USD 19.92 Billion
Network Security Market Size, Share, Growth Analysis, By Component(Solutions, Large Enterprise), By Enterprise Size(Small & Medium Enterprises (SMEs), and Large Enterprises), By Deployment(On-Premises, and Cloud), By End User(Aerospace And Defense, IT & telecom, Government, Banking), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2074 |
Region:
Global |
Published Date: June, 2024
Pages:
165
|Tables:
136
|Figures:
77
Network Security Market Insights
Global Network Security Market size was valued at USD 21.10 Billion in 2022 and is poised to grow from USD 23.24 Billion in 2023 to USD 47.93 Billion by 2031, at a CAGR of 10.10% during the forecast period (2024-2031).
As the complexity and sophistication of cyberattacks and threats evolve rapidly, the need for advanced network security solutions is projected to increase in the future. High investments in the development and deployment of novel network security solutions and services are slated to create new opportunities for network security providers over the coming years. Moreover, the implementation of stringent network security mandates is also estimated to create a new business scope for network security providers going forward. Rising use of cloud computing platforms and technologies is also estimated to promote the demand for network security across the forecast period and beyond. On the other hand, resistance to security measures, high costs of deployment, and a dearth of skilled professionals are some key restraints that are expected to hinder the overall network security market progress in the future.
US Network Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprise
Fastest Growth
Small and Medium Enterprises (SMEs)
Growth Rate
12.70% CAGR
Global Network Security Market ($ Bn)
Country Share for North America Region (%)
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Network Security Market Segmental Analysis
Global Network Security Market is segmented into Component, Enterprise Size, Deployment, End User, and Region. Based on Component, the market is segmented into Solutions (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). Based on Enterprise Size, the market is segmented into Small & Medium Enterprises (SMEs), and Large Enterprises. Based on Deployment, the market is segmented into On-premises and Cloud. Based on End Users, the market is further sub-segmented into Aerospace and Defense, IT & Telecom, Government, Banking, Financial Services, & Insurance (BFSI), Healthcare, Retail, Manufacturing, Energy & Utilities, and Others. Based on Region, North America, Europe, Latin America, Asia-Pacific, Middle East and Africa.
Analysis by Component
The solutions segment accounts for a major chunk of the global network security demand outlook. The segment is further divided into other sub-segments and firewall solutions bring in major revenue for network security companies. Firewalls are a primary way of fending off cyberattacks on a network and they are essential for any kind of network security system. Firewalls help keep track of internal as well as external data that passes through the network or is stored on it. Growing emphasis on intrusion prevention is slated to help this segment maintain a high market share.
Meanwhile, the demand for services segment is also predicted to increase at a robust pace over the coming years. Growing demand for support, maintenance, and integration of advanced network security solutions will help this segment bring in major revenue going forward. New companies can invest in this segment to establish themselves whereas established market players can maximize their business scope in the future. Growing adoption of network security solutions will create a lucrative setting for network security service providers as well.
Analysis by End User
The banking, financial services, and insurance industry is forecasted to lead the demand for network security over the coming years. High dependence of the digital financial services business on networks will also help this segment gain prominence. 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. Adoption of decentralized finance and rising number of digital transactions will also help network security market growth via this segment.
Data is the new currency of the digital world and IT & telecom industry is one of the biggest data generators in the world. Managing and securing this data is a high priority for companies operating in this space, which is why the demand for network security in this segment will increase rapidly going forward. Growing incidence of data breaches and the rise of bring your own device (BYOD) trend in this industry is contributing to the rapid adoption of network security services and solutions.
Global Network Security Market By Component
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Network Security Market Regional Insights
North America emerges as the top market for network security companies owing to its developed technological infrastructure and high emphasis on security. Growing investments of key tech giants in improving network security and deployment of advanced security measures by all industry verticals also help the dominance of this region. Increasing cybersecurity budgets of companies in this region coupled with the imposition of strict data security and privacy mandates are also helping the dominance of this region. The United States and Canada are forecasted to be the prime markets for network security providers in this region.
