Westford, USA, May 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Network Security Market will attain a value of USD 61.96 billion by 2031, with a CAGR of 13.20% over the forecast period (2024-2031). The growing reliance of users' devices on corporate networks is largely due to recent trends like bring your own device (BYOD), remote working, and hybrid work cultures. A number of industries such as government, healthcare, BFSI, manufacturing, IT & telecommunication are also being driven into growth of their network security by these very same trends. The organizations which have online data or systems need network security solutions more than ever before. Also, they play a crucial part in monitoring network traffic flows across organizational domains, enhancing network throughput rates or ensuring secure data exchange among employees as well external sources of information.
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Browse in-depth TOC on the " Network Security Market "
- Pages - 165
- Tables - 118
- Figures – 76
Network Security Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $22.98 billion |
| Estimated Value by 2031 | $61.96 billion |
| Growth Rate | Poised to grow at a CAGR of 13.20% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Industry, Enterprize Size and Deployment |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | 5G Fuels Growth in High-Speed Data Applications, Driverless Cars and VR |
| Key Market Opportunities | Rising Digitization and 5G Deployment |
| Key Market Drivers | Increasing Cyber Threats at Network Point to Boost Demand for the Solution |
Driving Force Behind the Firewall is Surge in Advanced Threat Detection and Prevention Capabilities
The improved threat detection and prevention capabilities of next-generation firewalls (NGFWs) have played a major role in their domination in the global network security market. NGFWs combine the capabilities of standard firewalls with extra features like application awareness, deep packet inspection, and intrusion detection and prevention. Organisations need strong security systems that can fend off changing attacks as cyber threats grow more complex and varied. Consequently, NGFWs' greater protection has fueled their broad acceptance and maintained their dominance in the network security market.
Surge in Handling Vast Amounts of Confidential Information is the Main Supporting Factor Behind BFSI Growth
As financial data and transactions are sensitive, the Banking, Financial Services, and Insurance (BFSI) sector dominates the global network security market. This sensitivity to cyber threats is a result of this. Due to the BFSI industry manages enormous volumes of sensitive data, it is frequently the target of cyberattacks including data breaches and financial fraud. As a result, strong network security solutions are given top priority by financial institutions in order to protect client information and comply with regulations. This has increased demand for cutting-edge cybersecurity technologies in the sector.
North America is Dominant Due to Having Fastest Rate of Software Adoption Growth
Large businesses throughout the region are increasingly implementing these kinds of security solutions, it is projected that North America will hold the largest market share for network security. The United States has filed the most patents for protection in the market and is updating the software that is currently in use while also developing security solutions. Europe's market is expanding at a consistent pace as well. Information risk assessment and management, professional cyber services, and safe network solutions are offered by the majority of UK organisations.
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Network Security Market Insight
Drivers:
- Increasing Cyber Threats at Network Point to Boost Demand for the Solution
- Rising ‘Bring Your Device’ BYOD Policies in Organization to Boost Demand
- Compliance is Required Due to Stringent Regulations
Restraints:
- Low-Security Budget by the Companies Likely to Hamper the Adoption of Security Solution
- High Setup Costs
- Continuing to Raise BYOD Policies in the Organization
Prominent Players in Global Network Security Market
- Cisco Systems Inc. (US)
- Symantec Corporation (US)
- Check Point Software Technologies Ltd. (Israel)
- Trend Micro Inc. (Japan)
- Juniper Networks Inc. (US)
- McAfee LLC (US) FireEye Inc. (US)
- F5 Networks Inc. (US)
- Huawei Technologies Co. Ltd. (China)
- IBM Corporation (US)
- Akamai Technologies Inc. (US)
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Key Questions Answered in Global Network Security Market Report
- Which major trends are propelling the market for network security?
- What role does Next-Generation Firewalls' (NGFWs) superior threat detection and prevention play in their dominance in the global network security market?
- What factors lead to the dominance of the Banking, Financial Services, and Insurance (BFSI) sector in the global network security market?
This report provides the following insights:
- Analysis of key drivers (Development of the digital infrastructure, usage of digital solutions, connected devices & IT systems is rising, corporate sector's level of network security protection needing improvement and demand for security solutions & accelerate market expansion), restraints (Lack of real data protection, businesses continue to underfund network security solutions and rising number of online assaults), opportunities (Growing adoption of cloud-based security technology, rising digitization and deployment of 5G creating growth opportunities for network security market), and challenges (Lack of authentic data security for online threats and not performing network security examination, consistently) influencing the growth of network security market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the network security market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the network security market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Managed Security Services Market
Global Application Security Market
Global Zero Trust Security Market
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