Network Security Market (Updated Version Available)

Network Security Market Size, Share & Trends Analysis, By Component (Solutions (Firewall, Antivirus, Network Access Control (NAC), Data Loss Prevention, IDS, Secure Web Gateways and Others) and Services (Professional Services and Managed Services)), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium Enterprises (SMEs)), End-User ( BFSI, IT and Telecommunications, Retail, Government, Healthcare, Education, and Others), By Region, Forecast Period 2023- 2030

Report ID : RI_673770 | Date : April 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

Network Security Market is projected to grow from USD 23.15 Billion in 2022 to USD 66.25 Billion by 2030, at a CAGR of 14.05% during the forecast period.

Network security refers to the practice of protecting computer networks from unauthorized access, misuse, modification, or destruction. Network security involves the use of hardware, software, and other security measures to prevent cyber-attacks, data breaches, and other security threats. Additionally, network security tools such as firewalls, antivirus software, intrusion detection and prevention systems, virtual private networks (VPNs), and encryption are used to protect computer networks. The tools protect the network from various types of threats, including malware, denial-of-service attacks, and unauthorized access thus, driving the growth of the network security market.

The growth of the network security market has increased significantly in recent years owing to the rising adoption of 5G technology. 5G networks are more complex than previous generations of cellular networks and require an increased number of devices, connections, and bandwidth that makes 5G networks vulnerable to security threats. As a result, the demand for network security measures such as encryption, access control, and intrusion detection and prevention required to protect the network has also increased. For instance, in December 2022, SecurityGen launched the 5G Cyber-security Lab to drive innovation and research in the field of 5G network security. 5G Cyber-security lab enables the individual to study the 5G technology along with developing innovative solutions to prepare and protect the networks against potential security threats.

Network Security Report Coverage:

Report AttributesReport Details
Study Timeline2017-2030
Market Size in 2030 (USD Billion)USD 66.25 Billion
CAGR (2023-2030)14.05 %
Base Year2022
By Component
  • Solutions
    • Firewall
    • Antivirus
    • Network Access Control (NAC)
    • Data Loss Prevention
    • IDS
    • Secure Web Gateways
    • Others
  • Services
    • Professional Services
    • Managed Services
By DeploymentOn-Premise and Cloud
By Enterprise SizeLarge Enterprise and Small and Medium Enterprises (SMEs)
By End-UserBFSI, IT and Telecommunications, Retail, Government, Healthcare, Education, and Others
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
Key PlayersSecurityGen, Cisco Systems, Inc., Check Point Software Technologies Ltd., Fortinet, Inc., Singtel, Splashtop Inc., Panther Labs Inc., Hughes Network Systems, LLC, Palo Alto Networks, Inc., Symphony Technology Group


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Market Dynamics:

Driver:

The rising number of cyber threats, such as malware, phishing, ransomware, and other types of cyber-attacks serves as the major driving factor for the growth of network security market. Additionally, the increasing use of the internet and artificial intelligence in organizations to perform daily operations is making organizations vulnerable to cyber-attacks that raise the demand for network security solutions. Moreover, the proliferation of digital solutions, IoT devices, and interconnected technologies used for sharing business data across digital platforms increases the risk of data leakage in the corporate sector. For instance, in December 2022, according to the Kaspersky Security report, 15.37% of internet user computers worldwide experienced at least one Malware-class attack. The report further stated that malware attempts to steal money by gaining online access to bank accounts were recorded on the devices of 376,742 users.

Restraint:

The cost of implementing and maintaining network security measures is the major restraint for the network security market. Implementing robust security measures requires costly hardware such as routers and cables, as well as additional software for each device that is connected to the network. Additionally, to transfer data over large networks, high bandwidth is required that facilitates easy transfer without delays or lag in loading times. Old routers and cables do not support high bandwidth that increases the cost of implementing network security measures. Moreover, digital surveillance is another factor that restraints the market growth and has a potential impact on privacy of organizations. Digital surveillance helps to identify and prevent security threats and also monitor individuals and organizations for unlawful purposes, which limits the adoption of network security in organizations and restraints the growth of the market.

