Network Security Market Is Expected To Reach A Revenue Of USD 99.1 Bn By 2033, at 13.1% CAGR: Insights By Dimension Market Research

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Rising Demand and Key Trends in Network Security: Comprehensive Analysis and Growth Drivers

New York, July 01, 2024 (GLOBE NEWSWIRE) — Overview

The Network Security Market size is expected to reach USD 32.8 billion by 2024 and is further anticipated to reach USD 99.1 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 13.1% from 2024 to 2033.

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This market protects computer networks from unauthorized access, mishandling of data, and cyber threats. This market offers solutions and services that safeguard the confidentiality, integrity, and availability of network resources and user data. Network security monitors the authentication & authorization of data, and sometimes they even restrict access of users if their action seems suspicious and threatening.

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Important Insights

  • The Network Security market is expected to grow by USD 99.1 billion by 2033 from 2024 with a CAGR of 13.1% during the same forecasted period i.e. 2024 to 2033.
  • Solutions, including firewalls and IDPS, dominate the component segment by offering diverse products for data protection, monitoring traffic, and detecting security threats effectively.
  • IDS and IPS solutions are poised to capture the largest market share in 2024, monitoring network and system activities for unauthorized access, misuse, or policy violations, enhancing global security measures.
  • Cloud deployment leads in 2024, offering scalable, flexible, and cost-effective network security solutions accessible via SaaS or PaaS models, ensuring global coverage without geographical limitations.
  • North America leads the nuclear medicine market with a 35.2% share in 2024, anticipating sustained growth due to growth in investments in R&D, a large volume of procedures, & advanced technological infrastructure.

Latest Trends

  • Zero Trust Architecture Adoption: Growing emphasis on Zero Trust frameworks to verify every user and device, enhancing safety posture amid evolving threat landscapes and distributed workforces.
  • AI-Powered Threat Detection: Increasing integration of artificial intelligence and machine learning for real-time threat detection, enabling proactive responses to state-of-the-art cyber threats and vulnerabilities.
  • Cloud-Native Security Solutions: Rising demand for cloud-native safety answers tailored for cutting-edge cloud environments, offering scalability, flexibility, and more suitable visibility throughout disbursed networks and applications.
  • Identity-Centric Security: Shift toward identity-centric safety methods, focusing on user authentication, access controls, and privilege management to mitigate insider threats and ensure granular access control.

Network Security Market: Competitive Landscape

  • The competitive landscape of the global network security market is highly competitive with the presence of various major companies that are heavily investing in research and development to produce solutions that can keep up with the rising cyber security threats and attacks.
  • Some of the major key players in this market are Palo Alto Networks, Fortinet, Cisco, CrowdStrike, IBM Corporation, Trend Micro, and many others who are further boosting their position in this market by utilizing various strategies like partnerships, acquisitions, mergers, and collaborations.

Some of the prominent market players:

  • Palo Alto Networks
  • Fortinet
  • Cisco
  • CrowdStrike
  • IBM Corporation
  • Trend Micro
  • Rapid7
  • Check Point
  • Microsoft Corporation
  • Sophos
  • Broadcom
  • VMware
  • Trellix
  • Proofpoint
  • Akamai Technologies
  • Other Key Players

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Network Security Market Scope

Report Highlights Details
Market Size (2024) USD 32.8 Bn
Forecast Value (2033) USD 99.1 Bn
CAGR (2024-2033) 13.1%
Leading Region in terms of Revenue  Share North America
Percentage of Revenue Share by Leading Region 35.2%
Historical Data 2017 – 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Solution, By Deployment, By Vertical
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Growth Drivers

  • 5G Integration Accelerates Security Needs: Rapid adoption of the 5G technology amplifies the demand for strong network safety solutions to shield against evolving cyber threats and vulnerabilities.
  • Stringent Regulatory Compliance Requirements: Increasing regulations like GDPR, HIPAA, and PCI DSS propel the need for comprehensive network security measures to shield user records and ensure compliance.
  • Digital Initiatives and Remote Work Trends: Expanding cloud adoption, IoT proliferation, and remote work trends create new attack surfaces, driving demand for cloud security and IoT protection solutions.
  • Escalating Cyber-Attacks: Rising instances of cyber-attacks underscore the importance of advanced safety solutions, fueling innovation and investment in network security technologies to fight evolving threats.

