Global Network Security Market 2023-2030

Global Network Security Market 2023-2030

Global Network Security Market Size, Share & Trends Analysis Report by Solution Type (Network Firewalls, Intrusion Detection/Prevention Systems (IDS/IPS), Data Loss Prevention (DLP), Web Application Firewalls (WAFs), Security Information and Event Management (SIEM), and Network Access Control (NAC)), by Deployment Mode (On-Premises, Cloud-Based, and Hybrid), and by End-User Industry (BFSI, Healthcare, IT & Telecommunications, Retail, Manufacturing, Government, and Others), Forecast Period (2023-2030)

The global network security market is anticipated to grow at a CAGR of 11.8% during the forecast period (2023-2030). Network security integrates a comprehensive array of technologies, devices, and processes designed to safeguard the confidentiality, integrity, and accessibility of computer networks and associated data. As cyber criminals continuously refine their tactics and techniques, employing increasingly sophisticated attacks that can circumvent traditional security measures, the adoption of advanced network security solutions has become imperative to stay ahead of the evolving threat landscape. Organizations can no longer solely rely on conventional security solutions, such as firewalls and antivirus software, to shield their networks from cyberattacks. Cybercriminals are devising innovative methods to infiltrate networks, including zero-day attacks that exploit vulnerabilities in software that remain unknown to the software vendor. In the absence of a patch to address the vulnerability, organizations remain susceptible to the attack until a solution is developed. Phishing attacks, another prevalent threat, attempt to deceive individuals into divulging sensitive information or clicking on malicious links. These attacks can be highly convincing, posing a risk even to the most vigilant employees.

In 2017, Equifax, a multinational credit reporting agency, experienced a significant data breach, exposing the personal information of over 147 million individuals. This breach was perpetrated by exploiting a vulnerability in a software component employed by Equifax, enabling the attackers to bypass security measures and access sensitive data. This incident highlights the growing sophistication of cybercriminals and underscores the critical need for organizations to continuously enhance their security strategies to stay ahead of evolving cyber threats.

In 2021, a sophisticated supply chain attack targeting SolarWinds, a provider of network management software, demonstrated the growing ingenuity and adaptability of cyber criminals. The attackers successfully infiltrated SolarWinds' software, which is widely used by organizations to manage their IT infrastructure, gaining access to sensitive data belonging to SolarWinds' customers. This incident underscores the evolving cybersecurity landscape, emphasizing the need for organizations to exercise heightened vigilance in vetting and securing their third-party vendors.

Segmental Outlook

The global network security market is segmented on the Solution Type, Deployment Mode, and End-User Industry. Based on the solution type, the market is sub-segmented into network firewalls, intrusion detection/prevention systems (IDS/IPS), data loss prevention (DLP), web application firewalls (wafs), and security information and event management (SIEM), network access control (NAC). Based on the deployment mode, the market is sub-segmented into on-premises, cloud-based, and hybrid. Further, based on end-user industry the market is sub-segmented into BFSI, healthcare, IT & telecommunications, retail, manufacturing, government, and others.

The Cloud-Based Sub-Segment is Anticipated to Hold a Considerable Share of the Global Network Security Market

Among the deployment mode, the cloud-based sub-segment is expected to hold a considerable share of the global Network Security market. This is all due to a various number of reasons. The pervasiveness of cloud computing has revolutionized the IT landscape, resulting in a surge in cloud-based data and applications. This shift has necessitated the implementation of robust cloud security solutions to safeguard sensitive information and mitigate cyberattacks. Cloud-based solutions often demonstrate cost-effectiveness compared to traditional on-premises deployments, eliminating the need for upfront hardware investments and ongoing maintenance costs. Organizations can harness cloud-based security services without the encumbrance of managing and maintaining their infrastructure. Cloud-based solutions offer centralized visibility and control over an organization's entire network security infrastructure, streamlining management and enabling proactive threat detection. This centralized approach rationalizes security operations and enhances overall security efficacy. Cloud-based security providers grant access to cutting-edge technologies, such as artificial intelligence (AI) and machine learning (ML), which can significantly augment threat detection and response capabilities. Organizations can capitalize on these advanced techniques without investing in specialized expertise.

Regional Outlook

The global network security market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe. One of the reasons for this dominance is that North American companies are investing heavily in research and development of new network security technologies. This investment is helping to keep the region at the forefront of cybersecurity innovation.

The European Region is Expected to Grow at a Significant CAGR in the Global Network Security Market

Among all regions, the European region is anticipated to grow at a considerable CAGR over the forecast period. The growth of this region is due to various reasons. European organizations are acutely cognizant of the intensifying cybersecurity threat landscape and the paramount importance of robust network security solutions. This heightened awareness has propelled demand for a comprehensive spectrum of security products and services. European organizations are wholeheartedly embracing digital transformation initiatives and swiftly adopting cloud computing. This paradigm shift has spawned novel security challenges, consequently propelling demand for cloud-based security solutions. Europe is committed to cultivating cybersecurity expertise and attracting talent in the cybersecurity domain. This concerted effort ensures that organizations possess the requisite expertise to effectively implement and manage their network security infrastructure.

European organizations are at the forefront of adopting nascent technologies, such as artificial intelligence (AI) and machine learning (ML), which are revolutionizing network security capabilities. This technological advancement is driving demand for AI-powered security solutions. European organizations are increasingly entrusting managed security service providers (MSSPs) to manage their network security needs. This trend stems from the dearth of cybersecurity expertise and the burgeoning demand for specialized skills to navigate intricate security infrastructure.

Market Players Outlook

The major companies serving the network security market include Check Point Software Technologies Ltd., Cisco Systems, Inc., Fortinet, Inc., McAfee, LLC, Palo Alto Networks, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, WatchGuard Technologies completed the acquisition of CyGlass Technology Services. In line with the acquisition, CyGlass technology will augment the WatchGuard Unified Security Platform architecture, enabling AI-powered detection of network anomalies and facilitating a forthcoming Network Detection and Response (NDR) service. Furthermore, it will bolster Open eXtended detection and response (XDR) capabilities within WatchGuard ThreatSync.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Network Security market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.