According to the report published by Allied Market Research, Network Security Market Garner USD 63.39 Billion by 2027 at 16.7% CAGR Globally. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
Rise in level of cybercrimes, higher economic losses, and increase in data safety and privacy concerns drive the growth of the global network security market. However, high setup costs hinder the market growth. On the contrary, increase cyber-attacks during the Covid-19 pandemic and growth in digitalization trends across the globe are expected to open lucrative opportunities for the market players in the future.
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The global network security market size was valued at USD 18,480 million in 2019, and is projected to reach USD 63,398 million by 2027, registering a CAGR of 16.7% from 2020 to 2027.
The network security market is mainly segmented on the basis of component, solution, services, deployment, and organization size and industry verticals. Based on component, the market is segmented into solution and services. Based on solution the market is segmented into firewall, antivirus/antimalware, network access control (NAC), data loss prevention, IDS/IPS, secure web gateways, DDoS Mitigation, unified threat management and others, while on the basis of services the market is segmented into professional and managed services. Based on deployment, the market is bifurcated into on-premise and cloud, while on the basis of organization size the market is classified into small and medium enterprise and large enterprise. Based on industry vertical, the market is segmented into aerospace and defense, government, banking, financial services, and insurance (BFSI), information technology (IT) and telecommunication, healthcare, retail, manufacturing, energy and utilities and others.
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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.
By solution type, the unified threat management segment is projected to portray the highest CAGR of 24.3% during the forecast period, due to surge in the importance of cybersecurity and the increase in cyber-attacks. However, the firewall segment held the lion’s share in 2019, contributing to around one-fourth of the global network security market, owing to emergence of cloud-based technology.
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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 key players profiled in the network security testing market analysis are AT&T, Checkmarx Ltd., Cigniti, Core Security, Data Theorem, Inc., IBM, ImpactQA, Kryptowire, LogRhthym, Inc., McAfee, LLC, Micro Focus, NowSecure, Parasoft, PortSwigger Ltd., Rapid7, ScienceSoft USA Corporation, SecureWorks, Inc., Synopsys, Inc., and Veracode. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Impact of Covid-19 on Network Security Market:
● Due to strict regulations of lockdown, the majority of companies adopted work from home culture, which has increased the risk of cyber threats and cybercrime. This increased the demand for network security.
● During the pandemic, more and more companies have been investing in cybersecurity and network security to offer remote workforce support.
● The demand for network security from the healthcare sector increased due to Covid-19 pandemic as the network traffic from hospitals increased exponentially.
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