Rising concerns for data protection and emerging trend of Internet of Things (IoT) are driving the growth in Global Network Security Market in the forecast period, 2017-2027.
According to TechSci Research report, “Network Security Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the Global Network Security Market stood at USD29.06 billion in 2021 and is projected to reach USD 58.44 billion at a CAGR of 12.23% in the forecast period, 2022E-2027F. The surge in the adoption of network security and the increasing investment in the cybersecurity market are the key factors driving the Global Network Security Market in the next five years. The demand for the software is driven by the increase in number of startups and internet penetration in emerging nations. Additionally, end-user organizations utilize the Bring Your Own Device (BYOD) Services, which needs secure network connections. In addition, sectors such as healthcare and retail are also concerned about network security; therefore, companies are deploying sophisticated security solutions that will boost security throughout their operational units.
The leading market participants are creating innovative network security products to increase their market position. In February 2021, for instance, Check Point Software Technologies Ltd. launched a complete quantum spark series of protection to protect small and medium-sized businesses from severe cyber-attacks. The quantum spark series provides features such as automated threat prevention, flexible network connection setup, security for distant workers and cloud applications, and easy mobile application administration. Also, key providers offer a variety of network infrastructure security solutions. Specifically, Kaspersky introduced operational technology (OT) network security. Hence, the rise in the demand for network security solutions is expected to boost the demand for network security across the globe.
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Global network security market is segmented into enterprise size, deployment, type, industry, region, and competitive landscape. Based on industry, the market is divided into BFSI, IT & Telecom, Retail, Healthcare, Government, Manufacturing and Others (Education, Logistics, Energy, etc). The BFSI industry led the market with a market share of 19.29% in 2021. With global technological breakthroughs, digital solutions, networked gadgets, the IT systems are gaining popularity. The digital infrastructure is created to facilitate the flow of corporate information and applications across digital platforms, devices, and users. Therefore, hackers increasingly deploy faultless hacking techniques to enter an organization’s IT infrastructure and get access to sensitive corporate data. Further, the entry of new market players and huge untapped potential in developing countries is expected to create lucrative growth opportunities for the global security market in BFSI industry in the forecast period, hence contributing to the segmental growth.
Based on regional analysis, the North America region dominated the market and held a market share of 35.14% in 2021 and is expected to maintain its dominance through the next five years. In addition, the United States has the greatest adoption rate of software. Various software programs are used by leading businesses such as healthcare, BFSI, and retail to safeguard sensitive data. The United States is upgrading existing software while simultaneously developing security solutions. Further, this sort of protection is also expected to gain widespread acceptance in Canada.
Major market players operating in the global network security market are:
- Palo Alto Networks, Inc
- Cisco Systems, Inc.
- NortonLifeLock Inc.
- AT&T
- Check Point Software Technologies Ltd.
- McAfee LLC
- IBM Corporation
- FireEye
- Trend Micro Inc
- CrowdStrike Holdings Inc
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“The growing demand for advanced technologies like automation technology, artificial intelligence, and robotics in industries to improve efficiency and performance drives the industrial digital transformation across the globe. The governments across the globe are laying the framework and promoting the implementation of industry 4.0 to drive the sustainable growth of the industries, thereby fueling the demand for connected machines and devices. To ensure the smooth functioning of organizations, avoid leak of sensitive information and downtime during the production process, enterprises actively adopt network security solutions. The rise in the number of industries and the growing adoption of novel technologies during industrial processes is expected to propel the Global Network Security Market growth till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Network Security Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Enterprise Size (Large Enterprise, SMEs), By Deployment (On-premise, Cloud), By Type (Firewalls, Antivirus & Anti-malware, Intrusion prevention system, VPN, Wireless Security, Others (Email Security, Data Loss Prevention, etc.)), By. Industry (BFSI, IT & Telecom, Retail, Healthcare, Government, Manufacturing, Others (Education, Logistics, Energy, etc.)), By Region”, has evaluated the future growth potential of Global Network Security Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Network Security Market.
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