Network Security Market Set to Reach $58.42 Billion by 2031 Due to Emerging Threats | SkyQuest Technology

WESTFORD, Mass., June 28, 2024 /PRNewswire/ -- According to SkyQuest, the global Network Security Market size was valued at USD 19.92 Billion in 2022 and is poised to grow from USD 22.45 Billion in 2023 to USD 58.42 Billion by 2031, at a CAGR of 12.70 % during the forecast period (2024-2031).

Network security refers to the act of securing a network and data stored on it. Multiple software and tools are used to ensure network security and the rapidly evolving cyber threat landscape is forecasted to augment the network security demand outlook. Growing investments in bolstering online security are predicted to augment the demand for network security. The global network security market is segmented into type, industry, enterprise size, deployment, and region.

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Network Security Market Overview: 

Segments covered in Network Security Market are as follows:

• Component
  • Solution (Firewall, Antivirus/Antimalware, Network Access Control (NAC), Data Loss Prevention, IDS/IPS, Secure Web Gateways, Distributed Denial-Of-Service (DDoS) Mitigation, Unified Threat Management, Vulnerability Scanning, Sandboxing, Others), Service (Professional Service (Design & Implementation, Consulting, Training & Education, Support & Maintenance), Managed Services)
• End-user
  • Aerospace & Defense, IT & telecom, Government, Banking, Financial Services, & Insurance (BFSI), Healthcare, Retail, Manufacturing, Energy & Utilities, Others
• Enterprise Size
  • Small & Medium Enterprises, Large Enterprise
• Deployment
  • On-Premises, Cloud

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Firewall to Remain the First Line of Defence in Any Network Security Solution

Firewall is the primary line of defense for any network and this is why it is the most prominent sub-segment for network security companies to invest in. Firewall keeps a track of everything that is shared across a network and monitors its sources whether they are internal or external. Surging demand for advanced intrusion prevention technologies is also forecasted to help the firewall sub-segment's prominence. Firewalls can easily stop and detect threats that could go unmissed by other network security measures.

The rapidly evolving cyber threat landscape and the growing prevalence of cyberattacks and data breaches are promoting the use of antivirus/antimalware software and solutions. High investments in the development of novel antivirus products to cover new threats and viruses are also forecasted to help this sub-segment bolster network security market growth. Secure web gateways (SWGs) are also emerging in popularity as a highly popular type of network security solution. An increasing number of websites on different networks are opting for secure web gateways to enforce better network security measures.

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BFSI Industry to Remain Highly Lucrative for Network Security Providers

The banking, financial services, and insurance industry is forecasted to lead the demand for network security over the coming years. The BFSI industry deals with highly valuable information from customers directly converting into financial security, which is why this industry needs to deploy the most advanced type of network security measures available in the market. Rapid digitization of the BFSI sector and the increasing number of digital transactions depending on networks are also estimated to bolster the demand for network security in this sub-segment.

Governments are also expected to promote the adoption of advanced network security measures to safeguard crucial data from cyberattacks and data breaches. Increasing adoption of paperless solutions in governments around the world will bolster the importance of network security going forward. Healthcare, aerospace, and defense are also expected to emerge as highly lucrative industry verticals for network security providers across the forecast period and beyond.

Cloud Segment to Gain Prominence in Network Security Deployment

The majority of organizations around the world are focusing on utilizing cloud platforms and technologies to optimize their businesses, which is why cloud-based network security software and solutions are gaining popularity around the world. Network security companies should focus on cloud technologies to stay relevant in the future.

The BFSI industry vertical will be a gold mine of opportunities for network security providers of all kinds across the forecast period and beyond. Network security companies should also focus on continually updating their offerings to keep up with the rapidly evolving threat landscape. New companies can target any segment to penetrate the market whereas established network security providers need to select their segments smartly to get the best return on their investments.

Related Reports:

Cyber Security Market

Secure Access Service Edge (SASE) Market

Edge Security Market

Application Security Market

Identity And Access Management (IAM) Market

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SOURCE SkyQuest Technology