BANGALORE from 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 and managed services), deployment (on-premise and cloud), organization size (small and medium business and large enterprise) and vertical (aerospace and defense, government, banking, financial services and insurance (BFSI), technologies Information (IT) and Telecommunications, Health Care, Retail Trade, Manufacturing, Energy and Utilities and Others). This report is published on Evaluate reports in the IT and electronics Category.
The size of the global network security market has been estimated to be $ 18,480 million in 2019 and should reach $ 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 technologies, devices and processes. Simply put, it is a set of rules and configurations that use both software and hardware technologies to protect the integrity, privacy, and accessibility of computer networks and data.
Every business, regardless of size, industry or infrastructure, needs network security solutions to protect against the ever-growing range of cyber threats.
The major factors driving the growth of the Network Security Market are:
- The increasing attention to data security and privacy has become one of the prominent factors in the network security market.
- The growing incidence of cybercrime coupled with huge losses has also necessitated the need for effective network security solutions.
- The growth of digitization is also expected to propel the growth of the network security market.
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TRENDS AFFECTING THE GROWTH OF THE NETWORK SECURITY MARKET
With the advent of wireless technologies, telecommunications, the Internet, and technologies such as organizational networking 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 implemented several network security offerings, such as IPS / IDS, Firewall, Device Reporting, Content Filtering, Data Leak Prevention, Load Balancing, Gateway Antivirus, Network Intrusion Prevention and spam detection, to protect the wireless network.
The increase in the number of cyber attacks against businesses has resulted in massive losses in both social and economic terms. As a result, companies have been forced to increase their investments in security which has resulted in lucrative growth for the network security market.
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IMPACT OF THE COVID-19 PANDEMIC ON THE NETWORK SECURITY MARKET:
After COVID-19, the size of the network security market is expected to grow by $ 21,530 million in 2020 and should reach $ 63,398 million by 2027, at a CAGR of 16.7%.
Cybercriminals are using the pandemic as an excuse to escalate their criminal activity by exploiting the vulnerability of remote workers and capitalizing on the public interest in the coronavirus. These factors are prompting companies to increase their security investments and strengthen their network security architecture to enable remote working. This indicates that the global network security industry will continue to grow steadily.
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NETWORK SECURITY MARKET SHARE ANALYSIS
On a component basis, in 2019 the solutions segment dominated the network security market size. However, the service segment is expected to show significant growth during the forecast period.
Based on the type of deployment, the cloud segment generated the highest revenue in 2019 and is expected to experience the highest growth rate during the forecast period. This is due to the heavy reliance on the cloud and online systems, due to the 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 domination of North America is attributed to favorable government initiatives in the technological field. However, over the years of forecasting, Asia Pacific should increase considerably.
Key market segments
- Antivirus / Antimalware
- Network Access Control (NAC)
- Prevent data loss
- IDS / IPS
- Secure web gateways
- DDoS mitigation
- Unified threat management
- Professional services
- Managed Services
By organization size
- Big business
- Small and medium-sized enterprise
By business sector
- Aeronautics and Defense
- Banking, Financial Services and Insurance (BFSI)
- Information technology (IT) and telecommunications
- Health care
- Energy and utilities
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Key market players
- Cisco Systems
- Solar winds
- Trend Micro
- GFI software
- Avast software
- Juniper networks
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The Global Network Security Firewalls Market the size should reach $ 5,513.2 million by 2026, from $ 3,263.1 million in 2019, at a CAGR of 7.3% in 2021-2026.
The Global Cloud Network Security Software Market the size should reach $ 15,200 million by 2026, from $ 3,601.6 million in 2019, at a CAGR of 22.3% in 2021-2026.
The Global Packet Inspection and Deep Processing Market the size should reach $ 18,310 million by 2026, from $ 8,717.5 million in 2019, at a CAGR of 11.1% during 2021-2026.
The Global Network Packet Broker Market the size should reach $ 1,075.5 million by 2026, from $ 679.8 million in 2019, at a CAGR of 6.8% in 2021-2026.
The Global Deep Packet Inspection Market the size should reach $ 18,310 million by 2026, from $ 8,717.5 million in 2019, at a CAGR of 11.1% during 2021-2026.
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