Global Network Security Market Analysis: Trends, Challenges, and Opportunities

According to a recent report published by Allied Market Research, the global network security market size was valued at $18.48 billion in 2019, and is projected to reach $63.40 billion by 2027, registering a CAGR of 16.7 % from 2020 to 2027.

Network security encompasses a wide array of technologies, devices, and protocols aimed at safeguarding the integrity, confidentiality, and accessibility of computer networks and data through the use of both software and hardware measures. Regardless of their size, industry, or infrastructure, every organization requires some level of network security solutions to shield against the constantly evolving threats present in today's digital landscape.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/10971

Amid the pandemic, cybercriminals are exploiting the vulnerabilities of remote work setups and exploiting public concern surrounding COVID-19 to advance their nefarious activities. Consequently, organizations are compelled to bolster their security investments and enhance their network security infrastructure to accommodate the shift toward remote work environments. This presents a promising avenue for steady growth in the global network security market.

Digital technologies have gained a colossal space within every aspect of day-to-day routine, starting from simple mobile devices used for communication to complex software and electronics adopted in high security-based applications. For instance, one of the recent technologies termed as "Edge computing" is gaining huge traction within the commercial sectors as it reduces the overall latency in acquiring data from respective servers.

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/A10606

Furthermore, edge computing is also estimated to increase the demand for various parallel technologies such as Internet of Things (IoT) and cloud computing. By 2022, the global edge computing market is expected to reach USD 16.5 billion. Thus, the scenario has widely fueled the presence of online mobile devices and technology, which has increased the risk of cyber-attacks and incidence, thereby creating a strong base for the network security market.

With rise in such cyber incidences, the safety of consumer data is at high risk, which in turn is propelling the growth of network security solutions. Policies such as the General Data Protection Regulation (GDPR) introduced by the European union that enforce seven principles of- fairness, and transparency, lawfulness, purpose limitation, accuracy, storage limitation, data minimization, integrity and confidentiality, and accountability. GDPR aims for appropriate personal data processing.

Processing involves collecting, arranging, structuring, storing, changing, informing, utilizing, interacting, merging, limiting, removing, or destroying personal data. Compliance policies such as GDPR and other similar regulations, make a business adopt network security solutions into their network infrastructure. Thus, adoption of effective security measures backed by mandatory government policies has resulted in the creation of lucrative opportunity for network security solutions.

Buy Now & Get Exclusive Discount on this Report: https://www.alliedmarketresearch.com/network-security-market/purchase-options

In 2019, the global network security market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years as all solution types primarily focus on various system parts right from network security, device management, network packet analysis, and on embedded security, thereby creating a highly profitable scenario for the market growth. Increase in number of cyber-attacks on enterprises has resulted in immense loss, both in terms of social and economic scenarios.

This has mandated organizations to increase their spending in security conditions, which has created a lucrative growth foundation for the overall market. Furthermore, there has been a heavy reliance on cloud and online systems, owing to work from home policy, which has increased the risk of cyberthreats. However, the services segment is expected to witness highest growth, as these services reduce time and costs associated with optimization of systems in the initial phase of deployment. As services help to deploy and integrate distinct IT solutions in an enterprise ecosystem, they work as an important part of an organization. There has been an increase in adoption of services among end users over time, as it ensures effective functioning of software and platforms throughout the process. Increase in adoption of these software and platforms is expected to boost demand for these services.

By component, the solution segment dominated the market in 2019, accounting for more than three-fifths of the global network security market, as network security solution monitors user activity, creates access limitation, trains and educates users, provides detailed information of log 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 owing to rise in need for security in any network as network security issues grow.

Access the full summary at: https://www.alliedmarketresearch.com/press-release/network-security-market.html

By solution type, the IDS/IPS segment achieved the fastest growth within the market in 2019, and is expected to maintain its similar trend in the upcoming years. Malware and web application-based attacks have become extremely prone in the past decade within the digital world. With rise in threat of these attacks, demand for intrusion detection system has increased colossally. Intrusion detection system (IDS) is a software application that scans a network or a system for harmful activities or policy breaching. There is a growing demand for IDS solution, owing to a colossal increase in number of malicious attacks such as malware, web-based attacks, and phishing. Various advancements in the solution has increased demand for IDS solution, which is expected to create a strong foundation for the market growth during the forecast period.

By region, the market across North America held the largest share in 2019, accounted for nearly two-fifths of the market, due to increase in the number of cyberattacks in the U.S. and rapid increase in number of connected devices in the region. However, the global network security market across Asia-Pacific is projected to register the highest CAGR of 18.3% during the forecast period, owing to rise in the number of cyber-attacks.

The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. COVID pandemic has bought a colossal positive impact on the global network security market, with many countries going through lockdown and majority of the population working from home, there has been a significant increase in the online usage, which has widened the scope of network security market. In March 2019 their peak traffic was 82Tbps; this March it was 167Tbps and the sustained daily traffic rate is higher than last year's peak for March. Internet exchanges in Amsterdam, Frankfurt and London saw 10-20% increases in traffic around March 9. This scenario has raised the demand for network security solutions, thereby creating a strong foundation for the overall market growth.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A10606

Major market players:

• Cisco Systems
• Solarwinds
• IBM
• Trend Micro
• FireMon
• Symantec
• FireEye
• GFI Software
• Avast Software
• Juniper Networks

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have special requirements, please tell us, and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.