Product ID: SQMIG45D2074
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 2024-2031
Report ID:
SQMIG45D2074 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
118 |
Figures:
76
Global Network Security Market Insights
Network Security Market size was valued at USD 20.3 Billion in 2019 and is poised to grow from USD 22.98 Billion in 2023 to USD 61.96 Billion by 2031, at a CAGR of 13.20 % during the forecast period (2024-2031).
The need for the software is being driven by the expanding number of businesses and rising internet usage in developing nations. The usage of BYOD services by end-use companies, which demand secure network connections, is another development. Additionally, businesses in sectors like healthcare and retail are worried about network security. As a result, these sectors are integrating cutting-edge security technology that will improve security throughout these operating units.
To increase their market position, major market players are creating cutting-edge network security products. For instance, Check Point Software Technologies Ltd. introduced the comprehensive "quantum spark series" of security gateways in February 2021 to protect small and medium-sized businesses from cutting-edge cyber attacks. A few of the services provided by the quantum spark series are automated threat prevention, automatic setup of flexible network connectivity, protection for distant workers and cloud applications, and easy management of mobile applications. Additionally, major firms are providing a range of security options for network infrastructure. For instance, Kaspersky introduced network protection using operational technology (OT). Similar to Corsa, which provides Managed Security Service Providers and Service Providers (SPs) (MSSPs).
The majority of workers were connected to secure office networks during the COVID-19 pandemic outbreak. In a similar vein, businesses have embraced network security solutions due to on-premise setups being more secure than cloud or remote networks. Additionally, during the pandemic, different market competitors are concentrating on growing their worldwide presence and market share by strategic collaboration and alliances. For instance, Kenna Security, Inc. was purchased by Cisco Systems, Inc. in May 2021. The firm benefits from this acquisition by having a smaller attack surface and faster threat response times.
E-learning and remote working platforms, however, are now being given priority by businesses all around the world due to the COVID-19 issue. 80% of companies have adopted remote working for their workforces, and 74% expect to do so indefinitely, according to Check Point Software Technologies Ltd. Business networks have noticed an upsurge in access requests as remote working becomes popular. As a result, the amount of data encryption traffic entering the firm network rose due to the factor's increased traffic levels. A sophisticated network solution will therefore likely become more necessary. Additionally, even after the crisis, several firms are expected to adopt these security solutions more frequently.
US Network Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Network Security Market Report Snapshots
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