Pune, India, April 28, 2022 (GLOBE NEWSWIRE) -- The global network security market size was valued at USD 20.30 billion in 2021 and reached. The market is expected to grow from USD 22.60 billion in 2022 to USD 53.11 billion by 2029, exhibiting a CAGR of 13.0% during the forecast period. The emergence of several startups and the rising adoption of 5G services are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled "Network Security Market, 2022-2029."
Industry Development
February 2022: Check Point Software Technologies Ltd. completed the acquisition of Spectral. This acquisition may enable the company to expand its cloud security offerings and include its hardcoded secrets infrastructure.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13% |
| 2029 Value Projection | USD 53.11 Billion |
| Base Year | 2021 |
| Network Security Market Size in 2021 | USD 20.30 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Deployment, Type, Enterprise Size, Industry and Geography |
| Network Security Market Growth Drivers | Rising Adoption of Remote Working to Promote Industry Progress |
| Increasing Concerns about Cyber Security to Propel Industry Growth | |
| Robust Adoption of Security Software to Propel Market Progress in North America | |
| Major Players Launch Novel Products to Enhance Brand Image |
Rising Adoption of Remote Working to Promote Industry Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the rising adoption of remote working. The alarming spike in COVID cases has led to the adoption of stringent lockdown, thereby provoking companies to embrace the work-from-home culture. The adoption of work from culture and rising dependence upon digital platforms increase manufacturers' demand for network security software. Furthermore, the rising dependence on online shopping is expected to boost the demand for the software for maintaining safety during financial transactions. These factors may propel the industry's growth during the pandemic.
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Segmentation
By deployment, the network security market share is segmented into cloud and on-premise. As per type, it is classified into firewalls, antivirus and anti-malware software, VPPN, wireless security, and others. Based on enterprise size, it is bifurcated into Small and Medium-sized Enterprises (SMEs) and large enterprises. By industry, it is categorized into BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Concerns about Cyber Security to Propel Industry Growth
Network security is a security system that protects organizations from frauds, hacks, and other threats. The rising concerns regarding cyber security are expected to enhance the demand for the software. Further, the rising adoption of connected devices, digital platforms, and Internet-of-Things (IoT) may boost industry progress. Moreover, the increasing demand for cybersecurity from organizations and startups is expected to propel the industry's progress. Also, the adoption of bringing your own device (BYOD) trend may increase the demand for security software. These factors may drive the network security market growth.
However, low-security budget allocation by manufacturers may hinder the market's progress.
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Regional Insights
Robust Adoption of Security Software to Propel Market Progress in North America
North America is expected to dominate the network security market share because of the rising adoption of security software from organizations. The market in North America stood at USD 8.24 billion in 2021 and is expected to grow positively during the upcoming years. Further, the rising modernization of current security software is expected to propel market development.
In Europe, rising investments in the research and innovation of the software are expected to boost its adoption. Further, organizations' provision of safe network security solutions is expected to propel the adoption of the software.
In Asia Pacific, major players' robust investments in research and development are expected to boost the adoption of network security solutions. These factors may propel market development during the forecast period.
List of Key Players Profiled in the Network Security Market Report
- Check Point Software Technologies Ltd. (Israel)
- Cisco Systems, Inc. (U.S.)
- FireEye, Inc. (U.S.)
- Fortinet, Inc. (U.S.)
- Juniper Networks, Inc. (U.S.)
- Kaspersky Lab. (Russia)
- McAfee, LLC (U.S.)
- Palo Alto Networks, Inc. (U.S.)
- SonicWall.com (U.S.)
- WatchGuard Technologies, Inc. (U.S.)
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Major Table of Contents:
- Global Network Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Type (USD)
- Firewalls
- Antivirus and antimalware software
- VPN
- Wireless security
- Others (Data loss prevention, Intrusion prevention systems etc.)
- By Enterprise Size (USD)
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others (Education, etc.,)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Network Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Type (USD)
- Firewalls
- Antivirus and antimalware software
- VPN
- Wireless security
- Others (Data loss prevention, Intrusion prevention systems etc.)
- By Enterprise Size (USD)
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others (Education, etc.,)
- By Country (USD)
- United States
- By Industry
- Canada
- By Industry
- United States
- Latin America Network Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Type (USD)
- Firewalls
- Antivirus and antimalware software
- VPN
- Wireless security
- Others (Data loss prevention, Intrusion prevention systems etc.)
- By Enterprise Size (USD)
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others (Education, etc.,)
- By Country (USD)
- Brazil
- By Industry
- Mexico
- By Industry
- Rest of Latin America
- Brazil
TOC Continued…!
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