The global network security market is expected to expand from USD 78.2 billion in 2024 to USD 111.0 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%, according to a recent report by MarketsandMarkets™.
Sophisticated cyber threats have been a major driver of the traction of network security solution adoption and the emergence of the new wave of threats such as ransomware and APTs. Prior to committing complex new attacks, the attackers target critical infrastructure, financial systems, and private data. So, organizations are heavily investing in network security solutions that track and block any incoming threats to preserve their assets and the company's operations in a combat environment.
Key Companies profiled
· Cisco (US)
· Palo Alto Networks (US)
· Fortinet (US)
· Check Point (US)
· Trend Micro (Japan)
· Verizon (US)
· IBM (US)
· Broadcom (US)
· Juniper Networks (US)
· Akamai (US)
· Netskope (US)
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Segment Analysis
A VPN solution is a significant part of modern network security. It functions by establishing a secure, encrypted connection between a user's device and a network, typically over the Internet. This encryption ensures that any data transmitted over the VPN is protected from interception by malicious actors, safeguarding sensitive information such as login credentials, financial details, and confidential communications. VPNs are particularly valuable in protecting remote access to corporate networks. Presently where remote work is increasingly common, employees often need to connect to their company's internal resources from various locations, including potentially insecure environments like public Wi-Fi networks. Key vendors offering VPN solutions include Fortinet, Cisco, NordLayer, Check Point, and Zscaler.
The on-premise deployment mode is estimated to hold the largest market share in the network security market. On-premises deployment mode for network security solutions involves installing and managing security hardware and software directly within an organization’s physical infrastructure. This way, organizations have full control over the security systems, including firewalls, IDS, DLP, and other tools. Commonly, on-premises deployment is chosen by organizations that have strict regulatory requirements, sensitive data, or demand for customized security configurations. It allows for direct management of data and security protocols, ensuring that all operations occur within the organization’s own data centers.
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By region, Asia Pacific will grow at the highest CAGR during the forecast period.
The Asia Pacific region comprises countries such as China, India, Singapore, and Japan, which are leading in the network security market. Asia Pacific region is expected to register high growth rates in the network security market. China is one of the leading countries in this market, with extensive adoption of network security technology in various sectors, including BFSI, government, and healthcare. Other countries in the region, such as Japan, are also witnessing growth in the network security market. Various factors, such as internal and external regulations and the growing focus of various industries to get a unified view of risk, are expected to contribute to market growth. Factors such as increasing internet usage, regulations, compliances, and increasing digitalization are the major factors fueling the adoption of network security solutions.
Recent Developments
1. In June 2024, Check Point unveiled CloudGuard WAF-as-a-Service (WAFaaS), an automated web application firewall powered by AI. This fully managed solution was intended to help organizations prevent cyber threats and safeguard web applications from unauthorized access and data breaches. WAFaaS aimed to provide a streamlined and cost-effective method for securing cloud applications and APIs by emphasizing prevention, ease of usage, and scalability.
2. In May 2024, Fortinet introduced the FortiGate 200G, a next-generation firewall (NGFW) developed for modern campus environments. The product is built to run on FortiOS and the SP5 security processing unit. Hence, throughput is improved, whereas the AI-based FortiGuard Security Services provide an additional advantage and 5GE ports for Wi-Fi 7; thus, secure, high-speed support is available for data-rich traffic and cloud-based applications.
3. In April 2024, Cisco acquired Isovalent, an open-source cloud-native networking and security leader. This marked a significant step forward in Cisco’s commitment to defining the future of secure, multi-cloud networking.
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