Network Security Market Size to Surpass USD 54.37 Billion by 2030, exhibiting a CAGR of 12.5%

As per the report by Fortune Business Insights, the global Network Security Market size is projected to reach USD 54.37 Billion by 2030, at a CAGR of 12.5% during the forecast period.

Pune, India, July 05, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global network security market size was valued at USD 21.43 billion in 2022 and is projected to grow from USD 23.83 billion in 2023 to USD 54.37 billion by 2030, exhibiting a CAGR of 12.5% during the forecast period. Growing Threat of Cyberattacks at Network Point to Boost Market Progress. Fortune Business Insights™ displays this information in a report titled, Network Security Market Forecast, 2023-2030.

The growing internet penetration and rising network of startups in developing nations are expected to boost the adoption of smart network security solutions. Many end-user companies are following the Bring Your Own Device (BYOD) trend that needs a secure network connection. Many industry verticals, such as retail and healthcare, constantly face network safety issues, which is further expected to boost the network security market growth.

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Key Industry Development:
April 2023 – Trellix announced that it is expanding the threat knowledge and actionable insights in its Threat Intelligence offerings to help customers stay ahead of their competitors. The new contributions incorporate Trellix Intelligence-as-a-Service and Vulnerability Intelligence. Users of Trellix Advanced Threat Landscape Analysis System (ATLAS) and Trellix Insights can gain insights into underground malware through a recent partnership with Intel 471.

Key Takeaways

  • The rising number of startups and increasing internet penetration across developing countries will drive the demand for advanced software.
  • Increasing Trend of Remote Working Practices Boosted the Demand for Network Security Solutions
  • Rising Trend of Implementing 5G across Large Organizations to Boost Market Growth
  • By Type Analysis: Firewall to Gain Traction Backed by Increasing Adoption of Solutions
  • Cybersecurity Firm Trellix Announced Increase in Its Threat Intelligence Offerings

Discover the Leading Players Featured in the Report:
Companies leading the Network Security Market Are Check Point Software Technologies Ltd. (Israel), Cisco Systems, Inc. (U.S.), Musarubra US LLC (U.S.), Fortinet, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Kaspersky Lab. (Russia), Trend Micro (Japan), Palo Alto Networks, Inc. (U.S.), (U.S.), WatchGuard Technologies, Inc. (U.S.)”

Report Scope & Segmentation

Report CoverageDetails
Forecast Period2023 to 2030
Forecast Period 2023 to 2030 CAGR12.5%
2030 Value ProjectionUSD 54.37 Billion
Base Year2022
Network Security Market Size in 2022USD 21.43 Billion
Historical Data for2019 to 2021
No. of Pages160
Segments coveredDeployment, Type, Enterprise, Industry and Geography

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Drivers and Restraints:
Increasing Incidence of Cyberattacks on Network Points to Accelerate Adoption of Network Security Services
The implementation of digital solutions, IT systems, and connected devices is rising across the world as a wide range of advanced technologies are being further upgraded to improve their performance. Countries across the globe are focusing on developing a robust digital infrastructure to help companies easily exchange important data and applications across users, devices, and virtual platforms. However, this scenario has also increased the threat of cyberattacks as many businesses do not invest enough capital to strengthen their security framework. This factor is predicted to drive the demand for network security services.
However, low budget allocation for cybersecurity can hamper the industry’s expansion prospects.

By Deployment

  • Cloud 
  • On-premises

By Type

  • Firewalls
  • Antivirus and Antimalware Software
  • VPN
  • Wireless Security
  • Others

By Enterprise Type

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

By Industry

  • BFSI
  • IT and Telecommunications
  • Retail
  • Healthcare
  • Government
  • Manufacturing
  • Travel and Transportation
  • Energy and Utilities
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South

Regional Insights:
North America to Lead Market Growth with Growing Product Adoption in Large Enterprises
North America is expected to dominate the market share due to the growing presence of large-scale companies. These companies are increasing their focus on improving their security infrastructure and investing in robust network security solutions, thereby spurring the regional market growth.
Europe is also set to record a steady growth rate as the region is raising its investments in the research and development of innovative network and information security solutions.

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Competitive Landscape:
Key Companies to Increase Investments to Offer Reliable Security Solutions
Companies, such as Palo Alto Networks, Check Point Software Technologies Ltd., Fortinet, Inc., WatchGuard Technologies, Inc., and Juniper Networks, Inc., are the leading market players. These firms are partnering with other leading organizations to offer a strong portfolio of smart security solutions.

How big is the Network Security Market?
Network Security Market size was USD 21.43 billion in 2022.

How fast is the Network Security Market growing?
The Network Security Market will exhibit a CAGR of 12.5% during the forecast period, 2023-2030

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Cyber Security Market Share, Forecast, Growth Analysis
Endpoint Security Market Growth Forecast & Analysis
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Global Security Analytics Market Report, Size, Share, Trends

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