Network Security Software Market is expected to grow from USD 13.5 billion in 2019 to USD 22.8 billion by 2024, registering a CAGR of 11.0% during the forecast period – Business

The network security software market is expected to grow from USD 13.5 billion in 2019 to USD 22.8 billion by 2024, registering a CAGR of 11.0% during the forecast period. GMI Research conducts a comprehensive study and finds that the growing agitation towards network privacy and security is the major factor driving the global network security market.

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Network Security Software Market Introduction

Network security software refers to software designed to improve the security of a network. Network security software provides security by preventing the risk from invading and spreading to the network. There are different types of network security software that help protect data along the way. In other words, network security is any move intended to certify the simplicity and integrity of your data and network.

Main market players:

Palo Alto Networks

Microsoft Corporation

Orange

Akamai

SAP SE

F5 Networks

point of strength

imperva

Cirtix

Z-scale

Network Security Software Market Dynamics

The major factors expected to fuel the growth of the network security software market over the forecast period are growing demand for smartphones and accelerating internet penetration in remote areas. Additionally, several industries have adopted Bring Your Own Device policies, which has created a need for secure data transfer. Therefore, the global network security software market research projects that this could contribute to the remarkable growth of the market.

With an increase in the number of malware attacks, the demand for network security software solutions is also expected to increase. This is due to the growing concern about network and data security. For example, Cisco in June 2019 introduced AI-based network analytics, which manages users and networks from campus and remote area networks to the edge of the Internet objects (IoT). Industries such as retail and healthcare are managing security challenges by executing sophisticated technologies that will drive the adoption of network security software over the next few years, elevating the overall size of network security software.

Vertical Segment Drivers

The government sector accounts for the largest share of the overall network security software market over the forecast period. With the worsening of mobility usage, the public sector has triggered the deployment of mobile devices to increase worker output and improve the performance of public sector services. Additionally, the government vertical handles extremely private information about the nation and its people. This confidential information is easily accessible and manipulated by the public using advanced technologies, such as social media, mobile and cloud. The software also enhances the security of private data and information by reducing the threat of unidentified entries.

Deployment Segment Analysis

The global network security software market can be segregated into on-premises and cloud-based by deployment. The increasing adoption of advanced technologies will enhance the demand for cloud technology. In addition to this, the increasing deployment of technologies, such as machine learning, artificial intelligence, and Internet of Things, has forced industries to adopt cloud-based services. Cloud-based solutions help businesses grow quickly using real-time configuration. Thus, all these factors have accelerated the growth of the market.

Regional drivers

The North American region is expected to dominate the overall market over the forecast period. The presence of several prominent vendors that provide Distributed Denial of Service (DDoS) mitigation and mitigation is expected to drive the growth of the market. Moreover, in accordance with the global network security software market research, rapid economic growth and improved management reforms along with economic stability have elevated market growth. Businesses in the North American region are adopting network software solutions to identify and prevent threats at an early stage.

Network Security Software Market Segmentation:

Segmentation by component

Solutions

Services

Segmentation by type of deployment

Segmentation by organization size

• Small and medium enterprises
• Large companies

Segmentation by vertical

• Health care
• BFSI
• Government
• IT & Telecommunications
• Aeronautics & Defense
• Retail and manufacturing

Segmentation by region:

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • united states of america
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • The rest of Europe
• Line
  • United Arab Emirates
  • Brazil
  • South Africa
  • Saudi Arabia

About GMI Research

GM Research is a market research and advisory company that provides market insights and insights across 12 major industries, helping our clients make effective investment and business decisions.

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