With a CAGR of 13%, the network security market size is worth USD 53.11

Pune, India, April 28, 2022 (GLOBE NEWSWIRE) — The world network security market the size was valued at USD 20.30 billion in 2021 and reached. The market is expected to grow from USD 22.60 billion in 2022 to USD 53.11 billion by 2029, growing at a CAGR of 13.0% during the forecast period. Emergence of several startups and increasing adoption of 5G services are expected to drive the market growth. Fortune Business Insights™ provides this information in its report titled “Network Security Market, 2022-2029”.

industry development

February 2022: Check Point Software Technologies Ltd. completed the acquisition of Spectral. The acquisition could allow the company to expand its cloud security offerings and include its hard-coded secrets infrastructure.

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Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 13%
2029 value projection $53.11 billion
base year 2021
Network security market size in 2021 $20.30 billion
Historical data for 2018 to 2020
Number of pages 160
Segments Covered Deployment, type, company size, sector and geography
Network Security Market Growth Drivers Growing adoption of remote work to promote industry progress
Growing concerns over cybersecurity to propel industry growth
Robust Adoption of Security Software to Propel Market Progress in North America
Major players launch new products to enhance brand image

Growing adoption of remote work to promote industry progress

This market is expected to be negatively affected during the COVID-19 pandemic owing to the growing adoption of remote working. The alarming spike in COVID cases has led to the adoption of a strict lockdown, prompting businesses to embrace the work-from-home culture. The adoption of work from culture and the growing reliance on digital platforms are increasing the demand from manufacturers for network security software. Additionally, the growing reliance on online shopping is expected to drive the demand for software to maintain security in financial transactions. These factors could propel industry growth during the pandemic.

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Segmentation

By deployment, the network security market share is segmented into cloud and on-premises. According to the type, it is categorized into firewall, antivirus and anti-malware software, VPPN, wireless security and others. Based on company size, it is divided into small and medium-sized enterprises (SMEs) and large enterprises. By sector, it is categorized into BFSI, IT & Telecom, Retail, Healthcare, Government, Manufacturing, Travel & Transportation, Energy & Utilities, etc. Regionally, it is clubbed in North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.

Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.


Drivers and Restrictions

Growing concerns over cybersecurity to propel industry growth

Network security is a security system that protects organizations against frauds, hacks and other threats. Growing concerns over cybersecurity are expected to increase demand for the software. Moreover, the increasing adoption of connected devices, digital platforms and Internet of Things (IoT) could boost the progress of the industry. Moreover, the growing demand for cybersecurity from organizations and startups is expected to propel the progress of the industry. Additionally, the adoption of the BYOD (Bring Your Own Device) trend may increase the demand for security software. These factors can boost the growth of the network security market.

However, the low budgetary allocation of security by manufacturers may hamper the progress of the market.

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Regional outlook

Robust Adoption of Security Software to Propel Market Progress in North America

North America is expected to dominate the network security market share owing to the growing adoption of security software by organizations. The North America market was worth $8.24 billion in 2021 and is expected to grow positively over the next few years. Furthermore, the increasing modernization of current security software is expected to propel the development of the market.

In Europe, increased investment in software research and innovation is expected to boost its adoption. Additionally, organizations’ provision of secure network security solutions is expected to propel the adoption of the software.

In Asia-Pacific, strong investments by major players in research and development are expected to drive the adoption of network security solutions. These factors can propel the development of the market over the forecast period.

List of Key Players Profiled in the Network Security Market Report

  • Check Point Software Technologies Ltd. (Israel)
  • Cisco Systems, Inc. (USA)
  • FireEye, Inc. (USA)
  • Fortinet, Inc. (USA)
  • Juniper Networks, Inc. (USA)
  • Kaspersky Laboratory. (Russia)
  • McAfee, LLC (USA)
  • Palo Alto Networks, Inc. (USA)
  • SonicWall.com (US)
  • WatchGuard Technologies, Inc. (USA)

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Main table of contents:

  • Global network security market size estimates and forecasts, by segments, 2018-2029
    • Main conclusions
    • Per deployment (USD)
    • By type (USD)
      • firewall
      • Anti-virus and anti-malware software
      • vpn
      • Wireless Security
      • Others (data loss prevention, intrusion prevention systems, etc.)
    • By business size (USD)
      • Small and medium-sized enterprises (SMEs)
      • Large companies
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Retail
      • Health care
      • Government
      • Manufacturing
      • travel and transportation
      • Energy and Utilities
      • Others (Education, etc.,)
    • By region (USD)
      • North America
      • Latin America
      • Europe
      • Middle East and Africa
      • Asia Pacific
  • North America Network Security Market Size Estimates and Forecasts, by Segments, 2018-2029
    • Main conclusions
    • Per deployment (USD)
    • By type (USD)
      • firewall
      • Anti-virus and anti-malware software
      • vpn
      • Wireless Security
      • Others (data loss prevention, intrusion prevention systems, etc.)
    • By business size (USD)
      • Small and medium-sized enterprises (SMEs)
      • Large companies
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Retail
      • Health care
      • Government
      • Manufacturing
      • travel and transportation
      • Energy and Utilities
      • Others (Education, etc.,)
    • By country (USD)
  • Latin America network security market size estimates and forecasts, by segments, 2018-2029
    • Main conclusions
    • Per deployment (USD)
    • By type (USD)
      • firewall
      • Anti-virus and anti-malware software
      • vpn
      • Wireless Security
      • Others (data loss prevention, intrusion prevention systems, etc.)
    • By business size (USD)
      • Small and medium-sized enterprises (SMEs)
      • Large companies
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Retail
      • Health care
      • Government
      • Manufacturing
      • travel and transportation
      • Energy and Utilities
      • Others (Education, etc.,)
    • By country (USD)
      • Brazil
      • Mexico
      • Rest of Latin America

TOC Continued…!

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