The global network security market is expected to grow at a CAGR of around 11.8% from 2020 to 2027 and expected to reach the market value of around US$ 59.5 Bn by 2027.
Network security refers to the steps taken by any business or organization to protect its computer network and data by utilizing both hardware and software systems. Network security encompasses a wide range of technologies, devices, and processes. It is a set of rules and configurations designed to safeguard the integrity, confidentiality, and accessibility of computer networks and data.
Rising cases of data breach have raised high demand for the growth of global network security market
A cybercriminal can exploit these weak points and cause internal system damage. An incident like this will result in the loss of funds, confidential information, and customer data, as well as destroying the company's reputation in the market. According to the EC-Council report, Mariott International suffered a major data breach in March 2020, in which the information of 5.2 million guests was accessed using the login credentials of two employees at a franchise property. Twitter was not spared by the pandemic or remote work. In June 2020, several high-profile individuals' accounts were compromised as a result of phone phishing. Robust network security techniques are modern-day necessities for business survival, but cyber hygiene awareness has also become a necessity. Furthermore, by implementing and learning about network security, a small business can make their employees more responsible, a law firm can be motivated to protect its data, and an interior designer can find more effective ways to control their heavy files.
Network Security has gained huge significance during COVID-19 pandemic
The importance of network security in today's business environment has grown since a large portion of the workforce went remote due to COVID-19. The COVID-19 pandemic has forced millions of professionals all over the world to work remotely. As a result, it has created numerous opportunities for hackers. According to a recent international survey conducted by SailPoint Technologies Holdings, Inc., a U.S.-based tech company, 48% of U.S. participants said they had been targeted with phishing emails, calls, or text messages, both personally and professionally, while working from home over the course of six months. Furthermore, more than half of survey respondents in Europe, the Middle East, and Africa (EMEA), as well as those in Australia and New Zealand (ANZ), reported being phished during the pandemic, with 10% noticing phishing attempts at least once per week. Having the right tools and systems in place can help you avoid data breaches and cybercrime. It is critical for your organization to understand the cyber security measures available to protect its data and devices.
Online influence campaigns bolster the growth of global network security market
According to a report published by Canada.ca, ransom ware campaigns of varying sophistication will almost certainly continue to target the Canadian health sector in the near future. Ransomware attacks on healthcare providers, research facilities, and medical manufacturers will harm patient care and impede the development and production of Canadian medical research and domestic supply chains. Authoritarian governments are very likely to try to obtain and deploy foreign surveillance technologies under the guise of malware attacks. Concerns about privacy will almost certainly spark heated public debates, including in Canada, about the increasing use and effectiveness of surveillance technologies to combat ransomware attacks. It is very likely that influence campaigns will manipulate privacy concerns in order to sow discord and erode trust in public institutions. Such influence programs involve The STOP.THINK.CONNECT. Campaign is a national public awareness campaign aimed at increasing understanding of cyber threats and empowering the American public to be safer and more secure online, recognising that cyber security is a shared responsibility. Furthermore, in its 17th year, National Cyber Security Awareness Month (NCSAM) continues to raise awareness about the importance of cyber security across the country, ensuring that all Americans have the resources they need to be safer and more secure online.
The global network security market is segmented as deployment, type, enterprise size, and industry. Based on deployment, the market is bifurcated into the cloud and on-premise. By type, the market is segmented as firewalls, antivirus and anti-malware software, VPN, wireless security, and others. Furthermore, enterprise size is segregated as small and medium size enterprise (SMEs) and large enterprise. Industry is segmented as BFSI, IT and telecommunication, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others.
The cloud deployment segment will account for the largest share of the global network security market. Firewall, VPN, and wireless security segments will gain significant traction in the network security market. The global network security market will be dominated by the large enterprise segment. Furthermore, the global network security market will grow at a faster rate in the BFSI, IT, and telecommunications segments.
North America dominates; Asia Pacific witness highest CAGR for the network security market
North America is expected to have the largest share of the network security market. Software adoption is highest in the United States, and top industries such as BFSI, healthcare, and retail is heavily implementing the software to protect their data privacy. Furthermore, the United States is upgrading existing software, and its innovative new security techniques are having a positive impact on the network security market.
On the other hand, the Asia Pacific network security market is expected to grow at a healthy CAGR during the forecast period. China is leading the APAC region in market progress and investment in security software research and development. However, the government is also encouraging citizens to incorporate digitalization into their daily lives. With such widespread adoption, there is a high demand for secure networks, which boosts industry growth in India. Furthermore, the governments of several countries are enacting various security laws and policies to prevent data breaches, which stimulate network security growth in the APAC region.
The prominent players of the global network security market involve NortonLifeLock Inc.,(Symantec Corporation), McAfee Corp., Sophos Limited, Ruckus Networks, Motorola Solutions, Inc., Fortinet, Cisco Systems Inc., Brocade, Aruba Networks, Aerohive Networks, Honeywell International Inc., ADT Inc., and among others
Market By Deployment
Market By Type
Antivirus and Anti-malware software
Market By Enterprise Size
Small and Medium Size Enterprise (SMEs)
Market By Industry
IT and telecommunication
Travel and Transportation
Energy and Utilities
Network security market is expected to reach a market value of around US$ 59.5 Bn by 2027.
The network security market is expected to grow at a CAGR of around 11.8% from 2020 to 2027.
Based on deployment, cloud segment is the leading segment in the overall market.
Rising cases of data breach is one of the prominent factors that drive the demand for network security market.
NortonLifeLock Inc.,(Symantec Corporation), McAfee Corp., Sophos Limited, Ruckus Networks, Motorola Solutions, Inc., Fortinet, Cisco Systems Inc., Brocade, Aruba Networks, Aerohive Networks, Honeywell International Inc., ADT Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years