We have recently published the 7th Edition of Network Security Product and Service market report and we would encourage you to preview the free sample pages! We also present you the insights from the report below:
Key Insights from Network Security Product and Service Market Report
- According to Cognitive Market Research, the Worldwide Network Security Product and Service market size was USD 22.6 billion in 2022 and will grow and expand at a compound annual growth rate (CAGR) of 13.2% from 2023 to 2030.
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Introduction of Network Security Product and Service
The increased number of entrepreneurs and internet access in emerging nations will fuel the demand for innovative software. Additionally, end-user organizations are embracing the Bringing Your Device (BYOD) service, which necessitates secure network connectivity. Furthermore, businesses that include healthcare and commerce are concerned about network security.
- For instance, Check Point Software Technologies Ltd. developed a complete ‘quantum spark series’ of security gateways in February 2021 to defend small and medium-sized businesses from severe cyber-attacks. The quantum spark series provides features such as automatic threat prevention, automatic setup of flexible connection to the network, and applications in the cloud, and easy mobile application administration.
What Are The Main Opportunities Influencing The Network Security Product And Service Market?
- Growing Cyber Threats At Interfaces To Boost Market Expansion
The usage of digital solutions, networked gadgets, and IT systems is expanding as technology advances worldwide. As a consequence, hackers are increasingly using faultless hacking techniques to enter the computer systems of an organization and get access to key business information. In addition, the corporate sector’s degree of security against attackers was discovered to be exceedingly inadequate.
- According to a Kaspersky Lab survey, over forty percent of businesses lack an effective cybersecurity architecture. According to the research, roughly 73% of successful border breaches in the business sector were carried out through infiltrating unprotected online applications.
In addition, the surge in cyber risks is expected to fuel interest in solutions and enhance market development overall.
The Factors Limit The Development Of The Network Security Product And Service Market
- Companies’ Low-Security Budgets Will Likely Hinder The Widespread Implementation Of Security Solutions
Almost every company confronts difficulties in coping with a lack of legitimate information on safety and dangers. Companies continue to fail to invest sufficient funding for network security measures. Furthermore, the initial setup expense of this program is considerable, and it requires constant inspection, which is likely to slow its popularity for a short time. Considering the costly nature of solutions and the increasing number of assaults, small and medium-sized enterprises may implement cost-effective security solutions tailored to their specific needs and operations.
Impact Of COVID-19 on the Network Security Product and Service Market
Most staff were linked to safeguard office networks during the COVID-19 outbreak. Users have also selected network security services since organizations have an on-premises structure safer than cloud or remote networks. In addition, throughout the pandemic, several market participants aimed to increase their global reach and market share through strategic alliances and collaborations. Business networks have experienced an upsurge in access requests as remote working has grown in popularity. The need for sophisticated network security solutions is expected to rise. Furthermore, these ideas are expected to acquire traction in certain industries long after the crisis has passed.
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Network Security Product and Service Market Analysis
Global Network Security Product and Service Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Network Security Product and Service Industry growth. Network Security Product and Service market has been segmented with the help of its Deployment, Industry Service, and others. Network Security Product and Service market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Deployment, the Cloud Segment Dominating the Network Security Product and Service Market
According to Cognitive Market Research, the cloud sector will dominate the market. The increasing usage of machine learning, AI, the Internet of Things, and various other technologies is forcing businesses to adopt cloud-based solutions. Cloud-based software allows businesses to develop quickly by allowing for real-time setup. As a result of these considerations, cloud-based security adoption is gaining traction quicker.
On-premises network safety refers to safety precautions within a company’s premises. On-premises security encompasses the rules and methods put in place to ensure the security and effectiveness of computer networks, software, and hardware. Examples of physical security measures include antivirus programs and VPNs.
- Cloud
- On-premises
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By Industry, the BFSI Segment Dominating the Network Security Product and Service Market
According to Cognitive Market Research, The BFSI industries are expected to obtain the most market share, next to IT and telecoms. Furthermore, as mobile banking becomes more widespread, the possibility of network assaults and data breaches in the BFSI industry grows. As a result of this element, security measures will be implemented.
