BANGALORE, India, June 28, 2021 /PRNewswire/ — Network Security Market By Component (Solution and Services), Solution (Firewall, Antivirus, Network Access Control, Data Loss Prevention, IDS/IPS, Secure Web Gateways, DDoS Mitigation, Unified Threat Management and Others), Services (Professional Services and Managed Services), Deployment (On-Premise and Cloud), Organization Size (Small & Medium Enterprise and Large Enterprise) and Industry Vertical (Aerospace And Defense, Government, Banking, Financial Services, And Insurance (BFSI) ,Information Technology (IT) And Telecommunication ,Healthcare, Retail, Manufacturing, Energy & Utilities and Others). This report is published on Valuates Reports in the Computers & Electronics Category.
The global Network Security Market size was valued at USD 18,480 Million in 2019 and is projected to reach USD 63,398 Million by 2027, registering a CAGR of 16.7% from 2020 to 2027.
The word “network security” refers to a wide range of technology, devices, and processes. In the simplest terms, it is a set of rules and configurations that use both software and hardware technologies to safeguard the integrity, confidentiality, and accessibility of computer networks and data.
Every business, regardless of size, industry, or infrastructure, needs network security solutions to protect itself from the ever-increasing array of cyber threats.
Major factors driving the growth of the Network Security Market are:
- Increasing focus on data safety and privacy has emerged as one of the striking factors driving the Network security market.
- Growing incidences of cybercrimes coupled with huge losses also have mandated the need for effective network security solutions.
- The growth of digitalization is also expected to propel the Network Security market growth.
TRENDS INFLUENCING THE GROWTH OF THE NETWORK SECURITY MARKET
With the advent of wireless technologies, telecommunications, the internet, and technologies such as organizational networks and BYOD have all become vulnerable to data theft attacks. This in turn is expected to drive the growth of the network security market. Various vendors have established several network security offerings, such as IPS/IDS, firewall, on-appliance reporting, content filtering, data leak prevention, load balancing, gateway antivirus, network intrusion prevention, and anti-spam detection, in order to protect the wireless network.
The surge in the number of cyber-attacks on businesses has resulted in massive losses in both social and economic terms. As a result, firms have been forced to boost their security investment, resulting in lucrative growth for the Network Security Market.
IMPACT OF COVID-19 PANDEMIC ON NETWORK SECURITY MARKET:
Post COVID-19, the size of the network security market is estimated to grow from USD 21,530 million in 2020 and is projected to reach USD 63,398 million by 2027, at a CAGR of 16.7%.
Cybercriminals are using the pandemic as an excuse to ramp up their criminal activity by exploiting the vulnerability of remote employees and capitalizing on the public’s interest in coronavirus. These factors are prompting businesses to boost their security investment and strengthen their network security architecture in order to accommodate remote working. This indicates that the global network security industry will continue to grow steadily.
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NETWORK SECURITY MARKET SHARE ANALYSIS
Based on components, in 2019 the solution segment dominated the network security market size. However, the services segment is expected to exhibit significant growth during the forecast period.
Based on deployment type, the cloud segment accounted for the highest revenue in 2019 and is expected to witness the highest growth rate during the forecast period. This is due to heavy reliance on cloud and online systems, owing to work from home policy, which has increased the risk of cyber threats.
North America dominated the network security market share in terms of region. This dominance of North America is attributed to the favorable government initiatives in the technology domain. However, during the forecast years, Asia-Pacific is predicted to rise significantly.
Key Market Segments
- Network Access Control (NAC)
- Data Loss Prevention
- Secure Web Gateways
- DDoS Mitigation
- Unified Threat Management
- Professional Services
- Managed Services
By Organization Size
- Large Enterprise
- Small and Medium Enterprise
By Industry Vertical
- Aerospace and Defense
- Banking, Financial Services, And Insurance (BFSI)
- Information Technology (IT) and Telecommunication
- Energy and Utilities
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Cisco Systems
- Trend Micro
- GFI Software
- Avast Software
- Juniper Networks
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SIMILAR REPORTS :
The global Network Security Firewall market size is projected to reach USD 5513.2 Million by 2026, from USD 3263.1 Million in 2019, at a CAGR of 7.3% during 2021-2026.
The global Cloud Network Security Software market size is projected to reach USD 15200 Million by 2026, from USD 3601.6 Million in 2019, at a CAGR of 22.3% during 2021-2026.
The global Deep Packet Inspection and Processing market size is projected to reach USD 18310 Million by 2026, from USD 8717.5 Million in 2019, at a CAGR of 11.1% during 2021-2026.
The global Network Packet Broker market size is projected to reach USD 1075.5 Million by 2026, from USD 679.8 Million in 2019, at a CAGR of 6.8% during 2021-2026.
The global Deep Packet Inspection market size is projected to reach USD 18310 Million by 2026, from USD 8717.5 Million in 2019, at a CAGR of 11.1% during 2021-2026.
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