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Network Security Market Set to Reach $58.42 Billion by 2031 Due to Emerging Threats | SkyQuest Technology
WESTFORD, Mass., June 28, 2024 /PRNewswire/ — According to SkyQuest, the global Network Security Market size was valued at USD 19.92 Billion in 2022 and is poised to grow from USD 22.45 Billion in 2023 to USD 58.42 Billion by 2031, at a CAGR of 12.70 % during the forecast period (2024-2031).
Network security refers to the act of securing a network and data stored on it. Multiple software and tools are used to ensure network security and the rapidly evolving cyber threat landscape is forecasted to augment the network security demand outlook. Growing investments in bolstering online security are predicted to augment the demand for network security. The global network security market is segmented into type, industry, enterprise size, deployment, and region.
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Network Security Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 22.45 billion |
|
Estimated Value by 2031  |
$ 58.42 billion |
|
Growth Rate |
Poised to grow at a CAGR of 12.70% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Component, End-user, Enterprise Size and Deployment |
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Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Increasing cyber threats targeting network infrastructure |
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Key Market Drivers |
Incorporation of Bring Your Device (BYOD) Policies in Organizations to Boost Demand |
Segments covered in Network Security Market are as follows:
- Component
- Solution (Firewall, Antivirus/Antimalware, Network Access Control (NAC), Data Loss Prevention, IDS/IPS, Secure Web Gateways, Distributed Denial-Of-Service (DDoS) Mitigation, Unified Threat Management, Vulnerability Scanning, Sandboxing, Others), Service (Professional Service (Design & Implementation, Consulting, Training & Education, Support & Maintenance), Managed Services)
- End-user
- Aerospace & Defense, IT & telecom, Government, Banking, Financial Services, & Insurance (BFSI), Healthcare, Retail, Manufacturing, Energy & Utilities, Others
- Enterprise Size
- Small & Medium Enterprises, Large Enterprise
- Deployment
- On-Premises, Cloud
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Firewall to Remain the First Line of Defence in Any Network Security Solution
Firewall is the primary line of defense for any network and this is why it is the most prominent sub-segment for network security companies to invest in. Firewall keeps a track of everything that is shared across a network and monitors its sources whether they are internal or external. Surging demand for advanced intrusion prevention technologies is also forecasted to help the firewall sub-segment’s prominence. Firewalls can easily stop and detect threats that could go unmissed by other network security measures.
The rapidly evolving cyber threat landscape and the growing prevalence of cyberattacks and data breaches are promoting the use of antivirus/antimalware software and solutions. High investments in the development of novel antivirus products to cover new threats and viruses are also forecasted to help this sub-segment bolster network security market growth. Secure web gateways (SWGs) are also emerging in popularity as a highly popular type of network security solution. An increasing number of websites on different networks are opting for secure web gateways to enforce better network security measures.
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BFSI Industry to Remain Highly Lucrative for Network Security Providers
The banking, financial services, and insurance industry is forecasted to lead the demand for network security over the coming years. The BFSI industry deals with highly valuable information from customers directly converting into financial security, which is why this industry needs to deploy the most advanced type of network security measures available in the market. Rapid digitization of the BFSI sector and the increasing number of digital transactions depending on networks are also estimated to bolster the demand for network security in this sub-segment.
Governments are also expected to promote the adoption of advanced network security measures to safeguard crucial data from cyberattacks and data breaches. Increasing adoption of paperless solutions in governments around the world will bolster the importance of network security going forward. Healthcare, aerospace, and defense are also expected to emerge as highly lucrative industry verticals for network security providers across the forecast period and beyond.
Cloud Segment to Gain Prominence in Network Security Deployment
The majority of organizations around the world are focusing on utilizing cloud platforms and technologies to optimize their businesses, which is why cloud-based network security software and solutions are gaining popularity around the world. Network security companies should focus on cloud technologies to stay relevant in the future.
The BFSI industry vertical will be a gold mine of opportunities for network security providers of all kinds across the forecast period and beyond. Network security companies should also focus on continually updating their offerings to keep up with the rapidly evolving threat landscape. New companies can target any segment to penetrate the market whereas established network security providers need to select their segments smartly to get the best return on their investments.
Related Reports:
Secure Access Service Edge (SASE) Market
Identity And Access Management (IAM) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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