WASHINGTON, Sept. 06, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Network Security Market finds that the increased concerns relating to cyber security are expediting market growth. In addition, increasing incidences of cybercrimes and the globally rising digitalization are anticipated to augment the development of the Global Network Security Market during the forecast period.
The Global Network Security Market revenue is expected to reach a value USD 39.3 Billion in 2028.
The Global Market revenue was valued at USD 19.4 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period; states Vantage Market Research, in a report, titled “Network Security Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Solutions (Firewall, Antivirus/ Antimalware, Network Access Control (NAC), Data Loss Prevention, Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS), Secure Web Gateways, Distributed Denial-of-Service (DDoS) Mitigation, Unified Threat Management, Other Solutions), by Services (Professional Services, Managed Services), by Deployment Mode (On-Premise, Cloud), by Organization Size (Large Enterprise, Small & Medium Enterprise), by Industry Vertical (Aerospace & Defense, Government, Banking Financial Services & Insurance (BFSI), Information Technology (IT) & Telecommunication, Healthcare, Retail, Manufacturing, Energy & Utilities, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Industry Findings & Insights from the report:
- The global Network Security Market was valued USD 19.4 Billion in 2021 and is all set to surpass USD 39.3 Billion by 2028, exhibiting a CAGR of 12.5% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Network Security industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Network Security Market:
- Cisco Systems
- Solar winds
- IBM
- Trend Micro
- Fire Mon
- Symantec
- FireEye
- GFI Software
- Avast Software
- Juniper Networks
Market Dynamics:
Driver:
Increasing Concerns regarding Cyber Security to Drive Market Growth
Network Security Market is a security system that facilitates organizations’ protection from hacks, fraud, and other threats. Moreover, the increasing concerns concerning cyber security are projected to augment the demand for software worldwide. In addition, the expanding adoption of the Internet-of-Things (IoT) connected devices and digital platforms will advance industry development. Furthermore, adopting your device, i.e., the BYOD trend might augment the security software demand. Moreover, the rise in the need for cybersecurity from organizations and startups will probably fuel market growth. These aspects will likely boost the Network Security Market growth during the forecast period.
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Rise in Cyber Threats at Network Point to Enhance Demand for the Solution to Drive the Market Growth
With technological advancements, the implementation of digital solutions, IT systems, and connected devices is greater globally than ever. However, in the corporate area, the level of protection against the attacker was analyzed and found to be very small. Furthermore, the digital infrastructure is developed to exchange business data and applications across digital platforms, devices, and users. Therefore, hackers are gradually employing ideal hacking strategies to breach an organization’s IT infrastructure to access critical business data. Besides, the growing cyber threats are likely to have increased the demand for solutions, driving the overall market expansion.
Segment Analysis:
- Component
- Solution
- Services
- Solutions
- Firewall
- Antivirus/ Antimalware
- Network Access Control (NAC)
- Data Loss Prevention
- Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS)
- Secure Web Gateways
- Distributed Denial-of-Service (DDoS) Mitigation
- Unified Threat Management
- Other Solutions
- Services
- Professional Services
- Managed Services
- Deployment Mode
- On-Premise
- Cloud
- Organization Size
- Large Enterprise
- Small & Medium Enterprise
- Industry Vertical
- Aerospace & Defense
- Government
- Banking Financial Services & Insurance (BFSI)
- Information Technology (IT) & Telecommunication
- Healthcare
- Retail
- Manufacturing
- Energy & Utilities
- Other Verticals
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Network Security Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries which are technology partners to the Network Security Market companies suffered impact due to the pandemic. In addition, the Network Security Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.
Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Network Security Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Network Security Market has considered the end-to-end impact of COVID-19 on the Global Network Security Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Network Security Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Network Security Market industry primarily based on the aforementioned data points:
1. Impact Assessment of COVID-19 Pandemic
| a. North America | |
| b. Europe | |
| c. Asia Pacific | |
| d. Latin America | |
| e. Middle East & Africa |
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
The report on Network Security Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America Dominated the Global Network Security Market
North America is leading the Global Network Security Market and is likely to continue the same trend during the forecast period. The presence of various market vendors which provide Distributed Denial of Service (DDoS) protection and mitigation and the early adoption of Network Security Market software solutions are essential growth factors expected to propel the market growth in this region. Moreover, the advent of financially targeted cyber-attacks and the increased data breaches is encouraging businesses to adopt advanced Network Security Market solutions. Besides, the growth in the modernization of current security software will drive the Network Security Market expansion in the region.
Recent Developments:
January 2022: Symphony Technology Group (STG), an American private equity firm, launched Trellix, which delivers extended detection and response (XDR) to businesses. In addition, this launch will help accelerate technology innovation via automation and machine learning.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Network Security Market for the base year and forecast period?
This market titled “Network Security Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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