Growing awareness regarding cybersecurity and high emphasis on improving the same is helping the Asia-Pacific region to emerge as the fastest-growing market. China is estimated to emerge as a significant contributor to network security demand followed by Japan, India, and South Korea. Implementation of new regulations to ensure data privacy and security by governments and regulatory bodies in this region will also boost market development. Rising use of network-based technologies will also help boost the demand for network security solutions in the Asia Pacific region over the coming years.
Global Network Security Market By Region
- Largest
- Fastest
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Network Security Market Dynamics
Network Security Market Driver
High Adoption of Cloud Computing
- Cloud technologies and platforms have gained massive popularity and witnessed a hike in adoption on a global level. These technologies are highly dependent on various types of networks to function properly, which is why maintaining the security of these networks becomes a top priority for all companies thereby promoting network security demand.
Sophistication of Cyber Threat Landscape
- Cyber threats have been evolving rapidly and becoming more sophisticated than ever before. This is why organizations need to keep updating their network security systems and solutions to keep up with the evolution of threats. This also pushes network security providers to innovate and drive market growth as well.
Restraints
Complexity in Integration and Management
- Integrating network security solutions with other security measures can be a complex task as they might not be interoperable or compatible. Moreover, the complexity of vast networks makes it difficult for network security solutions to manage security in every aspect of network, thereby demanding more advanced technologies to be integrated.
Dearth of Skilled Professionals
- Skilled cybersecurity professionals are becoming scarce by the day, which makes it difficult to develop, deploy, and maintain advanced network security solutions. This is a key factor that restrains network security market growth.
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Network Security Market Competitive Landscape
The global network security market presents plenty of opportunities for new as well as established network security companies. Integration of artificial intelligence will be a key trend that almost all network security providers will target across the forecast period and beyond. Increasing affordability and ease of deployment will be prime areas of focus for network security market players going forward. Strategies such as collaborations and mergers will also help companies maximize their market presence on a global level.
Network Security Market Top Player’s Company Profiles
- Juniper Networks Inc.
- Kaspersky Lab.
- Palo Alto Networks Inc.
- Symantec Corporation
- McAfee LLC
- Imperva Inc.
- Sophos Ltd.
- Webroot
- Akamai Technologies Inc.
- Cisco Systems Inc.
- WatchGuard Technologies Inc.
- FireEye Inc.
- Fortinet Inc.
- Forcepoint LLC
- IBM Corporation
- Proofpoint Inc.
- SonicWall.com
- Trend Micro Inc.
- Qualys Inc.
Network Security Market Recent Development
- BreachSim, a tool designed to spot weaknesses in network security was launched by KnowBe4 in July 2024. This free tool is intended to help organizations identify the weak spots in their network security from the viewpoint of a hacker.
- SEMPRE, a company focusing on securing critical infrastructure entered into a partnership with Corero Network Security to create secure communication networks in May 2024. These resilient networks will be crucial in keeping critical infrastructure operational.
- Back in December 2023, Fortinet, a top name in the network security market announced the launch of new network security hardware. The new products were an addition to the company’s operational technology (OT) security platform.
Network Security Key Market Trends
- Zero Trust Approach: The possibility that a threat can originate within a network or from the outside is addressed using a zero-trust approach in security. Network security companies are opting this approach for their solutions and services as they emphasize maximizing their business scope on a global level.
- Use of AI: Artificial intelligence is changing all aspects of the digital world and security is no exception for this. Network security providers can integrate AI to predict threats and automate security tasks to optimize resource utilization in security teams.
Network Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, network security is gaining immense traction on a global level as incidence of cyberattacks and data breaches through weaknesses in network increase. Growing investments in improving cybersecurity and raising awareness regarding the importance of network security will also drive market development. However, high costs of deployment, dearth of skilled workforce, and complexities in integration are slated to slow down network security demand in the future. Growing investments of organizations in North America to bolster cybersecurity helps it dominate the global network security market. Integration of AI and use of zero trust architecture will be key trends for network security companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.10 Billion |
| Market size value in 2031 | USD 47.93 Billion |
| Growth Rate | 10.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Network Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Network Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Network Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Network Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Network Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Network Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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