During the analyzed period, the healthcare industry is predicted to increase considerably. Key corporations are investing in emerging technologies that include computing via the cloud, artificial intelligence, natural language processing, and IoT to reduce operational costs and improve healthcare delivery.
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others
By Service, the Firewalls Segment Dominating the Network Security Product and Service Market
The firewall category is projected to dominate the market. Firewall security use is increasing across all industries, contributing to the greatest revenue share. A firewall checks incoming and outgoing files to and from an IP address, legitimate source, ports, and protocols. These methods can prevent dangers rather than merely identify them.
The increasing number of hackers has heightened the necessity of wireless security in recent years. Network security industry services are critical for security maintenance and updating, enhancing security, and preventing cyberattacks.
- Firewalls
- Antivirus and Antimalware Software
- VPN
- Wireless Security
- Others
By Enterprise Type, the Large Enterprises Segment Dominating the Network Security Product and Service Market
The large enterprise category is projected to dominate the market. In recent years, large organizations have seen an increase in cyberattacks. As a result, a higher amount of budget is set aside for security. Furthermore, rising awareness of safety and increased attacks will push small and medium-sized organizations to embrace new network security solutions, boosting market potential even further.
Hackers target small and medium-sized businesses to stifle their growth. As a result, SMEs demand secure networks as well. With the help of government programs and subsidies, startups are investing in security solutions. Small and medium-sized organizations are projected to use this antivirus software more frequently. It will also hasten the market’s expansion.
- Small and Medium Enterprises (SMEs)
- Large Enterprises
The North American Network Security Product and Service market dominates the Largest Share of Global Market
Due to the increasing use of these types of security solutions by major organizations across the globe, North America is expected to grab the largest network security market share. Furthermore, the top providers of Internet security solutions are based in North America, providing customers in this area with significant growth opportunities. The timely installation of network security software solutions and the availability of various companies providing Distributed Denial of Service protection is expected to drive regional market expansion. Aerospace, defense, and intelligence businesses are also expanding throughout North America. Significant expenditures have been made in technological advances to avoid the theft of intelligent assets and compromise systems used to oversee safety measures and the state.
The United States Network Security Product and Service Market anticipated to Grow and expand at the significant Growth Rate in North America
Owing to the increased usage of network solutions across organizations, the network security industry in the United States is rapidly developing. The United States is modernizing existing software while developing safety solutions; it has filed the most protected patents in the software industry. Canada is also expected to steadily uptake security solutions for networks. A combined effort between the United States, the United Kingdom, Canada, Australia, and New Zealand resulted in recommendations in April 2023 to avoid cyberattacks against the expanding number of digital facilities.
The driving factors for Network Security Products and Services to Witness the Fastest Growth Rate in the Asia Pacific Region in the Coming Years
During the predicted period, Asia Pacific will also continue to increase gradually. China is rapidly increasing in the industry and investing in security software research and development. In addition, governments worldwide are establishing data security rules and regulations to avert data breaches. Most governments in the area have introduced data security, homeowners or privacy policies, and legislation mandating businesses to check their IT and OT safety status. The implementation of the regulation known as the General Data Protection Regulation in 2018 has caused regional businesses to raise their security investment. Due to strict cyber regulations and enforcement actions, businesses were forced to invest in security to comply with laws.
The current report Scope analyzes Network Security Product and Service Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
North America (United States, Canada, Mexico)
Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)
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Author’s Conclusion
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Network Security Product and Service Market is witnessing significant growth in the near future.
In 2023, the Cloud segment accounted for noticeable share of global Network Security Product and Service Market and is projected to experience significant growth in the near future.
The BFSI segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Check Point Software Technologies Ltd. (Israel) , Inc. (U.S.) and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Key Questions Answered By Network Security Product and Service Market Report 2023
- Why Cloud have a significant impact on Network Security Product and Service market?
- What are the key factors affecting the Cloud and On-premises of Network Security Product and Service Market?
- What is the CAGR/Growth Rate of BFSI during the forecast period?
- By type, which segment accounted for largest share of the global Network Security Product and Service Market?
- Which region is expected to dominate the global Network Security Product and Service Market within the forecast period?
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