technologies. Essentially it is a set of configurations and commands designed to protect and maintain the integrity, confidentiality, and accessibility of the networks and data through the incorporation of stringent software and hardware services.
Due to the rising incidences of hacking and data breaching, the market for network security has been gaining traction over the last decade.
Due to the growing virtualization and digital transformation, the need for network security solutions for cloud technology and BYOD is increasing exponentially. This has compelled the network security solutions providers to provide enhanced and innovative solutions such as firewalls and others.
The key factor restraining the market’s growth is the increased susceptibility of the devices to cyber-attacks and terrorism. The growing incidences of these attacks have rattled the network infrastructure of several large and small organizations increasing the network’s susceptibility to viruses, malware attacks, and data breaching.
Based on the product type, the intrusion prevention system (IPS) is anticipated to grow at a significant rate during the forecast period to gain the market’s largest share. This can be attributed to the rising need to deploy advanced network solutions market due to the rising penetration of smartphones and connective devices.
The Intrusion Prevention System segment is anticipated to grow at a CAGR of 27% over the forecast period, garnering a revenue of USD 67 billion by the end of 2027.
Based on the segmentation into industry verticals, the government vertical is anticipated to hold the highest share of the network security market over the coming years. This can be attributed to the increased use of mobility and increased use of mobile devices to enhance the productivity and workflow enhancement of the public sector departments.
Based on the regional segmentation, the North American region is forecasted to grow at the highest rate during the forecast period, attributable to the rising incorporation of network security solutions on a large scale.
North America is presumed to register a significant growth rate of 21% during the forecast period and garner revenue of USD 32 billion by 2027. This can be attributed to the early adoption of these solutions and the presence of several Distributed Denial of Service (DDoS) protection and mitigation in the region.
Some of the prominent players of the market are Aruba Networks, Symantec Corp., McAfee, Juniper Solutions, Ruckus, Honeywell, Fortinet, Motorola Solutions, Cisco Systems Inc., Sophos Ltd., Brocade Communications Systems Inc., Aerohive, ADT Security Services, among others.
Another significant growth driving factor of the network security market is the ongoing COVID-19 pandemic. With the rising use of mobile devices, shift towards remote working, and increased use of home networks, it has created increased risks over these networks’ security. This has bolstered the need for enhanced network security solutions.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/press-release/global-network-security-market
For the purpose of this study, Reports and Data has segmented the Network Security Market on the basis of product, service, industry vertical, deployment type, and region.
By Product (Revenue, USD Million; 2018–2028)
Intrusion Prevention System (IPS)
Application Control
URL Filtering
Anti-Bot
Web Security
Anti-Spam and Email Security
Acceleration and Clustering
By Service (Revenue, USD Million; 2018–2028)
Managed Security Services
Security Operation Services
Consulting Services
By Industry Vertical (Revenue, USD Million; 2018–2028)
Manufacturing
Retail
Aerospace and Defense
Healthcare
Telecommunication and IT
Government and Utilities
Banking financial services and insurance (BFSI)
By Deployment Type (Revenue, USD Million; 2018–2028)
On-Premise
Hosted
Hybrid
By Region (Revenue, USD Million; 2018–2028)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
Rest of EU
Asia Pacific
China
India
South Korea
Australia
Rest of APAC
Latin America
Brazil
Argentina
Chile
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
U.A.E
Rest of MEA
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Published Sat, 05 Mar 2022 21:39:26 -0600
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