Network Security Market Size, Share, & Trends Analysis Report By Component (Solution, Services), By Solution (Firewall, Antivirus), By Enterprise Size, By Deployment, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Network Security Market Size, Share, & Trends Analysis Report By Component (Solution, Services), By Solution (Firewall, Antivirus), By Enterprise Size, By Deployment, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Network Security Market Growth & Trends

The global network security market size is estimated to reach USD 55.37 billion by 2030, projected to grow at a CAGR of 12.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing number of cyber-attacks as a result of the expansion of e-commerce platforms, proliferation of smart devices, and cloud deployment are some of the important drivers driving market expansion. The increased use of organizational devices equipped with intelligent technologies and IoT-connected devices is likely to increase cyber risks. As a result, end-user businesses are anticipated to incorporate advanced network security solutions to reduce the risk of cyber-attacks, hence supporting market growth.

The necessity for an adaptable, multi-layered, and self-learning security system has grown critical as the cyber environment has evolved into a highly integrated system. Furthermore, factors such as the proliferation of mobile-networked devices, ubiquity of electronic communications, rise of social media, and rising reliance on Big Data have necessitated for the defense cybersecurity system to be kept up-to-date with the evolving cyber threat scenario. Governments globally have increased their spending on cybersecurity solutions to protect devices and sensitive data from cyberattacks, bolstering market growth.

The market is likely to expand further as end-user businesses increasingly implement bring-your-device and choose-your-device policies. With the growing BYOD trend, it is expected that many employees globally will continue to work from remote locations or at home. Employees can access business information via cloud platforms under the CYOD and BYOD models, which exposes them to data theft. Traditional cyber security solutions are unable to defend devices from all types of advanced persistent threats or malware attacks, resulting in a greater demand for advanced cyber security solutions, including network security software and services.

Network Security Market Report Highlights

• Based on component, the services segment is anticipated to register a CAGR of 14.5% from 2023 to 2030. Network security services can be termed as maintenance, deployment, presale, and post-sale services, subscription support and installations, and others. The growing demand for network security software solutions is expected to support the segment growth in the market
• Based on solution, the network access control segment is anticipated to register a CAGR of 14.1% from 2023 to 2030. The demand for network access control (NAC) solutions is growing among organizations as they protect organizational resources, data, and critical information from cybercriminals. NAC ensures that only authentic devices and employees with proper permissions can access the network and internal organizational resources. Thus, the following features offered by NAC are expected to drive the growth of the market
• In terms of deployment, the cloud segment is anticipated to grow at a CAGR of 13.8% from 2023 to 2030. The cloud-based network security solutions offer higher flexibility to organizations regarding pricing, features, and duration of purchased subscription plans. Thus, it offers cost-effectiveness and scalability to the organizations
• Based on enterprise size, the small & medium-sized enterprises segment is anticipated to grow at a CAGR of 13.4% from 2023 to 2030. The cybersecurity threat among SMEs is rising significantly owing to the need for greater infrastructure capabilities and awareness. The rising technology advancements in network security offer SMEs flexible solutions capabilities and affordability, ensuring greater network safety within the organization
• Based on vertical, the IT and Telecommunication segment is anticipated to grow at a CAGR of 15.2% from 2023 to 2030. The demand for network security solutions and services in the IT and telecommunications sector is rising due to the availability of highly confidential data, constant exposure to large networks, and rising use of IoT devices Furthermore, the stringent regulatory and security compliances in the sector also demands advanced network security solutions
• Based on region, the Asia Pacific segment is anticipated to grow at a CAGR of 15.1% from 2023 to 2030. The key factors driving the demand for network security solutions and services in the Asia Pacific market are the rising application of connected devices, large customer base, and extensive use of unsecured platforms to access organizations’ networks and devices in various end-use industries such as manufacturing, IT and telecommunication, BFSI, and others, and are among the key factors expected to drive the demand of market in the region

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