Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) — The global network security market size was USD 20.30 billion in 2021 and is projected to grow from USD 22.60 billion in 2022 to USD 53.11 billion by 2029, exhibiting a CAGR of 13% during the forecast period. The emergence of several startups and the rising adoption of 5G services are expected to boost the market growth. Fortune Business Insights, provide this information in its report titled, “Network Security Market Forecast, 2023-2029.” The growing popularity of artificial intelligence (AI) and internet of things (IoT) technologies is responsible for propelling the global market.
Key Industry Development
February 2022: Check Point Software Technologies Ltd. completed the acquisition of Spectral. This acquisition may enable the company to expand its cloud security offerings and include its hardcoded secrets infrastructure.
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Network security solutions protect all kinds of cyber threats such as viruses, malware, trojans, password attacks, phishing, and others. Network security or cyber security offers technical solutions, which include data loss protection (DLP), identity and access management (IAM), disaster recovery, and antimalware. With the advent of cloud-based servers, the network security market is expected to register ample opportunities regarding sharing internet services across the world.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13% |
| 2029 Value Projection | USD 53.11 Billion |
| Base Year | 2021 |
| Network Security Market Size in 2021 | USD 20.30 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Deployment, Type, Enterprise Size, Industry and Geography |
Key Takeaways:
- Network Security Market Size in North America was USD 8.24 billion in 2021
- Major driving factors include rising adoption of cloud computing, growing IT investments and cyber security solutions.
- By type, firewall security segment has the largest share in the global market.
- Global demand is driven by faster adoption of 5G technology.
- IT and telecommunications end-users will drive the market in the forecast period, 2022-2029.
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Drivers and Restraints
- Increasing Concerns about Cyber Security to Propel Industry Growth
- Network security is a security system that protects organizations from frauds, hacks, and other threats.
- The rising concerns regarding cyber security are expected to enhance the demand for the software.
- Further, the rising adoption of connected devices, digital platforms, and Internet-of-Things (IoT) may boost industry progress.
- Moreover, the increasing demand for cybersecurity from organizations and startups is expected to propel the industry’s progress. Also, the adoption of bringing your own device (BYOD) trend may increase the demand for security software. These factors may drive the network security market growth.
- However, low-security budget allocation by manufacturers may hinder the market’s progress.
Emergence of BYOD Trend Moves the Market in Upward Direction
The rising adoption of cloud computing technologies acts as a potential growth trigger in the global network security market. This, coupled with growing IT investments by private and government organizations, is responsible for positively impacting the market. In addition to this, blockchain technology is gaining traction in several organizations, thus encouraging companies to adopt cyber security solutions. Another factor driving the market is the high adoption of e-commerce platforms as these platforms ensure faster and efficient business processes. Deployment of machine learning in servers acts as potential growth enablers in the market. Network security solutions help to reduce the cost of data storage, which in turn, is expected to fuel demand for these solutions in the coming years.
Segmentation
By deployment, the network security market share is segmented into cloud and on-premise. As per type, it is classified into firewalls, antivirus and anti-malware software, VPPN, wireless security, and others. Based on enterprise size, it is bifurcated into Small and Medium-sized Enterprises (SMEs) and large enterprises. By industry, it is categorized into BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights
Robust Adoption of Security Software to Propel Market Progress in North America
North America is expected to dominate the network security market share because of the rising adoption of security software from organizations. The market in North America stood at USD 8.24 billion in 2021 and is expected to grow positively during the upcoming years. Further, the rising modernization of current security software is expected to propel market development.
In Europe, rising investments in the research and innovation of the software are expected to boost its adoption. Further, organizations’ provision of safe network security solutions is expected to propel the adoption of the software.
In Asia Pacific, major players’ robust investments in research and development are expected to boost the adoption of network security solutions. These factors may propel market development during the forecast period.
Competitive Landscape:
Sonic Wall’s New AI-based Network Security Solution Offers Real-time Information
Some of the leading companies operating in the global network security market are WatchGuard, Fortinet Inc., Juniper Networks Inc., Check Point Software Technologies Ltd., IBM ISS, Assured Digital, CyberGuard, Lucent, McAfee, SonicWall, Network Associates, and Cisco Systems Inc. Among these, Cisco merged with Luxtera Inc. in the year 2018 and developed a cloud-based operating system (OS). This OS is enabled with a technology called silicon photonics which offers hybrid security for data centers. The system was developed to strengthen security and networking business.
With the help of cloud-based technology, companies are designing networking security solutions to help other organizations from any possible cyber-attacks. For instance, Sonic Wall designed a new cloud platform called Zero-touch Deployment in June 2018. It is an AI-based platform and helps organizations to receive real-time information on risk scoring and threat intelligence.
Symtantec Corporation designed a ubiquitous security analytics platform which works on big data analytics and offers real-time information on cyber threats.
List of Key Players Profiled in the Network Security Market Report
- Check Point Software Technologies Ltd. (Israel)
- Cisco Systems, Inc. (U.S.)
- FireEye, Inc. (U.S.)
- Fortinet, Inc. (U.S.)
- Juniper Networks, Inc. (U.S.)
- Kaspersky Lab. (Russia)
- McAfee, LLC (U.S.)
- Palo Alto Networks, Inc. (U.S.)
- SonicWall.com (U.S.)
- WatchGuard Technologies, Inc. (U.S.)
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Major Table of Contents:
- Global Network Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- By Type (USD)
- Firewalls
- Antivirus and antimalware software
- VPN
- Wireless security
- Others (Data loss prevention, Intrusion prevention systems etc.)
- By Enterprise Size (USD)
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others (Education, etc.,)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Network Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- By Type (USD)
- Firewalls
- Antivirus and antimalware software
- VPN
- Wireless security
- Others (Data loss prevention, Intrusion prevention systems etc.)
- By Enterprise Size (USD)
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others (Education, etc.,)
- By Country (USD)
- Latin America Network Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- By Type (USD)
- Firewalls
- Antivirus and antimalware software
- VPN
- Wireless security
- Others (Data loss prevention, Intrusion prevention systems etc.)
- By Enterprise Size (USD)
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others (Education, etc.,)
- By Country (USD)
- Brazil
- Mexico
- Rest of Latin America
TOC Continued…!
FAQs
How big is the network security market?
Network security market size was USD 20.30 billion in 2021. It is projected to reach USD 53.11 billion by 2029.
How fast is the network security market growing?
The network security market will exhibit a CAGR of 13% during the forecast period, 2022-2029
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