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Aug 24, 2020 (The Expresswire) —
The globalnetwork security marketsize is projected to reach USD 54.07 billion by the end of 2027. Increasing number of cybercrime activities will have a major impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled“Network Security Market Size, Share and Industry Analysis, By Type(Firewalls, Antivirus and antimalware software, VPN, Data loss prevention, Intrusion prevention systems, Wireless security, Others (Email security, Application security etc.), By Enterprise Size (SMEs and Large Enterprises), By Deployment (Cloud, On-premises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others (Education, etc.,.)), and Regional Forecast, 2020-2027,” the market was worth USD 22.74 in 2019 and will exhibit a CAGR of 11.6% during the forecast period, 2020-2027.
Network security refers to the security of all types of data that is involved in activities over the internet. The increasing internet penetration across rural as well as urban countries across the world will have a huge impact on the growth of the market. The growing investment by IT companies as well as other businesses will open up a huge potential for market growth. Due to increasing number of cybercrimes and data leaks across the world, it has become important to secure sensitive data. Increasing demand for the product has led to the presence of several large scale companies across the world. The emergence of 5G network, coupled with the availability of internet services at low costs will create several opportunities for market growth.
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An Overview of the Impact of COVID-19 on this Market:
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Lockdowns due to Covid-19 Pandemic Have Created Heavy Internet Usage; Cybercrimes Likely to Multiply
The coronavirus outbreak has compelled governments across several countries to impose lockdowns and social distancing rules. Due to lockdowns, several companies are functioning by asking employees to work from home over the company’s network. The excess internet usage during the coronavirus pandemic will create several opportunities for hackers and data breaching people alike. This, in turn, will aid the growth of the companies operating in the market. Flaky network structures of small and medium enterprise leaves them exposed to threats and data leaks.
Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions has had a huge influence on the growth of the market. Major companies are turning towards company mergers, with the aim of establishing a stronghold in the market. The increasing product demand, driven by the increasing need for security of data transmitted over the internet, has created a highly competitive scenario in the market. In January 2019, McAfee announced it has completed the acquisition of Skyhigh Network. The company Is a California-based cloud security provider. Through this acquisition, Skyhigh will gain access to Skyhigh’s Workload security platform, a step that will help the company establish a stronghold in the market. This acquisition will not just benefit the companies, but will have a direct impact on the growth of the overall market in the coming years.
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North America to Hold the Highest Market Share; Presence of Several Large Scale Companies Will Aid Growth
The report analyzes the ongoing network security market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in in North America is likely to account for the highest network security market share in the coming years. The excessive internet usage, coupled with increasing e-commerce activities will have a huge impact on the market. Increasing number of businesses operating over the internet will also create several growth opportunities. As of 2018, the market in North America was worth USD 9.76 billion and this value is projected to increase further in the coming years.
List of companies profiled in the Network Security Market Research Report are:
- Check Point Software Technologies Ltd.
- Cisco Systems, Inc.
- FireEye, Inc.
- Fortinet, Inc.
- Juniper Networks, Inc.
- Kaspersky Lab.
- Palo Alto Networks, Inc.
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, the rising adoption of e-financial services is expected to boost the global market.
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Major Segments Mentioned:
- By Solutions
- By Deployment
- By Industry Vertical
- By Geography
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Network Security market.
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global Network Security market.
January 2020WatchGuard Technology completed the acquisition of Panda Security. The acquisition will give WatchGuard access to enhanced security platform for network and user perimeter.
Major Table of Content for Network Security Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Network Security Market Analysis, Insights and Forecast, 2016-2027
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