Network Security Market

Market Synopsis:

The Global Network Security Market was valued at USD 21.32 Billion in 2022 and is expected to reach a value of USD 53.53 Billion by 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.20% over the forecast period.

The word "Network Security" is broad and it encompasses a variety of tools, technologies, and procedures. The Network Security can be defined as a collection of guidelines and configurations intended to safeguard computer networks and data's reliability, accessibility, and integrity. The importance of Network Security has increased since the internet was first introduced. Worldwide, there is a lot of commercial, private, and governmental data on networking infrastructure. In addition, there have been significant societal and economic losses due to the rise in cyberattacks against businesses. Due to this several companies have been forced to invest more in security, which is anticipated to drive growth in the worldwide Network Security Market throughout the projected period.

Additionally, it is anticipated that rising demand for smartphones and greater internet access in remote areas would boost the need for Network Security solutions. Additionally, businesses are implementing bring-your-own-device (BYOD) rules, which call for secure data transmission. The use of 5G technology is rising quickly. High-speed device operation is made possible by 5G's enhanced network services, boosting dependability, bandwidth efficiency, and latency. As a result, technologies, including Artificial Intelligence (AI), Industrial Internet of Things (IIoT), Machine Learning (ML), and others, have adopted 5G widely. As a result, the market for Network Security worldwide is projected to grow due to the rising use of 5G services. Despite this, businesses continue to underfund Network Security solutions. Additionally, this program has a high initial setup cost and demands ongoing maintenance, which is predicted to delay acceptance for a short while.

Market Segmentation:

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The Network Security Market is segmented based on Component, Solutions, Services, Deployment Mode, Organization Size, Industry Vertical, and Region. Based on the Components segment, the market is further segmented into Solutions and Services. Furthermore, based on the Solutions, the market is further bifurcated into Firewall, Antivirus/ Antimalware, Network Access Control (NAC), Data Loss Prevention, Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS), Secure Web Gateways, Distributed Denial-of-Service (DDoS) Mitigation, Unified Threat Management, and Other Solutions. In addition, based on the Services, the market is further divided into Professional Services and Managed Services. Furthermore, based on Deployment Mode, the market is further segmented into On-Premise and Cloud. Likewise, based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. In addition, based on Industry Vertical, the market is further divided into Aerospace & Defense, Government, Banking Financial Services & Insurance (BFSI), Information Technology (IT) & Telecommunication, Healthcare, Retail, Manufacturing, Energy & Utilities, and Other Verticals.

Based on Deployment Mode:

Enterprises are being compelled to adopt Cloud-based solutions by the expanding use of the Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), and other technologies. In addition, Cloud-based software supports real-time setup, allowing businesses to expand quickly. These considerations are leading to a faster rise in the acceptance of Cloud-based security deployment in the forecast period.

Based on Solutions:

Every industry has implemented Firewall security, contributing to the most significant revenue share. The Firewall keeps track of all files coming in and out of a given IP address. It also keeps track of their actual source, ports, and protocols. The firewall software and services serve as walls that restrict access to the data. The acceptance of intrusion detection and prevention technologies is expanding due to recent security advancements. The ability of intrusion prevention technologies to stop threats rather than only identify them is causing their steady adoption.

Asia Pacific is Forecast to Expand at the Highest CAGR during the Forecast Period

The Asia Pacific is projected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to increasing demand for managed security services and cloud-based security solutions, as well as improved legislative changes and economic stability, the Network Security Market in the Asia Pacific is anticipated to grow. China is expanding its market and investing in the study and creation of security software. In addition, the Chinese government encourages people to use technology daily. This, in turn, would lead to a risen demand for secure networks, which would spur market growth.

Competitive Landscape:

The key players in the Global Network Security Market include- Cisco Systems, Solarwinds, IBM, Trend Micro, FireMon, Symantec, FireEye, GFI Software, Avast Software, Juniper Networks and others.

Segmentation of the Global Network Security Market: