Global Network Security Market

Network Security Market Size, Share, Growth Analysis, By Component(Solution (Firewall, Antivirus/Antimalware, Network Access Control (NAC), Data Loss Prevention, DDoS Mitigation, UTM, Others), Services), End User, Enterprise size, Deployment, and 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.

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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).

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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Global Network Security Market

Report ID: SQMIG45D2074

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