Global Network Security Market Size to Grow at a CAGR of 14.80% in the Forecast Period of 2023-2028

The ‘Global Network Security Market Growth, Share, Price, Trends, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global network security market, assessing the market on the basis of its segments like solution type, deployment mode, organisation size, end use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 14.80%

There is an increasing demand for comprehensive network security from several end users owing to the safe network solutions offered along with information risk assessment and management by several providers. It helps users in preventing cyber criminals from getting access to any data and valuable information of the company. This is increasing the trust of the consumers in the suppliers contributing to the growth of the network security market.

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Growing prevalence of cybercrimes and thefts posing a threat to the critical companies are encouraging them to adapt and invest in the network security in order to protect any sensitive information and assets. Increasing threats of cyber-attacks are paving the way for the network security market, driving more investments from large as well as small enterprises.

Large enterprises are allocating adequate budgets for network security providers as they are at a greater risk of facing a loss of both assets and valuable information. Small and medium enterprises are becoming aware of such crimes and threats and are investing in network security as a precautionary measure to avoid such incidences, boosting the growth of the market for network security.

Network Security Industry Definition and Major Segments

Network security refers to a set of technologies, devices, and processes that are designed specifically to protect computer data and networks from threats, intrusions, and breaches, among other cybercrimes. It is usually employed in various organisations to protect the company’s data from cyber attacks and malware.

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Based on solution type, the market is segmented into:

• Firewalls
• Antivirus/Antimalware
• Network Access Control (NAC)
• Data Loss Prevention
• Secure Web Gateways
• DDoS Mitigation
• Unified Threat Management
• Others

On the basis of deployment mode, the market is bifurcated into:

• On-premises
• Cloud

Based on organisation size, the market is divided into:

• Large Enterprises
• Small and Medium Enterprises

On the basis of end use, the market is categorised into:

• Aerospace and Defence
• Government
• Banking, Financial Services and Insurance (BFSI)
• IT and Telecommunication
• Healthcare
• Energy and Utilities
• Others

Based on region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Network Security Market Trends

The key trends in the global network security market include the rising investments in research and development activities for improvements of network security. Key players are constantly working on improving network security and are thus carrying out new innovations to provide better service, thereby boosting the demand from end users. Technology is improving day by day enhancing the adoption of IT systems, digital solutions, and connected devices which is subjected to help in the overall growth of the market.

North America is expected to observe significant growth in the network security market owing to the rising adoption of network security in countries like the United States. Efforts of industries such as BFSI, healthcare, and retail, among others towards improving their network security in order to maintain their data privacy is further fuelling the growth of the market. Availability of a large number of providers for advanced software and security solutions in North America is further supporting the growth of the regional market. The market for network security in Asia Pacific is also expected to grow rapidly in the forecast period due to rising investments in the research and innovations for security of software in countries like India.

Key Market Players

The major players in the global network security market report are

• IBM Corporation
• Cisco Systems, Inc.
• FireEye, Inc.
• Fortinet, Inc.
• WatchGuard Technologies, Inc.
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.