Opportunities:

The advancements in technology such as artificial intelligence (AI), machine learning (ML), and automation are predicted to create future opportunities for the network security market. AI-powered security solutions are projected to monitor network traffic and identify potential threats in real time. The solutions use machine learning algorithms to detect and analyze patterns in data that indicate a cyberattack and help to prevent cyber threats. For instance, in February 2023, Singtel launched the worlds first 5G Security-as-a-Slice capabilities is an innovative development in the field of security and telecommunications. The network security is artificially intelligent and provides real-time security updates to offer protection against emerging threats without users\' intervention.

Network Security Market Competitive Landscape:

The global network security market is highly competitive, with numerous vendors offering a wide range of solutions and services. The growing demand for cybersecurity solutions is propelling new players to enter the market and existing players will continue to innovate and expand the offerings to stay competitive. Crucial players are:-

• SecurityGen
• Cisco Systems, Inc.
• Check Point Software Technologies Ltd.
• Fortinet, Inc.
• Singtel
• Splashtop Inc.
• Panther Labs Inc.
• Hughes Network Systems, LLC
• Palo Alto Networks, Inc.
• Symphony Technology Group

Recent Developments:

• In June 2022, Fortinet launched FortiEDR, which is designed to provide network security. FortiEDR combines endpoint detection and response (EDR) capabilities with advanced threat intelligence to provide organizations with real-time visibility into cyber threats across networks, endpoints, and cloud environments.

• In July 2021, Fortinet announced the acquisition of Sken.ai, an application security company that specializes in DevSecOps. The acquisition is expected to accelerate Fortinets efforts to integrate network security into the DevOps process, which is becoming increasingly important as organizations adopt cloud-native architectures and containerization.

Network Security Market Segmentation:

img-global-cyber-security-market-statistical-analysis



By Component

Based on the component, the market is bifurcated into solutions and services. Solutions dominate the market and include firewalls, antivirus, network access control (NAC), data loss prevention, IDS, secure web gateways, and others. Antivirus segment holds the largest market share and is one of the most fundamental and effective network security solutions. Antivirus software is designed to detect, prevent, and remove malicious software (malware) from computer systems and networks. Additionally, antivirus software works by scanning files and programs for known malware signatures, as well as suspicious behavior that indicates the presence of new and unknown threats, hence contributes to the growth of network security market. For instance, in February 2023, Splashtop launched new antivirus capabilities powered by Bitdefender. By integrating Bitdefenders advanced antivirus technology into remote access software, Splashtop aims to provide the customers with a more comprehensive security solution to protect against a wide range of cyber threats. The services are predicted to witness the fastest CAGR during the forecast period and comprise professional services and managed services. Network security service helps to identify and mitigate security threats and offers a range of services such as SIEM security services that are customized to meet the unique security needs of each business. Internet services include, vulnerability scanning, threat detection and response, risk assessment, data encryption, and compliance management that are accelerating the growth of network security market. For instance, in March 2020, Panther Labs launched a powerful, cloud-native SIEM service for organizations to manage and analyze vast amounts of security data generated by networks. The SIEM service thus, offer advanced machine learning capabilities to identify and respond to threats more quickly and accurately.

By Deployment

The deployment segment is classified into on-Premise and cloud. The on-premise segment dominates the market owing to the customized feature of on-premise solutions to meet the specific needs of an organization. The customized feature includes custom configurations, policies, and integrations with other security tools or third-party applications. Furthermore, on-premise solutions offer better performance compared to cloud-based, particularly for organizations that require high-speed data processing or low-latency communication hence, contributing to the growth of on-premise segment. Cloud-based network security is expected to register the fastest compound annual growth rate during the forecast period due to the flexibility, scalability, and lower upfront costs. Additionally, cloud-based network security solutions offer several advantages including easier and faster deployment, automatic software updates, and the ability to easily scale up or down depending on the organizations needs. For instance, in May 2022, Deloitte launched an expanded cloud security management platform to help clients to address the challenges of multi-cloud cyber risks. The platform is designed to provide a unified view of an organizations cloud security posture across multiple cloud providers, allowing clients to better manage cloud security risks and compliance requirements.

