Global Network Security Market Size, Share, Growth Analysis, By Type(Firewall, Antivirus/Antimalware), By Industry(Aerospace, Defense), By Enterprise size(Small & Medium Enterprises, Large Enterprise), By Deployment (On-Premise, Cloud) - Industry Forecast 2022-2028

Global Network Security Market is segmented based on Type, Industry, Enterprise Size, Deployment, and Region. Based on type the market is further sub-segmented into Firewall, Antivirus/Antimalware, and SWG. Based on Industry the market is further sub-segmented into Aerospace And Defense, Government, Banking, Financial Services, And Insurance (BFSI). Based on Enterprise size the market is further sub-segmented into Small & Medium enterprise and Large Enterprise. Based on Deployment the market is further sub-segmented into On-Premise and Cloud. Based on Region North America, Europe, Asia Pacific, Middle East and Africa, South America.

Analysis By Type

Every industry has implemented firewall security, which contributes to the biggest revenue share. The firewall keeps track of all files coming into and going out of an IP address, their real source, and their ports and protocols. The firewall software and services serve as walls that restrict access to the data. The acceptance of intrusion prevention technologies is expanding as a result of recent security advancements. The ability of intrusion prevention technologies to really stop threats rather than only identify them is what is causing their steady adoption.

Analysis By Industry

The government and the BFSI industry will obtain the most market share, followed by IT and telecoms. The BFSI contains a sizable amount of shareholder-provided private data and personal information. The industry has experienced the most serious threats and attacks over the course of the period. Additionally, the prevalence of online and mobile banking is increasing the risk of network attacks and data breaches. Security measures will be put in place as a result of this circumstance. Due to the vast amounts of private, public and official data made available for online transactions, the government sector is expected to hold a sizable market share.

The consumer and healthcare sectors are likely to grow significantly throughout the expected timeframe. The healthcare industry is placing more and more emphasis on information security and privacy. Key businesses are investing in burgeoning technologies like cloud computing, NLP, AI, and IoT to reduce operational costs and enhance healthcare services.

Additionally, hospitals are using electronic health records (EHR) more frequently to store sensitive patient data. Massive volumes of data are shared between patients, providers, and payers as a result of the growing usage of medical insurance and claims, which increases the need for network information security. As the healthcare industry implements new technology like EHR, artificial intelligence, and others to increase process efficiency, it confronts risks.

The retail industry is developing and expanding its e-commerce solutions in a similar manner. Data for this sector is largely stored in the cloud. Customers can use their computers and mobile devices to access e-commerce services over the internet network. As a result, the sector has a significant need for a private network. The retail sector is expected to grow quickly during the expected time frame.

Analysis By Enterprise Size

Small and medium-sized businesses and large businesses are the two categories of business size. In the previous few years, it is expected that large businesses will experience an increase in the number of cyberattacks. Because of this, large businesses set aside more money for security. On the other side, rising cyberattacks and security awareness spur small and medium-sized organizations, which expands the market. Additionally, this increases the acceptance of network security in big businesses and supports the expansion of the market.

In addition, hackers target small and medium-sized businesses in an effort to hinder their expansion. Private data is misused as a result, and the businesses suffer large financial losses. SMEs must therefore have secure networks. With the aid of government initiatives and subsidies, startups are making investments in security solutions. Small and medium-sized organizations are likely to gradually use this antivirus software more in the near future. It would promote market expansion even more.

Analysis By Deployment

Enterprises are being compelled to adopt cloud-based solutions by the expanding use of artificial intelligence, machine learning, the Internet of Things (IoT), and other technologies. 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.

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.

Asia Pacific is expected to increase gradually over the projection period, too. China is growing in the industry and spending money on security software research and development. Additionally, the Chinese government encourages people to use technology every day. Because of this, there will be a greater demand for secure networks, which will lead to market growth. Governments in several countries also pass security rules and guidelines to prevent data breaches. Security solutions have started to acquire traction as a result of the growing investments in the Middle East and Africa. The Saudi Research and Innovation Network and SAFCSP are just two of the committees that Saudi Arabia has invested in creating to cope with security issues. To prevent attacks and data breaches, the governments of Latin America are building security infrastructure. The majority of businesses in the area focus on implementing endpoint and network security regulations.

Driver

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

The usage of digital solutions, connected devices, and IT systems is rising as a result of global technological improvement. The development of the digital infrastructure enables the exchange of business applications and data among digital users, devices, and platforms. Because of this, hackers are increasingly using faultless hacking techniques to get into an organization's IT system and acquire vital business data.

Additionally, the corporate sector's level of protection from attackers was examined and determined to be incredibly low. Additionally, a Kaspersky Lab survey found that more than 40% of businesses lacked an effective cybersecurity architecture. According to the report, vulnerable online applications were breached in roughly 73% of successful perimeter attacks in the business sector. Furthermore, it is projected that the increase in cyber risks would fuel demand for solutions and accelerate market expansion.

• Rising ‘Bring Your Device’ BYOD Policies in Organizations to Boost Demand

Employers are encouraging employees to use their own devices while at work, which lowers system investments. BYOD enables mobile working for employees. Since the devices are connected to the company's network, they may access the data. Additionally, the expanding BYOD policy has forced businesses to provide network security solutions. For instance, the employer trades data with several providers when it comes to logistics. Because of the increased likelihood of data leaks as a result of this issue, the network security market's expansion is crucial. During the expected period, the expanding adoption of BYOD policies in businesses is expected to fuel overall market growth.

Restraint

• Low-Security Budget by the Companies Likely to Hamper the Adoption of Security Solutions

Almost every company has to cope with threats to their data and a lack of real data protection. 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. Small and medium-sized organizations can implement cost-effective security solutions based on their requirements and business operations, despite the high cost of solutions and the rising number of assaults.

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:

Top Player’s Company Profiles

• Check Point Software Technologies Ltd. (Israel)
• Cisco Systems, Inc. (US)
• FireEye, Inc. (US)
• Fortinet, Inc. (US)
• Juniper Networks, Inc. (US)
• Kaspersky Lab. (Russia)
• McAfee, LLC (US)
• Palo Alto Networks, Inc. (US)
• SonicWall.com (US)
• WatchGuard Technologies, Inc. (US)

Recent Development

• In March 2021- Trellix, which provides organizations with extended detection and response (XDR), was introduced by Symphony Technology Group (STG). Furthermore, through automation and machine learning, the launch would contribute to accelerating technological innovation.
• In January 2021- In order to strengthen the security of industrial networks and the protection of operational technology (OT) networks, Kaspersky has teamed with Waterfall Security Solutions.

• 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.
• In order to improve data transfer in applications like driverless cars, robotic process automation, virtual reality, augmented reality, smart cities, and others, 5G is being used in conjunction with IoT. Critical analysis that needs a high speed and the capacity connection is continuously shared by these programs over the internet. Users can anticipate receiving the desired speeds from 5G. Therefore, it is expected that throughout the projected period, the rising trend of deploying 5G services would fuel the expansion of this market.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.

According to the analysis, the government and the BFSI industry segment dominated the global Network Security Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Network Security Market owing to the region's highly aware and economically stable population.