Network Security Market Value Predicted To Reach US$ 59.5 Billion By 2027 Covering COVID-19 Impact: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Network Security Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, July 02, 2021 (GLOBE NEWSWIRE) -- The Global Network Security Market is expected to grow at a CAGR of around 11.8% from 2020 to 2027 and reach the market value of over US$ 59.5 Bn by 2027.
According to regional market share, North America dominates the network security market. This is due to the increasing use of network security solutions on a large scale. Furthermore, the early adoption of these solutions, as well as the presence of several Distributed Denial of Service (DDoS) protection and mitigation solutions in the region, is driving market growth in the region.
Furthermore, the region's large enterprises are increasingly implementing network security solutions for the early detection and mitigation of cyber threats and potential malware attacks. In the coming years, Asia Pacific is expected to have the fastest growing CAGR in the network security market. Because of the growing adoption of managed security services and cloud-based security solutions, this market is expected to grow at the fastest rate in the coming years.
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Market Drivers
The rapidly increasing use of mobile devices, as well as the rising demand for integrated security solutions, is two important factors that are expected to drive the growth of the global network security market in the coming years. Furthermore, a significant increase in regulatory compliance requirements is expected to accelerate the overall market's growth in the coming years. The growing popularity of Software as Service-based network security solutions is regarded as a major factor driving the overall market's expansion.
On the other hand, the lack of efficient security solutions and the complexity of network infrastructure are expected to stifle the global network security market's growth. Threats posed by open-source network security solutions, as well as technical flaws, are among the other factors expected to stifle market growth in the coming years. Nonetheless, a significant increase in the number of DDoS attacks, as well as an increase in the number of mergers and acquisitions, is expected to contribute to market growth.
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Market Restraints
However, the increased susceptibility of the devices to cyber-attacks and terrorism is a major impediment to market growth. The increasing frequency of these attacks has startled the network infrastructure of a number of large and small organizations. They have increased the network's vulnerability to viruses, theft, and data loss. In addition, the growing adoption of BYOD is expected to stifle market growth in the coming years.
COVID-19 analysis of network security market
Another significant growth driver in the network security market is the ongoing COVID-19 pandemic. With the increased use of mobile devices, the shift to remote working and the increased use of home networks, there is a greater concern about the security of these networks. This has increased the demand for enhanced network security solutions. Furthermore, as businesses shifted to digital platforms, network infrastructure security became an essential component of business operations. This has fueled the market's growth in recent months and is expected to contribute to market growth over the forecast timeline.
Segmental Outlook
The global network security market is segmented as deployment, type, enterprise size, and industry. Based on deployment, the market is bifurcated into cloud and on-premise. By type, the market is segmented as firewalls, antivirus and anti-malware software, VPN, wireless security, and others. Furthermore, enterprise size is segregated as small and medium size enterprise (SMEs) and large enterprise. Industry is segmented as BFSI, IT and telecommunication, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others.
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Competitive Landscape
The prominent players of network security involve NortonLifeLock Inc.,(Symantec Corporation), McAfee Corp., Sophos Limited, Ruckus Networks, Motorola Solutions, Inc., Fortinet, Cisco Systems Inc., Brocade, Aruba Networks, Aerohive Networks, Honeywell International Inc., ADT Inc., and among others.
Some of the key observations regarding network security include:
In October 2019, Cisco Systems, Inc., announced acquisition with Duo Security Inc. an internet based networking strategy based in Michigan. The acquisition will help both the company to provide software based and subscription based security portfolio. This will boost the company's position in the worldwide market.
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