Network Security Market to Grow with a CAGR of 12.23% through 2027
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.
Browse over 152
market data Figures spread through 110 Pages and
an in-depth TOC on "Global Network Security Market"
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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