Pune, India, May 11, 2021 (GLOBE NEWSWIRE) — The global network security market size is projected to reach USD 60.38 billion by 2028, exhibiting a CAGR of 12.0% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Network Security Market, 2021-2028“. As per the report, the value of the market stood at USD 24.88 billion in 2020.
As the business world is becoming a smaller place backed by the rapidly expanding digital network among enterprises, the increasing rate of cyberattacks has become a concerning matter globally. According to an in-depth study by Proofpoint on user awareness, more than 88% of firms worldwide have been a victim of phishing attempts in 2019.
Expanding Work-from-home Infrastructure amid COVID-19 to Augment Growth
The COVID-19 pandemic has been a buffet for cybercriminals as a lot of companies have been vulnerable during the first quarter of the pandemic. The key reason has been a change in the workstyle of employees, which is a rapid increase in the work-from-home settings. This has encouraged employers to implement network security services, which is projected to enhance the growth of the market. Based on our key findings, the market has experienced a positive growth of 9.6% in 2020 and is predicted to secure a market value of USD 27.39 billion in 2021.
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We have categorized the market on the basis of type, development, enterprise size, industry, and geography. In terms of type, the market is divided into firewalls, antivirus and anti-malware software, VPN, wireless security, and others (data loss prevention, intrusion prevention systems). Based on development, the market is segmented into cloud and on premise. Based on enterprise size, it is fragmented into small & medium sized enterprises and large enterprises.
In terms of industry, the market is divided into BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others (education). Lastly, on the basis of region, it is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
In order to prepare this report, we have captured data on the revenue of several key players through secondary sources such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts, such as CEOs, VPs, directors, and executives in order to track and analyze competitive developments such as partnerships, mergers & acquisitions, new product launches, and research & development activities. Our next step included bottom-up procedure to arrive at the overall size of the market.
Rising Cases of Cyberattacks and Security Breached to Drive Growth
The increasing cases of cyber-attacks and security breaches have compelled a majority of large and small companies to protect their networks. This is projected to drive the network security market growth. For instance, according to the identity Theft Resource Center, a total of 11,762 major security breaches have been registered from 2005 to 2020. In addition, the rapidly growing trend of Bring Your Own Devices (BYOD) policy by employers along with the increasing adoption of work from home settings amid the pandemic is estimated to boost the demand for network security solutions globally.
Presence of Leading Technology Providers in the U.S. to Boost Demand in North America
North America is estimated to dominate the network security market owing to the presence of major ICT companies in the U.S. The country is home to major data-driven enterprises including Amazon, Facebook, Microsoft, IBM, etc. Such companies require constant, effective network security services in order to run their operations smoothly. In addition, the increasing application of such services in the defense and military industry of the country is anticipated to propel the adoption. Such factors are projected to strengthen the market growth for network securities in the region.
Europe is expected to hold a major market share market share during the forecast period. The European Commission has upgraded its cybersecurity strategy, which was originally launched in 2013, to enhance the protection of networks. This will boost the demand for network securities in the region.
Strategic Partnerships to Help Key Enterprises Offer Products in Key Markets
The global network security market comprises industry leaders focusing on safeguarding networks all around the world. Key players operating in the market are collaborating with fellow enterprises to tap new potential markets and expand their customer base. For instance, in February 2021, RAH Infotech, a leading networks and security solutions provider, announced partnership with FireEye, a cybersecurity enterprise from California. The company will help FireEye in selling and distributing its innovative security solutions in India.
In October 2019 – Fortinet Inc., a multinational cybersecurity developer based in the U.S., announced the acquisition of enSilo Inc. The acquisition will enable the company to strengthen its network and endpoint solutions for security.
InJanuary 2019 –McAfee, an industry leading antivirus developer and security expert, acquired Skyhigh Network, a leading cloud access security broker from California. The acquisition will help McAfee offer cloud-based solutions to its customers.
List of Key Companies Covered in the Global Market:
Check Point Software Technologies Ltd. (Tel Aviv-Yafo, Israel)
Cisco Systems, Inc. (California, United States)
FireEye, Inc. (Milpitas, California, United States)
Fortinet, Inc. (Sunnyvale, California)
Juniper Networks, Inc. (Sunnyvale, California)
Kaspersky Lab. (Moscow, Russia)
McAfee, LLC (California, United States)
Palo Alto Networks, Inc. (Santa Clara, California)
SonicWall.com (Milpitas, California, United States)
WatchGuard Technologies, Inc. (Seattle, WA, United States)
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