Network Security Market to Record an Exponential CAGR by 2031

The global network security market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). With the introduction of the internet, network security has become increasingly vital. There is a large amount of commercial, personal, and government information on networking infrastructure worldwide. The increase in the number of cyber-attacks on organizations has resulted in huge damages in both social and economic terms. As a result, businesses have been compelled to increase their security investments, which is expected to boost the global network security market during the forecast period.

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Moreover, the expanding demand for smartphones and increased internet penetration in remote locations are projected to increase the demand for network security solutions. In addition, industries are adopting bring your own device (BYOD) policies, which will necessitate secure data communication.

Network Security Market – Competitive Landscape

Key market participants strive to establish and maintain a competitive edge by continuous investment in security innovations and acquisitions. FireEye, Inc., Check Point Software Technologies Ltd., Juniper Networks, Inc., WatchGuard Technologies, Inc., and McAfee, LLC are forming alliances or absorbing other security companies to provide a comprehensive suite of security solutions.

Moreover, numerous prominent participants are providing advanced network and endpoint security solutions based on the needs of organizations and the size of businesses. Market leaders such as McAfee, Cisco Systems, and Kaspersky Lab offer cloud network security solutions.

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Network Security Market – Trends and Opportunities

The growing number of cyber-attacks and security breaches has driven the majority of large and small businesses to secure their networks. This is expected to propel the network security market forward. As per the Identity Theft Resource Center, from 2005 to 2020, a total of 11,762 serious security breaches were reported.

Moreover, cybercriminals are taking advantage of the pandemic to increase their criminal activity by targeting the vulnerability of remote employees. These factors are causing enterprises to increase their security investment and upgrade their network security architecture in order to enable remote working. This suggests that the global network security market will continue to expand gradually during the forecast period.

Furthermore, the fast-developing trend of Bring Your Own Device (BYOD) policies by businesses and the increasing acceptance of work-from-home settings in the midst of the pandemic are expected to drive the global network security market.

The adoption of 5G technology is rapidly increasing. 5G provides improved network services that allow devices to operate at high speeds while improving dependability, bandwidth usage, and latency. As a result, 5G has seen widespread adoption in technologies such as artificial intelligence (AI), industrial IoT, machine learning (ML), and others. As 5G technologies become increasingly integrated, more data will be transferred over the network, posing new dangers to data security. Security and cyber-attacks pose a risk not only to 5G service providers but also to users. Every layer of wireless systems contains secret information from all businesses. Thus, the increasing use of 5G services is likely to propel the global network security market.

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Network Security Market – Regional Landscape

The North America network security market is anticipated to expand due to the widespread usage of network solutions among businesses. Furthermore, increased data breaches and the advent of financially targeted cyber-attacks have prompted businesses to implement advanced network security solutions. Moreover, the leading solution vendors in the network security market are from North America, which is projected to boost the network security market growth in the region.

The network security market in Europe is projected to grow at a rapid pace as a result of rising customer demand for data loss prevention and backup solutions. Countries such as Germany are installing encryption technologies and regulating compliances in order to provide end-users with secure networking solutions.

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In the Asia Pacific, the network security market is expected to rise due to the increased usage of managed security services and cloud-based security solutions.