WESTFORD, Mass., June 28,
2024 /PRNewswire/ -- According to SkyQuest, the
global Network Security Market size was valued at USD 19.92 Billion in 2022 and is poised to grow
from USD 22.45 Billion in 2023 to
USD 58.42 Billion by 2031, at a CAGR
of 12.70 % during the forecast period (2024-2031).
Network security refers to the act of securing a network and
data stored on it. Multiple software and tools are used to ensure
network security and the rapidly evolving cyber threat landscape is
forecasted to augment the network security demand outlook. Growing
investments in bolstering online security are predicted to augment
the demand for network security. The global network security market
is segmented into type, industry, enterprise size, deployment, and
region.
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Network Security Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 22.45 billion
|
Estimated Value by
2031
|
$ 58.42 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 12.70%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Component, End-user,
Enterprise Size and Deployment
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increasing cyber
threats targeting network infrastructure
|
Key Market
Drivers
|
Incorporation of Bring
Your Device (BYOD) Policies in Organizations to Boost
Demand
|
Segments covered in Network Security Market are
as follows:
- Component
- Solution (Firewall, Antivirus/Antimalware, Network Access
Control (NAC), Data Loss Prevention, IDS/IPS, Secure Web Gateways,
Distributed Denial-Of-Service (DDoS) Mitigation, Unified Threat
Management, Vulnerability Scanning, Sandboxing, Others), Service
(Professional Service (Design & Implementation, Consulting,
Training & Education, Support & Maintenance), Managed
Services)
- End-user
- Aerospace & Defense, IT & telecom, Government, Banking,
Financial Services, & Insurance (BFSI), Healthcare, Retail,
Manufacturing, Energy & Utilities, Others
- Enterprise Size
- Small & Medium Enterprises, Large Enterprise
- Deployment
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Firewall to Remain the First Line of Defence in Any Network
Security Solution
Firewall is the primary line of defense for any network and this
is why it is the most prominent sub-segment for network security
companies to invest in. Firewall keeps a track of everything that
is shared across a network and monitors its sources whether they
are internal or external. Surging demand for advanced intrusion
prevention technologies is also forecasted to help the firewall
sub-segment's prominence. Firewalls can easily stop and detect
threats that could go unmissed by other network security
measures.
The rapidly evolving cyber threat landscape and the growing
prevalence of cyberattacks and data breaches are promoting the use
of antivirus/antimalware software and solutions. High investments
in the development of novel antivirus products to cover new threats
and viruses are also forecasted to help this sub-segment bolster
network security market growth. Secure web gateways (SWGs) are also
emerging in popularity as a highly popular type of network security
solution. An increasing number of websites on different networks
are opting for secure web gateways to enforce better network
security measures.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/network-security-market
BFSI Industry to Remain Highly Lucrative for Network Security
Providers
The banking, financial services, and insurance industry is
forecasted to lead the demand for network security over the coming
years. The BFSI industry deals with highly valuable information
from customers directly converting into financial security, which
is why this industry needs to deploy the most advanced type of
network security measures available in the market. Rapid
digitization of the BFSI sector and the increasing number of
digital transactions depending on networks are also estimated to
bolster the demand for network security in this sub-segment.
Governments are also expected to promote the adoption of
advanced network security measures to safeguard crucial data from
cyberattacks and data breaches. Increasing adoption of paperless
solutions in governments around the world will bolster the
importance of network security going forward. Healthcare,
aerospace, and defense are also expected to emerge as highly
lucrative industry verticals for network security providers across
the forecast period and beyond.
Cloud Segment to Gain Prominence in Network Security
Deployment
The majority of organizations around the world are focusing on
utilizing cloud platforms and technologies to optimize their
businesses, which is why cloud-based network security software and
solutions are gaining popularity around the world. Network security
companies should focus on cloud technologies to stay relevant in
the future.
The BFSI industry vertical will be a gold mine of opportunities
for network security providers of all kinds across the forecast
period and beyond. Network security companies should also focus on
continually updating their offerings to keep up with the rapidly
evolving threat landscape. New companies can target any segment to
penetrate the market whereas established network security providers
need to select their segments smartly to get the best return on
their investments.
Related Reports:
Cyber Security Market
Secure Access Service Edge (SASE) Market
Edge Security Market
Application Security Market
Identity And Access Management (IAM) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology