The Rise of Network Security Market: A $111.0 billion Industry Dominated by Cisco, Palo Alto Networks, Fortinet | MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global Network Security Market size is projected to grow from USD 78.2 billion in 2024 to USD 111.0 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, according to a new report by MarketsandMarkets™.

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Network Security Market Dynamics:

Drivers

• Increasing frequency and sophistication of cyberattacks
• Growing BYOD trend necessitating network security measures
• Increased cloud adoption and remote work trend

Restraints

• High implementation costs
• Shortage of skilled cybersecurity professionals

Opportunities

• Simplified management and enhanced protection achieved using secure access service edge framework
• Implementation of zero-trust approach in network security

List of Key Players in Network Security Market:

• 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)

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One of the major factors that have led to the wider acceptance of network security solutions is the increased utilization of the Internet of Things (IoT) by organizations across the globe. The presence of IoT devices is one of the major causes of internet-based attacks since exploding the attack surface makes the attackers preferable objects for them. Smart devices, IoT, have been noticeably used for the conduct of cyber attacks. So, the end users are highly demanding reliable network security solutions.

Trend: Cloud Security Solutions

Organizations’ fast pace migration of their IT infrastructure into the cloud has brought a new focus on cloud security solutions. Cloud cyber security specific to advanced encryption protocols, identity and access management (IAM), and security information and event management (SIEM) systems, are key to protecting sensitive data and applications in the cloud. The focus is primarily put on sustaining the data integrity, keeping up with the regulations, and safeguarding the cloud infrastructure against the possible vulnerabilities and attacks that could tamper with the features of cloud environments.

Trend: Zero Trust Architecture

The zero-trust architecture model is fast becoming a precursor in the field of network security defined by the belief of "never trust, always verify.” This model necessitates that users and devices be constantly authenticated and verified regardless of where they are located in relation to the network perimeter. By eliminating any notion of implicit trust and enforcing strict access control policies once users and devices are authenticated, zero trust will increase security by decreasing insider and unauthorized access threats, which is particularly important in an increasingly decentralized working environment and sophisticated cybersecurity threat environment.

Trend: Integration of AI and Machine Learning

AI and machine learning are rapidly becoming essential components of network security, providing new capabilities for threat detection and response. Such tools can assess gigantic data sets and trace suspicious patterns, thus allowing possible hazards to be found faster and more accurately. AI-powered solutions can automate responses, reduce false positives, and adapt to changing attack vectors, thus providing organizations with a proactive defense mechanism against complex and dynamic cyber threats.

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By service, the training & education segment accounts for the highest CAGR during the forecast period.

Cybersecurity training and education services in the network security market are services and solutions that enable knowledge and skills to protect against cyber threats. These services include workshops, online courses, and certification programs that train on topics such as threat detection, risk management, and compliance. The service enables individuals and organizations to approach the needs and also respond to the growing threats of security, which will then, in turn, provide a comprehensive defense against technical cyber-attacks.

By vertical, the BFSI vertical accounts for a larger market share.

BFSI is an industry term for commercial banks, insurance institutes, and non-banking financial organizations that provide financial products and services. The service providers are expanding their offerings to maintain a competitive edge in the market, save costs, and improve customer experience with value-added services. The adoption of network security solutions is gaining traction in the BFSI vertical across the world. Organizations in this sector are now prioritizing advanced security frameworks, including Software-as-a-Service (SaaS) solutions, which offer scalable and efficient protection against data breaches and identity fraud. The integration of technologies such as multi-factor authentication, endpoint detection and response, and cloud security has become essential in mitigating risks associated with mobile banking and third-party integrations, which are particularly vulnerable to cyber threats like phishing and DDoS attacks.

Opportunity: Expansion of Secure Access Service Edge (SASE) Solutions

The rapid shift to remote work and the increasing use of cloud services are driving the adoption of Secure Access Service Edge (SASE) solutions. SASE integrates network security functions—such as secure web gateways, cloud access security brokers (CASBs), and zero trust network access (ZTNA)—with wide-area network (WAN) capabilities into a unified, cloud-delivered service. This approach simplifies the management of security and connectivity, enhances scalability, and provides consistent protection across diverse environments. Organizations have the opportunity to leverage SASE to improve security posture, streamline network operations, and better support remote and distributed workforces. By adopting SASE, businesses can achieve greater agility and resilience in their network security strategies while reducing the complexity and costs associated with managing multiple security solutions.

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