Restraints

  • Complexity of Threat Landscape: The rapidly evolving risk panorama poses demanding situations in keeping up with sophisticated cyber threats, requiring continuous adaption of safety measures.
  • Shortage of Skilled Personnel: Persistent scarcity of skilled cybersecurity specialists hampers effective implementation and management of robust security solutions.
  • Compliance Challenges: Stringent regulatory requirements and compliance standards impose extra burdens on organizations, necessitating comprehensive adherence to data protection regulations.
  • Budget Constraints: Limited budgets allocated to cybersecurity initiatives limit the deployment of advanced security technologies and impede proactive danger mitigation efforts.

Growth Opportunities

  • Rise of IoT Security: Increasing adoption of IoT devices gives possibilities for specialized security solutions to guard interconnected devices and networks from emerging cyber threats.
  • Cloud Security Solutions: Growing migration to cloud-based infrastructure creates demand for scalable, adaptable cloud safety solutions to protect data and applications.
  • AI and ML Integration: Integration of AI and machine learning technologies enables proactive threat detection and response, improving the effectiveness of network security measures.
  • Endpoint Protection: With the proliferation of remote work and BYOD policies, there is a developing need for endpoint protection solutions to protect devices accessing corporate networks from cyber threats.

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Market Analysis

It is forecasted that solutions will predominantly dominate this segment in regards to components in 2024 since they have an impressive range of safeguards offered which includes firewalls, intrusion detection and prevention systems, secure web gateways, virtual private networks, and cloud security that are used as defense against possible threats.

Security solutions have a very important role in such cases where they notify a system administrator of a suspicious activity and then automatically block or mitigate the threats.

Solutions including intrusion detection systems (IDS) and intrusion prevention systems (IPS) are forecasted to account for 24.1% of the market in 2024 which is a relatively larger share of the market in comparison to other security solutions in the information. IDS is further divided into two main types: Network-level Intrusion Detection Systems (NIDS) and Host Level Intrusion Detection Systems (HIDS).

Here NIDS examines network streams to find out about suspicious activities taking place at the network perimeter. HIDS on the other hand monitors the activities of individual host systems and reports signs of compromise or unauthorized access to the network servers. IDS will enrich the security of the information system by raising the system to acceptable to attack, which in turn helps the security analysts to research & respond to potential threats in a timely manner.


Network Security Market Segmentation

By Component

  • Solution
  • Services

By Solution

  • IDS/IPS
  • Unified Threat Defense
  • Data Loss Prevention
  • Network Access Control
  • Firewall
  • Antivirus
  • Others

By Deployment

  • On-premise
  • Cloud

By Vertical

  • BFSI
  • IT and Telecommunication
  • Retail and E-commerce
  • Healthcare
  • Manufacturing
  • Government
  • Others

Regional Analysis

It is expected that the North American region will take up to 35.2% of the market share in the year 2024 as the leader of this market. The demand for network security solutions in banking, financial services, and insurance sectors, as well as government, healthcare, education, IT, telecom, and so on has been increasing steadily.

The sectors that are usually vulnerable to security thefts and cyber-attacks see this as an issue that also emphasizes these solutions even more. The information stored in the networks and devices of companies from the region is of high value which makes the need for such a solution even stronger.

Also, the well-developed technological ecosystem of this region further boosts the position of North America in the network security market.

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By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Network Security Market

  • April 2023: Trellix, a cyber-security firm, has launched its Security Endpoint Suite which offers advanced XDR technology for enhanced detection and response where it provided SOC analysts with improved visibility and control for proactive endpoint security checks.
  • March 2023: Fortinet, a cybersecurity leader, supplied its SD WAN to enhance operational effectiveness for Emirates National Oil Company Limited (ENOC), a Dubai government-owned subsidiary.
  • January 2023: Symphony Technology Group (STG) launched Trellix, offering XDR solutions to businesses, accelerating innovation with automation and machine learning.
  • June 2022: AWS re:Inforce 2023 unveiled new security tools like Amazon CodeGuru Security, Verified Access, and Verified Permissions, along with expanding Amazon Security Lake.
  • July 2023: Microsoft Entra is expanding into Security Service Edge and rebranding Azure AD to Microsoft Entra ID, aiming to unify identity and network access.

About Dimension Market Research (DMR)

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.

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