Network Security Market Size - By Type (Firewall, Intrusion Detection & Prevention System, Network Access Control, Data Loss Prevention, Virtual Private Network), Deployment Model (On-premises, Cloud), Organization Size, End User & Global Forecast, 2023 -

Network Security Market Size - By Type (Firewall, Intrusion Detection & Prevention System, Network Access Control, Data Loss Prevention, Virtual Private Network), Deployment Model (On-premises, Cloud), Organization Size, End User & Global Forecast, 2023 - 2032

Global Network Security Market will register a 12% CAGR between 2023 and 2032 due to the escalating frequency of sophisticated cyberattacks, in line with the widespread adoption of advanced technologies. Organizations recognizing the heightened threat landscape are prioritizing robust cybersecurity measures to safeguard sensitive data and ensure business continuity. This surge in demand for cutting-edge network security solutions capable of countering evolving threats will significantly contribute to the growing market size.

Companies are introducing advanced solutions to fortify networks and mitigate cyber threats, addressing the escalating need for robust cybersecurity measures. This proactive response strengthens the network security industry by offering enhanced protective measures. For instance, in 2023, Fortinet introduced new hardware for OT network security, unveiling updates to its operational technology security platform. The advancements include a novel industrial Ethernet switch, an access point designed for hazardous OT environments, and a wireless gateway tailored for use in vehicle deployments.

The network security industry is segregated based on type, deployment model, and region.

The data loss prevention segment will gain a considerable market share by 2032, attributed to the escalating significance of safeguarding sensitive information and compliance with data protection regulations. As businesses prioritize preventing unauthorized access and ensuring data integrity, the data loss prevention segment will emerge as a critical component in network security solutions. With an increasing focus on mitigating cybersecurity threats, this segment becomes pivotal, contributing significantly to the overall market share in network security.

The network security market size from the on-premises segment will witness a substantial upswing by 2032, owing to businesses' emphasis on maintaining control over their security infrastructure. With concerns over data sovereignty, compliance, and customized security configurations, the on-premises model remains a preferred choice. The demand for localized security solutions to protect sensitive data and critical assets will propel the dominance of the on-premises segment, positioning it as a key contributor to the overall market share in network security solutions.

Europe network security industry will expand at a noteworthy CAGR during 2023 and 2032, driven by robust cybersecurity regulations, increasing digitalization, and heightened awareness of data privacy. The region's focus on fortifying cyber defenses in sectors such as finance, healthcare, and government will underscore its significance. With a mature and proactive approach to cybersecurity measures, Europe will stand out as a substantial contributor, significantly contributing to the network security market share.