By Enterprise Size

The enterprise size segment is divided into large enterprises and small and medium enterprises (SMEs). Large enterprises dominate the market as large enterprises have more resources available to invest in network security solutions. Additionally, large enterprises have a dedicated team of cybersecurity professionals who have the expertise to manage and operate network solutions. The professionals are responsible for configuring, managing, and monitoring the security systems, and ensuring the security and compliance of the enterprise hence, bolstering the growth of network security market. For instance, in May 2022, Intel launched Project Amber to provide customers and partners with a security service for cloud-to-edge and on-premises trust assurance. The service provides confidential computing, secure and responsible AI, and quantum-resistant cryptography in the quantum era to offer network security to organizations. SMEs are expected to witness the fastest CAGR as SMEs are increasingly adopting digital technologies to enhance operations, reduce costs, and improve efficiency. The growing adoption of digital technologies increases the demand for network security solutions to protect against cyber threats and to ensure the safety of digital assets. Therefore, the rising number of cyber threats toward SMEs is compelling SMEs to invest in network security solutions to safeguard operations and promote the growth of the market during the forecast period. For instance, in January 2023, Hughes Network Systems, LLC expanded the suite of managed cybersecurity services to include managed detection and response (MDR) and SOC as a service (SOCaaS). The services will provide small and mid-sized enterprises with enterprise-grade protections tailored to the specific needs such as monitoring network traffic and identifying and responding to potential threats in real time.

By End-User

Based on end-user, the market is segmented into BFSI, IT and telecommunications, retail, government, healthcare, education, and others. BFSI dominates the market as the BFSI sector deals with sensitive customer data, including personal information, financial records, and payment details. Network security solutions such as encryption, firewalls, intrusion detection, and prevention systems help to protect the data from unauthorized access. Moreover, network security solutions including biometric authentication, multi-factor authentication, and fraud detection systems that helps to prevent credit card fraud and money laundering and contributes significantly in boosting the growth of network security in banks. For instance, in March 2023, ACI Worldwide, a global provider of real-time digital payment software and solutions, partnered with Security Bank Corporation, one of the leading banks in the Philippines, to transform the banks real-time payments platform. The partnership aims to protect Security Banks customer-sensitive data and drive the adoption of real-time payments to prevent money fraud in the Philippines. Healthcare is projected to witness the fastest CAGR during the forecast period. Healthcare organizations store sensitive patient data, including medical records, billing information, and insurance data. Network security solutions such as encryption, firewalls, and intrusion detection and prevention systems help to protect the data from unauthorized access and cyber threats. For instance, in December 2022, Palo Alto Networks launched Medical IoT Security that aims to provide network security to connected medical devices, which are critical to patient care. The network solution is designed to protect medical devices from cyber threats that compromise the confidentiality, integrity, and availability of patient data, and even pose a risk to patient safety.

By Region:

North America dominates the market due to the increasing adoption of digital technology and the expanding IT sector that increases the demand for internet security in the region. Additionally, the U.S. has the highest growth rate of software adoption and encompasses top industries such as healthcare, BFSI, and retail that heavily utilize software to protect the data. Moreover, the presence of key players that invest in research and development (R&D), and adopt various business strategies, and application launches, accelerating the growth of the network security market in North America. For instance, in January 2022, Symphony Technology Group announced the launch of Trellix to deliver extended detection and response (XDR) to businesses. Trellix aims to accelerate technology innovation through machine learning and automation thereby, help organizations to improve the security posture and respond to threats more quickly and effectively.

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The Asia-Pacific region is expected to register the fastest compound annual growth rate (CAGR) in network security during the forecast period. The growing adoption of technological innovation and digital transformation is compelling organizations to adopt cloud-based services, Internet of Things (IoT) devices, and other emerging technologies. The increased use of technology has increased the demand for network security solutions in Asian-Pacific countries including Japan, China, and India to protect against cyber threats. Additionally, governments of Asia-Pacific countries including India, China, and Japan have implemented regulations and guidelines for data privacy and cybersecurity, further driving the adoption of network security solutions.
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