The market growth is majorly driven by the requirement for stringent data protection and increasing incidences of cyber-terrorism.
Network Security Market Size – USD 184.59 Billion in 2020, Market Growth – CAGR of 10.2%, Market Trends – Extensive demand for cloud-based network security solutions by SMEs
The Network Security Market size is anticipated to register at a CAGR of 10.2%, growing from USD 184.59 Billion in 2020 to attain a valuation of USD 400.02 Billion by 2028. The market growth is majorly driven by the requirement for stringent data protection and increasing incidences of cyber-terrorism. Due to the rising incidences of hacking and data breaching, the market for network security has been gaining traction over the last decade. Due to the growing virtualization and digital transformation, the need for network security solutions for cloud technology and BYOD is increasing exponentially.
Network security is a term that covers a broad spectrum of services, such as a multitude of processes, devices, and technologies. Essentially it is a set of configurations and commands designed to protect and maintain the integrity, confidentiality, and accessibility of the networks and data through the incorporation of stringent software and hardware services. With increasing risks in network infrastructure, large and small enterprises have started investing in the deployment of network security solutions to manage risks. The benefit of network security solutions is that they reduce capital expenditures and enhance workforce productivity.
However, the key factor restraining the market’s growth is the increased susceptibility of the devices to cyber-attacks and terrorism. The growing incidences of these attacks have rattled the network infrastructure of several large and small organizations. They have increased the vulnerability of the network to viruses, theft, and loss of crucial data.
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Some of the prominent players of the market are Aruba Networks, Symantec Corp., McAfee, Juniper Solutions, Ruckus, Honeywell, Fortinet, Motorola Solutions, Cisco Systems Inc., Sophos Ltd., Brocade Communications Systems Inc., Aerohive, ADT Security Services, among others.
Further key findings from the report suggest:
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For the purpose of this study, Reports and Data has segmented the Network Security Market on the basis of product, service, industry vertical, deployment type, and region.
By Product (Revenue, USD Million; 2018–2028)
By Service (Revenue, USD Million; 2018–2028)
By Industry Vertical (Revenue, USD Million; 2018–2028)
By Deployment Type (Revenue, USD Million; 2018–2028)
By Region (Revenue, USD Million; 2018–2028)
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Market Report includes major TOC points:
Conclusively, all aspects of the Network Security market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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