Global Network Security Market to Reach US$ 125.8 Billion by 2032, Propelled by Rising Frequency and Severity of Cyber Threats

March 22, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Network Security Market Report by Component (Solutions, Services), Deployment Mode (Cloud-based, On-premises), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (IT and Telecommunication, BFSI, Aerospace and Defense, Government, Healthcare, Retail, Manufacturing, Energy and Utilities, and Others), and Region 2024-2032”, the global network security market size reached US$ 35.4 Billion in 2023. Network security is a set of processes and technologies intended to protect computer systems, devices, and their data from unauthorized access, theft, damage, or misuse, and is considered an essential component of modern technology. Data integrity and access to authorized individuals or devices are ensured by network security, which prevents sensitive information from being accessed by anyone but authorized users. It operates in three major steps: authentication, authorization, and encryption, where data is converted into an unreadable format. Network security also provides firewall and malware protection that monitors and filters incoming and outgoing network traffic and detect and remove malicious programs. It offers several advantages, including enhanced protection of customer information, financial data, and intellectual property, mitigating phishing and DDoS attacks, and ensuring compliance with legal and regulatory requirements regarding data protection, privacy, and security in an organization.

Global Network Security Market Trends:

The global market is majorly driven by a considerable rise in the frequency and severity of threats and cyber-attacks. This can be attributed to the paradigm shift towards online operations from offline mode in the numerous end-use industries. In line with this, the growing adoption of cloud computing among large as well as small- and medium-scale organizations is resulting in an augmenting demand for advanced network security solutions to secure the cloud storage. Additionally, the significant increase in remote working resulting in a higher vulnerability of data to various threats is impacting the market positively. Continual upgradations in the security solutions, such as the integration of artificial intelligence (AI) and machine learning (ML) to stay ahead of emerging threats, are also creating lucrative opportunities in the market. Besides this, the proliferation of the Internet of Things (IoT) is resulting in a higher usage of connected devices among the masses, which, in turn, is fueling the market growth. Also, rise in investments by numerous organizations to comply with specific regulations and security measures to ensure sensitive data protection is acting as a significant growth-inducing factor for the market. Some of the other factors contributing to the market include rapid urbanization and digitization, the advent of Industry 4.0, and extensive research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 125.8 Billion by 2032, exhibiting a CAGR of 14.9% during 2024-2032.

Market Summary:

  • Based on the component, the market has been segmented into solutions (antivirus/antimalware, Network Access Control (NAC), data loss prevention, IDS/IPS, secure web gateways, DDoS mitigation, unified threat management, and others) and services (professional services and managed services). Among these, solutions (firewalls) accounts for the largest market share.
  • On the basis of the deployment mode, the market has been divided into cloud-based and on-premises. Among these, cloud-based accounts for the largest market share.
  • Based on the organization size, the market has been categorized into large enterprises and small and medium-sized enterprises.
  • On the basis of the industry vertical, the market has been classified into IT and telecommunication, BFSI, aerospace and defense, government, healthcare, retail, manufacturing, energy and utilities, and others. Among these, IT and telecommunication accounts for the largest market share.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Among these, North America accounts for the largest market share.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AT&T Inc., Avast Software s.r.o., Broadcom Inc., Cisco Systems Inc., Fortinet Inc., International Business Machines Corporation, Juniper Networks Inc., NortonLifeLock Inc., Palo Alto Networks Inc., SonicWall, Trellix (Symphony Technology Group), and Trend Micro Incorporated.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Deployment Mode, Organization Size, Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AT&T Inc., Avast Software s.r.o., Broadcom Inc., Cisco Systems Inc., Fortinet Inc., International Business Machines Corporation, Juniper Networks Inc., NortonLifeLock Inc., Palo Alto Networks Inc., SonicWall, Trellix (Symphony Technology Group) and Trend Micro Incorporated
Customization Scope 10% Free Customization
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Global Network Security Market to Reach US$ 125.8 Billion by 2032, Propelled by Rising Frequency and Severity of Cyber Threats
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