network security market: By component (Solutions (Firewall Security, virus/malware protection, Network Access Control (NAC), Data Loss Prevention, data encryption, URL and content filtering, IDS/IPS, secure web gateways, advanced threat detection, analysis and Vulnerability Management, Sandboxing), Services (Professional Managed Services), By Deployment Mode (On-premises, Cloud), By Organization Size (Small & Medium Enterprises (SMB), Large Enterprises), By End User Industries (Aerospace and Defense, Government, Banking, Financial Services and Insurance (BFSI), Information Technology (IT) and Telecommunications, Healthcare, Retail, Manufacturing, Energy and Utilities) and by Region – Sizing, Growth Global Industry Trends, Opportunities and Forecasts (2021–2027)
The Network Security Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by major market players operating in the global market . It involves an in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will present one of the most comprehensive analyzes of the market, capturing all aspects of the Network Security market.
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Network Security Industry Outlook
The global network security market size is expected to grow from USD 25.4 billion in 2020 to USD 57.4 billion by 2027, growing at a CAGR of 14.7% during the forecast period. The development and implementation of Network Access Control (NAC) is gaining popularity around the world, with features such as incident response, policy lifecycle management, network access guest and security posture access. Additionally, the trend towards server visualization is contributing to the adoption of innovative and modern technologies for network security. These factors will increase the global network security market over the forecast period.
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Factors affecting the Network Security Market over the forecast period:
Growing network security and privacy issues are major restraints in the global network security market. The market is being driven towards growth by an increasing number of network-based attacks.
Strict rules and regulations and the need for compliance are driving the adoption of new network security software, which is driving the market. Rising adoption of SaaS and cloud-based security technologies is fueling the growth of the market.
Many growth opportunities for global network security are provided by the convergence of advanced deep learning and machine learning capabilities. Moreover, the growing demands for integrated security solutions are opening up many new growth opportunities for the global market.
The high vulnerability to cloud network attacks is hampering the growth of the global market.
- High innovation costs and budgetary constraints are the major restraints in the global network security market.
- The high vulnerability is hampering market growth to cloud network attacks.
- The lack of trained cybersecurity professionals and experts to manage and address complex security incidents poses significant challenges to the global network security market.
Impact of COVID-19 on the Network Security Market:
Amid the COVID-19 crisis, the network security market, facing the foreseeable economic turmoil, is poised for sustained growth and development. Network security will become a competitive differentiator for businesses as digital technology becomes a critical aspect of business strategies by considering and revamping remote working technologies. Due to the shutdowns, some businesses are operating by requiring employees to work on the corporate network from home. During the coronavirus pandemic, excessive internet usage would generate many opportunities for hackers and data hackers.
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The report outlines the Global Network Security Market study based on components, mode of deployment, organization size, and end-user industry.
On the basis of component, the network security market has been segmented into –
- Firewall security
- Virus/malware protection
- Network Access Control (NAC)
- Data Loss Prevention
- Data encryption
- URL and content filtering
- Secure Web Gateways
- DDoS Mitigation
- Unified Threat Management
- web application management
- Advanced Threat Detection
- Vulnerability analysis and management
- Others (Compliance Management, Uniform Resource Locator [URL] Filtering, Network and Software Audit)
- Design and implementation
- Training and education
- Support and maintenance
- Managed Services
Based on deployment model, the network security market has been segmented into-
Based on organization size, the network security market has been segmented into–
- Small and medium-sized enterprises (SMEs)
- Large companies
Based on end-user industry, the network security market has been segmented into –
- Aeronautics and Defense
- Banking, Financial Services and Insurance (BFSI)
- Information Technology (IT) and Telecommunications
- Health care
- Energy and Utilities
- Others (ISP Hosting, Media and Entertainment, and Transport and Logistics)
Network Security Market: Regional Outlook
The global network security market has been segmented into five geographical regions: North America, Asia-Pacific, South America, Europe, Middle East and Africa. North America, followed by Europe and Asia-Pacific holds the largest share of the global network security market. Businesses and enterprises in the region are rapidly adopting network security software solutions to identify and prevent threats at an early stage. Additionally, Asia-Pacific is the fastest growing region and is expected to project the highest CAGR in the global market during the forecast period.
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Leading Competitors in the Global Network Security Market include-
The global network security market is highly fragmented, with a large number of players across the globe. Key players operating in the global Network Security Market include-
- Cisco Systems Incorporated
- SolarWinds Incorporated
- IBM Corporation
- Trend Micro Incorporated
- FireMon LLC
- Symantec Company
- Incorporated FireEye
- GFI software
- Avast Software
- Embedded Webroot
- Juniper Networks Incorporated
- McAfee LLC
- Motorola Solutions Incorporated.