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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 |
|
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Increasing cyber threats targeting network infrastructure |
|
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.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website: https://www.skyquestt.com/
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Okoora, the Israeli-Swiss fintech startup, has announced its entry into the Polish market as part of its strategy to expand within the European Union. The company, known for its AI-based cloud platform for global payments, banking, and risk management, aims to broaden its EU footprint through this strategic move.
In Poland, Okoora will establish sales offices, a marketing team, customer service operations, and an R&D center to further enhance its product development. By entering this market, Okoora aims to help businesses plan, manage, and execute cross-border foreign exchange transactions. Its Automated Business Currency Management (ABCM
) platform assists companies in managing the risks associated with currency exchange rate volatility. Additionally, Okoora offers Banking-as-a-Service (BaaS) via APIs, enabling fintech companies, banks, and other financial institutions to integrate banking services with transaction and risk hedging capabilities.
This expansion follows the opening of Okoora’s offices in Limassol, Cyprus, which primarily ensures compliance with EU regulations. However, Poland represents Okoora’s first major European market where it will actively market and sell its services to the local business community. Poland’s membership in the European Union, while retaining its own currency, the złoty, and its robust fintech industry, made it an attractive choice for Okoora. Research by Okoora and Mastercard (Map of Polish Fintech) reveals that Poland hosts 368 fintech companies, with global firms like Binance, Curve, Kevin, Revolut, and Tink establishing R&D centers there.
Poland’s banking sector holds total assets estimated at €564 billion. Small and medium-sized enterprises (SMEs), Okoora’s primary target audience, constitute 99% of the Polish economy, exporting around 50% of their products and services and contributing 45.3% of the GDP.
Beni Avraham, founder and CEO of Okoora, commented, “We are entering the Polish market with the belief that foreign exchange management solutions can and should undergo a revolution. When we assessed the European market, Poland scored high due to its developed banking sector, extensive foreign trade, and other economic indicators. Additionally, Poland offers economic incentives that make establishing an R&D center feasible. We believe this is the best place to kick-start our expansion into the European market.”
Avraham added, “Another reason for choosing Poland as our entry point into the European market is the substantial volume of currency exchanges between the Israeli shekel and the Polish złoty on our platform, ranking fifth among EU countries, ahead of Spain and France.”
Since the launch of the ABCM platform, Okoora has saved businesses in Israel over NIS 11 billion in international forex transactions, while addressing increased financial risks in Israel in 2023 due to judicial reforms and the conflict in Gaza. The platform saw an 83% growth in the number of clients in 2023, with around 15,000 customers registered. Over the past year, the company experienced a 465% increase in payment transactions by its clients and a 161% rise in transaction volumes hedging against currency exchange rate fluctuations.
Founded in August 2021 by Beni Avraham, the founder of Ofakim Group, Israel’s leading financial risk management company, Okoora reached profitability in 2023 and operates without external investor funding. The company employs about 100 professionals across Israel, Switzerland, Germany, Cyprus, and India, and is recruiting dozens more employees for its Israeli branch to support its domestic and international growth.
Source: jpost.com
The post Israeli-Swiss fintech startup Okoora expands to Poland appeared first on HIPTHER Alerts.
American best-selling author, businessman, and investor chooses Propy’s onchain real estate platform to list Golden Beach, Florida, house.
MIAMI, July 2, 2024 /PRNewswire/ — Propy, a technology company revolutionizing real estate via blockchain and AI, today announced that high-profile American entrepreneur Grant Cardone has listed a Golden Beach, Florida, private property for sale on Propy’s blockchain-based real estate platform with an asking price of $42,000,000 accepting cryptocurrency. This marks the first venture into emerging technologies in proptech for Cardone, a serial founder, best-selling author, equity fund manager, and business and real estate investor. The home is listed on the Propy marketplace with the deed minted onchain.
Propy simplifies the home-purchasing experience and eliminates fraudulent transactions by using a decentralized title registry and an escrow settlement protocol for securely storing land records and facilitating transactions, as well as accepting or converting cryptocurrency if a buyer chooses this form of payment. Leveraging the immutability of the blockchain, Propy ensures that buyer and seller private information is secure throughout the transaction. Automating and bringing the entire process online and onchain enables closing on a property to be faster, easier, and more secure than the outdated, traditional real estate transaction model.
