TOKYO , Oct. 11, 2022 (GLOBE NEWSWIRE) — The Global Network Security Market Size accounted for USD 31,652 Million in 2021 and is estimated to achieve a market size of USD 84,457 Million by 2030 growing at a CAGR of 11.7% from 2022 to 2030.
Network Security Market Statistics
- Global network security market revenue was worth USD 31,652 million in 2021, with a 11.7% CAGR from 2022 to 2030
- North America region has leads the market with more than 36% share in 2021
- Asia-Pacific market is expected to reach at a CAGR of 13% from 2022 to 2030
- By enterprise size, SMEs segment is expected to register the highest growth rate over the forecasting years
- Increasing incidences of cyber-terrorism, drives the network security market share
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|Market||Network Security Market|
|Network Security Market Size 2021||USD 31,652 Million|
|Network Security Market Forecast 2030||USD 84,457 Million|
|Network Security Market CAGR During 2022 – 2030||11.7%|
|Network Security Market Analysis Period||2018 – 2030|
|Network Security Market Base Year||2021|
|Network Security Market Forecast Data||2022 – 2030|
|Segments Covered||By Deployment, By Revenue, By Enterprise Size, By Industry, And By Geography|
|Network Security Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||NortonLifeLock Inc.,(Symantec Corporation), Aerohive Networks, Sophos Limited, Brocade, Motorola Solutions, Inc., Cisco Systems Inc., Fortinet, Aruba Networks, Ruckus Networks, Honeywell International Inc., McAfee Corp., and ADT Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Network Security Market Overview
Network security is a broad term that encompasses a wide range of equipment, procedures, and operations. Network security is a set of principles and configurations designed to secure the dependability, accessibility, as well as authenticity of computer data and networks. Since the introduction of the Internet, the significance of network security has escalated. There is a large amount of corporate, commercial, as well as government data on networking infrastructure all across the world. However, the network security market growth is driven by the need for strong data security and the rising occurrences of cyber-terrorism.
Network Security Market Growth Factors
- Growing data safety and privacy concerns
- Rising adoption of cloud-based security technologies
- Increasing proliferation of smart devices
Network Security Market Dynamics
The constantly growing numbers of mobile phones, as well as the growing adoption of interconnected security products, are two key reasons predicted to drive the worldwide network security market value in the upcoming decades. Moreover, growth in regulatory compliance obligations is likely to fuel market expansion in the future years. The growing popularity of Software as a Service-based network security solution is considered to be a significant driver driving the network security market size.
On the other hand, the global network security market trend is likely to be limited by an absence of effective security protocols and the complexity of network architecture. Other challenges predicted to limit market growth in the next years include threats posed by open-source network security software as well as technical weaknesses. Nonetheless, a large increase in DDoS attacks, along with an increase in acquisitions and mergers are predicted to contribute to industry growth.
However, the growing susceptibility of gadgets to cyber-attacks as well as terrorism is a key hindrance to market expansion. The increased incidence of these attacks has surprised both large and small enterprises’ network infrastructure. They’ve made the network more vulnerable to viruses, fraud, as well as data loss. Furthermore, increased BYOD use is projected to hinder market growth in the approaching years.
COVID-19 Analysis of the Network Security Market
The current COVID-19 epidemic is another major driver of growth in the network security sector. With the rising usage of smartphones, remote working, as well as home networks, there is a heightened awareness about the cybersecurity of these networks. As a result, there is a greater need for improved network security solutions. Additionally, network infrastructure cybersecurity became a crucial facet of company operations as companies migrated to digital platforms. This has propelled market expansion in recent years and is projected to continue to do so throughout the forecast period.
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Network Security Market Segmentation
The global network security market has been segmented by Acumen Research and Consulting based on deployment, type, enterprise size, and industry. By deployment, the segment is separated into on-premise, and cloud. According to the network security market forecast, the cloud segment is predicted to develop significantly in the next years. By type, the market is categorized into firewalls, antivirus and anti-malware software, VPN, wireless security, and others. By enterprise size, the market is classified into large enterprise, and small and medium size enterprise (SMEs). By industry, the market is split into IT and telecommunication, BFSI, retail, energy and utilities, manufacturing, government, travel and transportation, healthcare, and others.
Network Security Market Regional Overview
The global network security market is separated into several geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. According to a network security industry analysis, North America will lead the global market in 2021. This is owing to the widespread adoption of network security technologies. Moreover, the region’s market growth is being driven by the early acceptance of these technologies, as well as the availability of various Distributed Denial of Service (DDoS) mitigation and protection solutions.
Furthermore, significant enterprises in the region are rapidly using network security solutions to detect and mitigate cyber risks and potential virus assaults. The Asia-Pacific is predicted to have the strongest growth rate in the network security market over the next few years. This market is predicted to develop at the quickest rate in the coming years due to the increasing acceptance of managed security services with cloud-based security systems.
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Network Security Market Players
Some of the prominent network security market companies are NortonLifeLock Inc.,(Symantec Corporation), Sophos Limited, Motorola Solutions, Inc., Fortinet, Ruckus Networks, McAfee Corp., Cisco Systems Inc., Honeywell International Inc., Aerohive Networks, Brocade, Aruba Networks, and ADT Inc.
Network Security Market Strategies
Some of the key strategies in market:
- In October 2019, Cisco Systems, Inc. announced the acquisition of Duo Security Inc., a Michigan-based internet-based networking strategy. The deal will allow both companies to expand their software-based & subscription-based security portfolios. This will strengthen the company’s standing in the global market.
Questions Answered By This Report
- What was the market size of Network Security Market in 2021?
- What will be the CAGR of Network Security Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Network Security Market?
- Which region held the largest share in Network Security Market in 2021?
- What are the key market drivers of Network Security Market?
- Who is the largest end user Network Security Market?
- What will be the Network Security Market value in 2030?
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Acumen Research and Consulting