Network Security Market Revenue to Register Robust Growth Rate of 16.7% During 2027
The network security market is mainly segmented on the basis of component, solution, services, deployment, and organization size and industry verticals.
PORTLAND , PORTLAND, OR, UNITED STATE, July 19, 2022 /EINPresswire.com/ — Rise in level of cybercrimes, higher economic losses, and increase in data safety and privacy concerns drive the growth of the global network security market. However, high setup costs hinder the market growth.
On the contrary, increase cyber-attacks during the Covid-19 pandemic and growth in digitalization trends across the globe are expected to open lucrative opportunities for the market players in the future.
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Impact of Covid-19 on Network Security Market:
• Due to strict regulations of lockdown, the majority of companies adopted work from home culture, which has increased the risk of cyber threats and cybercrime. This increased the demand for network security.
• During the pandemic, more and more companies have been investing in cybersecurity and network security to offer remote workforce support.
• The demand for network security from the healthcare sector increased due to Covid-19 pandemic as the network traffic from hospitals increased exponentially.
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By component, the solution segment dominated the market in 2019, accounting for more than three-fifths of the global network security market, as network security solution monitors user activity, creates access limitation, trains and educates users, provides detailed information of log activities, creates plans for data breach response, compliance management, data encryption, and web application management.
However, the service segment is estimated to register the highest CAGR of 17.4% from 2020 to 2027. This is owing to rise in need for security in any network as network security issues grow.
By solution type, the unified threat management segment is projected to portray the highest CAGR of 24.3% during the forecast period, due to surge in the importance of cybersecurity and the increase in cyber-attacks.
However, the firewall segment held the lion’s share in 2019, contributing to around one-fourth of the global network security market, owing to emergence of cloud-based technology.
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By region, the market across North America held the largest share in 2019, accounted for nearly two-fifths of the market, due to increase in the number of cyberattacks in the U.S. and rapid increase in number of connected devices in the region.
However, the global network security market across Asia-Pacific is projected to register the highest CAGR of 18.3% during the forecast period, owing to rise in the number of cyber-attacks.
Major market players
Cisco Systems
Solarwinds
IBM
Trend Micro
FireMon
Symantec
FireEye
GFI Software
Avast Software
Juniper Networks
Key Benefits For Stakeholders
• The study provides an in-depth analysis of the network security market along with current trends and future estimations to elucidate imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the network security industry.
• The quantitative analysis of network security market for the period 2020–2027 is provided to determine the market potential.
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