Network Security Market Size – USD 184.59 Billion in 2020, Market Growth – 10.2% CAGR, Large Demand for Cloud-based Network Security Solutions by SMBs
NEW YORK, NY, USA, March 23, 2022 /EINPresswire.com/ — The growth of the market is mainly driven by the requirement for strict data protection and the growing incidence of cyber terrorism.
the network security market the size is expected to register at a CAGR of 10.2%, growing from USD 184.59 billion in 2020 to reach a valuation of USD 400.02 billion by 2028. Due to the growing incidence of hacking and data breach, the network security market has been gaining momentum over the past decade. Due to increasing virtualization and digital transformation, the need for network security solutions for cloud technology and BYOD is increasing exponentially.
Network security is a term that covers a wide range of services, such as a multitude of processes, devices, and technologies. It is essentially a collection of configurations and commands designed to protect and maintain the integrity, confidentiality and accessibility of networks and data through the incorporation of rigorous software and hardware services. With the increase in risks in the network infrastructure, companies large and small have started to invest in deploying network security solutions to manage the risks. The advantage of network security solutions is that they reduce capital expenditures and improve workforce productivity.
However, the key factor restraining the growth of the market is the increased susceptibility of devices to cyber attacks and terrorism. The growing incidence of these attacks has shaken the network infrastructure of many large and small organizations. They have increased the network’s vulnerability to viruses, theft and loss of crucial data.
Some of the major market players are Aruba Networks, Symantec Corp., McAfee, Juniper Solutions, Ruckus, Honeywell, Fortinet, Motorola Solutions, Cisco Systems Inc., Sophos Ltd., Brocade Communications Systems Inc., Aerohive, ADT Security Services. , among others.
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Other key findings from the report suggest:
• The network security market size is expected to register a CAGR of 10.2%, growing from USD 184.59 billion in 2020 to reach a valuation of USD 400.02 billion by 2028.
• Market growth is mainly driven by the requirement for strict data protection and the growing incidence of cyber terrorism.
• Network security is a term that covers a wide range of services, such as a multitude of processes, devices and technologies. It is essentially a collection of configurations and commands designed to protect and maintain the integrity, confidentiality and accessibility of networks and data through the incorporation of rigorous software and hardware services.
• Due to the growing incidence of hacking and data breach, the network security market has been gaining momentum over the past decade.
• Due to increasing virtualization and digital transformation, the need for network security solutions for cloud technology and BYOD is increasing exponentially. This has compelled network security solution vendors to provide improved and innovative solutions such as firewalls and others.
• The major factor limiting the growth of the market is the increased susceptibility of devices to cyber attacks and terrorism. The growing incidence of these attacks has shaken the network infrastructure of many large and small businesses, increasing the network’s susceptibility to viruses, malware attacks and data breach.
• Based on product type, Intrusion Prevention System (IPS) is expected to grow at a significant rate over the forecast period to gain the major market share. This can be attributed to the growing need to deploy advanced network solutions market owing to the increasing penetration of smartphones and connected devices.
• The intrusion prevention systems segment is expected to grow at a CAGR of 27% during the forecast period, generating $67 billion in revenue by the end of 2027.
• Based on segmentation into industry verticals, the government sector is expected to hold the highest share of the network security market in the coming years. This can be attributed to the increased use of mobility and increased use of mobile devices to improve productivity and improved workflow of public sector departments.
• Based on regional segmentation, the North American region is expected to witness the highest growth over the forecast period, attributable to the growing incorporation of large-scale network security solutions.
• North America is expected to register a significant growth rate of 21% over the forecast period and generate $32 billion in revenue by 2027. This can be attributed to the early adoption of these solutions and to the presence of multiple Distributed Denial of Service (DDoS) protection and mitigation systems in the region.
• Another significant growth driver of the network security market is the ongoing COVID-19 pandemic. With the increasing use of mobile devices, the shift to remote working, and the increased use of home networks, this has created increased security risks for those networks. This has reinforced the need for improved network security solutions.
To identify key industry trends, click the link below: https://www.reportsanddata.com/report-detail/network-security-market
For the purpose of this study, Reports and Data has segmented the network security market on the basis of product, service, industry vertical, deployment type, and region.
By Product (Revenue, USD Million; 2018-2028)
• Intrusion Prevention System (IPS)
• Application control
• URL Filtering
• Anti Bot
• Web Security
• Anti-spam and email security
• Acceleration and regrouping
By Service (Revenue, USD Million; 2018-2028)
• Managed Security Services
• Security Operations Services
• Consulting services
By Vertical (Revenue, USD Million; 2018-2028)
• Aeronautics and Defense
• Health care
• Telecommunications and IT
• Government and public services
• Banking and insurance financial services (BFSI)
By Deployment Type (Revenue, USD Million; 2018-2028)
• On the site
By Region (Revenue, USD Million; 2018-2028)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Key Benefits of Network Security Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the network security industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Network Security Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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