The network security market is majorly segmented on the basis of components, solutions, services, deployment, organization size, and verticals.
PORTLAND, OR, UNITED STATES, Feb. 22, 2022 /EINPresswire.com/ — Allied Market Research recently released a report titled “Network Security Industry By Component (Solution and Services), Solution (Firewall, Antivirus, Network Access Control, Prevention data loss, IDS/IPS, secure web gateways, DDoS attack mitigation, unified threat management and others), services (professional services and managed services), deployment (on-premises and cloud), organization size (small and medium and large business) and vertical (aerospace and defense, government, banking, financial services and insurance (BFSI), information technology (IT) and telecommunications, healthcare, retail, manufacturing, energy and Utilities and Others): Global Opportunities Analysis and Industry Forecast, 2020-2027”. According to the report, the global network security industry was estimated at $18.48 billion in 2019 and is expected to reach $63.39 billion by 2027, growing at a CAGR of 16.7% 2020 to 2027.
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Drivers, constraints and opportunities
Rising level of cyber crime, rising economic loss, and rising data security and privacy issues are driving the growth of the global network security industry. However, high installation costs are hampering the growth of the market. On the contrary, increase in cyberattacks during the Covid-19 pandemic and growing digitalization trends across the globe are expected to open up lucrative opportunities for market players in the future.
Impact of Covid-19 on the network security industry:
• Due to strict lockdown regulations, the majority of companies have embraced the work-from-home culture, which has increased the risk of cyber threats and cybercrime. This has increased the demand for network security.
• During the pandemic, more companies have invested in cybersecurity and network security to provide remote workforce support.
• The healthcare sector’s demand for network security has increased due to the Covid-19 pandemic, as hospital network traffic has increased exponentially.
The solutions segment took the lion’s share
By component, the solution segment led the market in 2019, accounting for more than three-fifths of the global network security industry, as the network security solution monitors user activity, creates access limitation, forms and educates users, provides detailed information about logging activities, creates plans for data breach response, compliance management, data encryption, and web application management. However, the service segment is estimated to register the highest CAGR of 17.4% from 2020 to 2027. This is due to the increase in the need for security in any network as the security issues of the network increase.
Unified Threat Management Segment to Show Highest CAGR through 2027
By solution type, the unified threat management segment is expected to show the highest CAGR of 24.3% during the forecast period, driven by the rise of cybersecurity and increase in cyberattacks . However, the firewall segment held the lion’s share in 2019, contributing about a quarter of the global network security industry, owing to the emergence of cloud-based technology.
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North America led the market
By region, the North American market held the largest share in 2019, accounting for almost two-fifths of the market, owing to the increase in the number of cyberattacks in the United States and the rapid increase in the number of connected devices. In the region. However, the global network security industry in Asia-Pacific is expected to register the highest CAGR of 18.3% during the forecast period, owing to the increase in the number of cyber attacks.
Some of the top companies mentioned in the report are Cisco Systems, SolarWinds IBM, Trend Micro, FireMon, Symantec, FireEye, GFI Software, Avast Software, and Juniper Networks.
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