Network Security Market: Global Industry Analysis and Forecast (2023-2029)

Network Security Market was valued at US$ 31.10 Bn. in 2022 and is expected to reach US$ 68.75 Bn. by 2029, at a CAGR of 12% during a forecast period.
Network Security Market Overview:
Almost every vertical where a digital network is concerned benefits from network security. It also interacts with the software and hardware. The network's constant growth has resulted in an exponential increase in client base as well as dangers to network vendors. The growth of the network security market is fueled by an increase in demand for better and more intelligent protection. To ensure the system's stability and security, the network security industry deals with both active and passive threats.To know about the Research Methodology :- Request Free Sample Report

The report has covered the market trends from 2018 to forecast the market through 2029. 2022 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
COVID-19 Impact on network security market:
Cybercriminals are taking advantage of the pandemic to increase their criminal activity by exploiting remote employees' vulnerabilities and playing on the public's interest in coronavirus. In order to enable remote working, firms are increasing their security investments and strengthening their network security architecture. This suggests that the global network security market will look to increase at a steady pace.
Network Security Market Dynamics:
Rising Cases of Cyber-attacks and Security Breaches to Drive Growth: A majority of large and small businesses have been forced to defend their networks as the number of cyber-attacks and security breaches have increased. The network security market is expected to develop as a result of this. According to the Identity Theft Resource Center, there were a total of 11,762 serious security breaches between 2005 and 2022. Furthermore, the fast-growing trend of companies adopting Bring Your Own Device (BYOD) policies, as well as the increased acceptance of work from home settings as a result of the pandemic, is expected to increase demand for network security solutions globally.

Increasing cyber threats to drive the market: In recent years, the majority of firms and corporations have shifted their focus to digitalization. Digital transformation, which includes cloud adoption, SD-WAN, IoT, and the adoption of another developing technology, is spawning and spreading new and often unforeseen attack vectors. When your business is connected to the Internet, a LAN, or other methods, network security is the most important factor for its success and security.

Businesses that have a robust and secure network security system are less likely to lose confidential data and information. Organizations can determine their level of cyber resilience based on vital business assets, threat landscape, and maturity of cyber capabilities by investing in network security. As a result, rising cyber risks are driving the network security market forward.

Low-security budget: The installation cost is relatively high, which many small and micro firms cannot pay because they do not budget for network security, limiting the market growth.
Network Security Market segment analysis:
Based on Organization size, the large enterprise segment held the largest share of xx% in 2022. A network attack is an attempt to obtain unauthorized access to a company's network in order to steal data or engage in other destructive behavior. Over 350,000 new viruses were created in 2021, and most businesses are struggling to keep up with the increasing number of threats that can infect their email. To steal confidential information or data, cybercriminals utilize ransomware, malware, and phishing. SME's are also targeted by hackers who seek to profit from private data. As a result, SMEs suffer significant financial losses. Most businesses are switching to network security solutions to prevent data loss and information theft, which is projected to increase the market globally.



Based on end-user, the BFSI segment held the largest market share of xx% in 2022. The majority of banking and financial industries, as well as their back-end activities, have gone digital. With the advancement of technology, criminals are actively hunting for targets for malicious cyber-attacks, phishing, malware, and bots in banking and financial institutions' major and sensitive data. According to a survey by Deloitte India, the banking industry is the most targeted, accounting for roughly 22% of cyber security attacks in India in 2021-22. Many online and mobile banking systems are preferred targets for fraudsters. Furthermore, cyber attackers were able to collect customer and staff information and use it to breach the bank's security system using the dark web to steal bank data and money, prompting the sector to implement network security solutions.
Regional Insight:
North America held the largest market share of xx% in 2022. The network security market in North America is growing due to key player investment and mergers and acquisitions. For example, Cisco Systems, Inc. recently purchased Duo Security, and as a result of this acquisition, the firm now has a strong market position in North America. The presence of important players in the US, as well as a strong product portfolio and customer base, has prompted many firms, such as Cisco, McAfee, and Kaspersky, to invest more in R&D for the development of cloud-based network security solutions.

The European Commission and the High Representative of the Union for Foreign Affairs and Security Policy are projected to launch a new EU cyber security policy towards the end of 2022, resulting in significant growth in Europe over the forecast period. The forthcoming Digital Europe programmer, which will run from 2022 to 2029, is a large-scale initiative that will spend US$2.26 billion in cyber security capacity and widespread deployment of cyber security infrastructures and technologies across the EU for public administrations, businesses, and individuals.

The objective of the report is to present a comprehensive analysis of the Network Security market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Network Security market dynamics, structure by analyzing the market segments and projects the Network Security market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Network Security market make the report investor’s guide.
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 Network Security Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 31.10 Bn.


Forecast Period 2023 to 2029 CAGR:
12%
Market Size in 2029:
US $ 68.75 Bn.


 Segments Covered:
by Organization Size
SMEs
Large enterprises


by Type
Firewalls
Antivirus/Anti malware software
VPN
Data loss prevention
Wireless security
Intrusion prevention systems
Vulnerability scanning
Others


by Deployment
Cloud
On-premise


by End-User
BFSI
IT & Telecom
Retail
Transportation & Logistics
Government & Defense
Manufacturing
Energy & Utilities
Healthcare
Others



Network Security Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Cisco
2. SolarWinds
3. IBM
4. Trend Micro
5. FireMon
6. Symantec
7. FireEye
8. GFI Software
9. Avast Software
10. WatchGuard
11. Bitdefender
12. Webroot
13. AT&T
14. Qualys
15. Juniper Networks
16. Hewlett Packard Enterprise Co.
17. Honeywell International Inc.
18. NortonLifeLock Inc.
19. Siemens
20. CyberGuard
21. NetScreen
22. Lucent
23. McAfee
24. Forttinet Inc.
25. Kaspersky

Frequently Asked Questions:

1. Which region has the largest share in Global Network Security Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Network Security Market?
Ans: The Global Network Security Market is growing at a CAGR of 12% during forecasting period 2023-2029.

3. What is scope of the Global Network Security market report?
Ans: Global Network Security Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Network Security market?
Ans: The important key players in the Global Network Security Market are – Cisco, SolarWinds, IBM, Trend Micro, FireMon, Symantec, FireEye, GFI Software, Avast Software, WatchGuard, Bitdefender, Webroot, AT&T,

5. What is the study period of this market?
Ans: The Global Network Security Market is studied from 2022 to 2029.