What is the global market size of Network Security Market?

Network Security Market size was valued at USD 20.3 Billion in 2021 and is poised to grow from USD 22.98 Billion in 2022 to USD 61.96 Billion by 2030, at a CAGR of 13.20 % during the forecast period (2023-2030).

Who are the key vendors in the Global Network Security Market?

The demand for the Global Market's high-quality items is widespread throughout several continents. As a result, the global market has hired a number of important companies to spur market expansion. These key participants are: 'Cisco Systems Inc. (US)', 'Palo Alto Networks Inc. (US)', 'Fortinet 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)', 'Imperva Inc. (US)', 'Sophos Ltd. (UK)', 'Rapid7 Inc. (US)', 'Splunk Inc. (US)', 'Proofpoint Inc. (US)', 'Forcepoint LLC (US)', 'Qualys Inc. (US)'.

What is the key driver of Global Network Security Market?

Increasing Cyber Threats at Network Point to boost Demand for the Solution

What is the key market trend for Global Network Security Market?

The deployment of 5G technology is accelerating quickly. With the help of improved network solutions from 5G, devices can operate at high speeds while utilizing bandwidth more efficiently and with greater dependability and latency. As a result, 5G is now widely used in fields of technology like artificial intelligence (AI), machine learning (ML), and industrial IoT. More data sharing over the network is expected as 5G technology becomes more integrated with business applications, creating new risks to data security. Cybercriminals are a worry for both users and 5G service providers. The demand for security solutions is projected to rise as 5G services are used more often.

Which region accounted for the largest share in Global Network Security Market?

Most of the market share for network security is expected to be in North America. The United States also has the fastest rate of software adoption growth. Leading sectors including healthcare, BFSI, and retail make extensive use of the software to safeguard sensitive data. The United States is updating existing software and developing security solutions, and it has submitted the most patent applications for protection on the market. It is projected that this kind of protection would gradually become more popular in Canada. Europe is likewise expanding, and the market is growing steadily. The area spent over US$ 707.6 million on research and innovation in network and information security. The majority of businesses in the UK offer secure network solutions, expert cyber services, and information risk assessment and management. On the other hand, the market is consistently growing in Germany.

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.

Network Security Market Report Snapshots

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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. '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.'

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.

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.

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.

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Network Security Market Insights

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What is the global market size of Network Security Market?

Who are the key vendors in the Network Security Market?

What is the key driver of Network Security Market?

What is the key market trend for Network Security Market?

Which region accounted for the largest share in Network Security Market?

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