Network Security Market to Surpass Valuation of $51.89 Billion by 2028 | 43% Business are Concerned about Potential Threat of Cyberattack

Global network security market size was valued at USD 19.98 billion in 2021. It is expected to reach a value of USD 51.89 billion by 2028, at a CAGR of 12.5% over the forecast period (2022–2028).

Westford, USA, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Network security market is gaining momentum as it has become an essential part of protecting any business or organization's data. Whether it's to prevent unauthorized access to information, protect against cybercrime, or ensure the safety of employees and customers, robust network security is crucial. As per latest findings, cybercrime to cost over $10.5 trillion per year by 2025.

The demand for quality network security products is on the rise, as businesses and governments in the global network security market increasingly need to prevent cyberattacks. There are a number of factors driving this trend, including the pressing issue of data breaches, as well as increased awareness of cyber threats. In addition, businesses are also facing greater compliance and regulatory demands when it comes to cybersecurity. As a result, many security providers are seeing increased demand for their services, with companies such as Dell and IBM reporting double-digit growth in net security revenue over the past year.

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Considering the importance of network security, it's no surprise that demand for network security professionals is on the rise. According to the latest report from the US Bureau of Labor Statistics (BLS), employment of computer and communications systems analysts is projected to grow by 12% between 2014 and 2024, which is much faster than the average for all occupations. This growth in the network security market is likely due in part to the increasing demand for network security solutions from businesses and organizations.

SkyQuest has released a new report on the network security market. The report covers the current state of the market, including market size, growth drivers, and challenges. It also provides an analysis of the major vendors in the market.

SkyQuest’s Survey reveals 43% Business are Concerned About Potential Threat of Cyberattack

With online safety becoming one of the top concerns for Americans, networks and devices increasingly rely on security protocols such as encryption and firewall protection. Yet recent surveys of the network security market have shown that employees are not always using these measures to protect their data, information and systems. And while IT managers may be implementing stringent security measures, they often lack a full understanding of their organization's network posture and employee compliance with guidelines.

According to the Network Security market survey conducted by SkyQuest, almost two-thirds of respondents (64%) said that security is one of their biggest challenges when it comes to data privacy. In addition, 43% of businesses are concerned about potential cyber-attacks that could cause data breaches and disrupt business operations. Nearly half (49%) of respondents said they are also concerned about potential insider threats. As networks become increasingly interconnected, companies must ensure their systems are interconnected and can provide robust and reliable data services for employees across the company.

Here are some key findings in the global network security market:

  • Nearly half (48%) of respondents feel insecure about the cybersecurity of their organization's networks.
  • More than one third (37%) of respondents say that employees are not compliant with company guidelines when it comes to network safety and security.
  • 84% of respondents use packet filtering or firewalls to protect their networks from external attack; however, 27% admit that they do not audit employee activity accordingly.
  • Moving forward, more respondents plan to deploy next-generation security technologies such as machine learning

SkyQuest, a leading provider of market research reports, has released its latest survey on network security. The report provides an overview of the latest trends and developments in the network security market, and includes data on the key players in the market.

The report finds that the network security market is growing at a rapid pace, with new players entering the market and existing players expanding their offerings. The report also highlights the importance of network security for businesses and organizations of all sizes, and provides recommendations on how to best protect your network based on the findings of survey and current market developments.

Browse summary of the report and Complete Table of Contents (ToC):

Major Threats in Network Security Market

  • Increased use of social engineering attacks: Social engineering attacks are becoming increasingly common, and they can be very effective when executed correctly. Social engineering attacks involve tricking someone into disclosing confidential information or performing an unauthorized action.
  • Growing concern over bots: Cybersecurity experts are increasingly concerned about the growing number of bots on the internet, which could pose a major threat to organizations and citizens alike. Bots can be used to launch fake attacks, gather intelligence, and carry out other malicious activities.
  • More trojans and ransomware attacks

In recent years, we have seen an increase in trojans and ransomware attacks. This is likely due to the fact that these types of attacks are very lucrative. Trojans and ransomware can hold computer users ransom, which can be quite lucrative for attackers.

  • Increased cyber espionage

Cyber espionage has also increased in recent years. This is likely due to the increased focus on cyber security by businesses and governments across the global network security market. Cyber espionage involves hackers stealing information from businesses or governments in order to gain an advantage over their competitors or enemies.

  • Growing concern over bots: Cybersecurity experts are increasingly concerned about the growing number of bots on the internet, which could pose a major threat to organizations and citizens alike. Bots can be used to launch fake attacks, gather intelligence, and carry out other malicious activities.
  • Hackers targeting industrial control systems (ICS): Hackers are increasingly targeting industrial control systems (ICS), which can cause disastrous consequences if they are compromised. This threat is particularly serious because ICSs are often located in critical infrastructure locations.

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Prominent Players in Global Network Security Market

  • Check Point Software Technologies Ltd. (Israel)
  • Cisco Systems, Inc. (US)
  • FireEye, Inc. (US)
  • Fortinet, Inc. (US)
  • Juniper Networks, Inc. (US)
  • Kaspersky Lab. (Russia)
  • McAfee, LLC (US)
  • Palo Alto Networks, Inc. (US)
  • (US)
  • WatchGuard Technologies, Inc. (US)

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Global Cyber Security Services Market

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