Commenting on the listing, Grant Cardone said, “We are all in on blockchain revolutionizing real estate. We are leveraging top-tier technology to make transactions seamless and unstoppable. This is the future of real estate, and we’re leading the charge!”
The private address is minted on PropyKeys protocol – an onchain tokenized address market developed on the Base network (Coinbase Layer 2 on Ethereum). PropyKeys brings real estate onchain through NFT home addresses and aims to bring one million home addresses onchain by 2025. The Propy marketplace also grants prospective buyers the option to pay using Bitcoin or US dollars.
Natalia Karayaneva, Founder and CEO of Propy, said, “It is a privilege for us to be the platform of choice for high-end property sellers, enhancing our offering to our community of high net-worth individuals, investors, and crypto buyers. With Propy’s advanced blockchain rails, compliant crypto and dollar payments, and unwavering focus on privacy, our clients can confidently navigate the closing process. The inclusion of Cardone’s listing in BTC and USD on Propy, minted with our latest privacy deed feature, highlights our leadership in the intersection of real estate and crypto.”
Additional details on the Cardone property are available on Propy’s website. Interested parties should contact the listing agent for viewings and further details.
Natalia Karayaneva, Founder and CEO of Propy, is available for interview upon request.
About Propy:
Propy is a US-licensed title company and a pioneering platform leveraging blockchain and AI technology to facilitate seamless transactions of real-world assets (RWA), specifically focused on revolutionizing global real estate markets. As an industry leader, Propy specializes in providing secure and efficient solutions, ensuring an enhanced experience for buying and selling properties worldwide.
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Latest News
DataLend: Securities Lending Revenue Down 16% Year-Over-Year to $2.53 Billion in Q2 2024
Global revenue declines year-over-year due to lagging equities performance in the U.S. and EMEA
NEW YORK, July 2, 2024 /PRNewswire/ — The global securities finance industry generated $2.53 billion in revenue for lenders in the second quarter of 2024, according to DataLend, the market data service of fintech EquiLend. The figure represents a 16% decrease from the $3.00 billion generated in Q2 2023.
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, generated an additional $696 million in revenue during Q2, a 9% decrease year-over-year.
Regionally, equity revenue fell 33% in EMEA and 19% in North America compared to the same period last year. A 22% decline in fees in North America and a 23% dip in EMEA accounted for the majority of the decreased revenue. Equity revenue in APAC increased 8% thanks to a 13% increase in fees.
Global fixed income performance declined by 11% in Q2 year-over-year. While revenue from government securities was roughly flat, corporate debt revenue fell by 32%, a regression of a trend which saw corporate bonds running hot through much of 2022 and 2023.
In June 2024, the global securities finance industry generated $790 million in revenue for lenders. The figure represents a 11% decrease year-over-year from the $888 million generated in June 2023. Broker-to-broker activity totaled an additional $207 million in revenue in June, also an 11% decrease year-over-year.
The top five earners in June 2024 were Lucid Group (LCID US), Trump Media & Technology Group (DJT US), Canopy Growth Corporation NPV (CGC US & WEED CN), Beyond Meat Inc. (BYND US) and ImmunityBio Inc. (IBRX US). In total, the group generated $56 million in revenue in the month.
Bloomberg Terminal users can subscribe to EquiLend’s exclusive Orbisa securities lending data by entering terminal shortcut APPS ORBISA About DataLend
DataLend, the market data service within EquiLend’s Data & Analytics Solutions group, tracks daily market movements across more than 200,000 securities, covering $35 trillion in lendable assets and $2.6 trillion in on-loan assets for the securities finance market. www.datalend.com About EquiLend
EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. With offices in North America, EMEA and Asia-Pacific, EquiLend operates across various jurisdictions worldwide, adhering to the highest regulatory standards. The company is committed to excellence and innovation and is consistently recognized for its contributions to the industry. EquiLend is Great Place to Work Certified™ in the U.S., UK, Ireland and India and has been honored as the Best Post-Trade Service Provider Globally, Best Market Data Provider Globally and for its outstanding Diversity & Inclusion initiatives in the Securities Finance Times Industry Excellence Awards 2023. www.equilend.com
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View original content:https://www.prnewswire.co.uk/news-releases/datalend-securities-lending-revenue-down-16-year-over-year-to-2-53-billion-in-q2-2024–302188137.html
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