Network Security Market Forecasts to 2030 - Global Analysis By Type (Hardware, Software and Services), Solution, Deployment Mode, Organization Size, End User and By Geography

According to Stratistics MRC, the Global Network Security Market is accounted for $27.2 billion in 2024 and is expected to reach $60.6 billion by 2030 growing at a CAGR of 14.3% during the forecast period. Network security involves the practices and technologies used to protect the integrity, confidentiality, and availability of computer networks and data. It encompasses measures such as firewalls, intrusion detection systems, encryption, and access controls to prevent unauthorized access, misuse, or theft. Network security also includes protocols and policies for managing and responding to security incidents. Effective network security ensures reliable data transmission and secure communication channels, supporting business operations and protecting sensitive information.

According to Check Point Software Technologies Ltd, in 2021, 81% of businesses have implemented remote working for their workforces, and 74% plan to do so indefinitely.

Market Dynamics:

Driver:

Increasing frequency and sophistication of cyber threats

Cyber attacks becoming more advanced and prevalent, organizations are compelled to invest in cutting-edge security solutions to safeguard their data and systems. This includes next-generation firewalls, intrusion detection systems, and advanced threat intelligence platforms. The evolving threat landscape necessitates continuous innovation in security technologies, such as AI and machine learning, to identify and mitigate threats in real time boosting the growth of the market.

Restraint:

Increasing complexity of IT environments

Increasing complexity of IT environments negatively affects the market by making it more challenging to implement and manage effective security measures.Diverse and interconnected systems, including cloud services, IoT devices, and remote work setups, create numerous vulnerabilities and entry points for cyber attacks. This complexity can lead to security gaps, difficulties in monitoring and responding to threats, and increased operational costs hampering the market growth.

Opportunity:

Rise of remote work and bring-your-own-device (BYOD) trends

Employees accessing corporate networks from various locations and personal devices leads to the rising risk of unauthorized access and data breaches and this shift necessitate robust security measures such as secure VPNs, endpoint protection, and zero-trust architectures. Organizations must implement comprehensive policies and technologies to ensure secure remote access and protect sensitive information. Thus the demand for advanced network security solutions has surged, driving market growth and emphasizing the need for continuous adaptation to evolving work environments.

Threat:

Shortage of skilled cybersecurity professionals

Cyber threats becoming more sophisticated, the demand for knowledgeable experts in areas such as threat detection, incident response, and security architecture exceeds supply. This skills gap can lead to vulnerabilities going unaddressed, slower response times to incidents, and inadequate protection strategies. Additionally, organizations may face increased costs as they compete for scarce talent or rely on less experienced staff, potentially compromising their security posture impeding the market growth.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the network security market as organizations rapidly shifted to remote work. This transition exposed vulnerabilities and increased the attack surface, leading to a surge in cyber threats such as phishing and ransomware. Consequently, demand for robust network security solutions, including VPNs, firewalls, and endpoint security, skyrocketed. Companies invested heavily in securing remote access and ensuring data protection. Additionally, the pandemic accelerated digital transformation and cloud adoption, further driving the need for advanced network security measures.

The antivirus/antimalware segment is expected to be the largest during the forecast period

The antivirus/antimalware is expected to be the largest during the forecast period by providing essential protection against a wide range of cyber threats. These tools help detect, prevent, and remove malicious software, safeguarding systems from viruses, ransomware, spyware, and other harmful programs. Their integration with network security infrastructures enhances overall security postures, offering real-time threat detection and response capabilities. As cyber threats evolve, the demand for advanced antivirus and antimalware solutions increases, driving market growth.

The cloud-based segment is expected to have the highest CAGR during the forecast period

The cloud-based segment is expected to have the highest CAGR during the forecast period as it allows organizations to utilize advanced network security solutions from the cloud infrastructure. Cloud-based network security offers a cost-effective and flexible way for organizations to ensure network security depending on demand, usage, and buying capabilities. Thus, the following factors are anticipated to drive the cloud-based network security.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the growing demand for network security solutions and services among key end-use industries, including BFSI, Government, Healthcare, Education, IT, and Telecom. Data thefts and cybercriminals are constantly targeting these industries in the region to gain access to sensitive organizational networks and devices accommodating exorbitant organizational and personal data. These are the primary factors aimed at driving the North American market growth.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period due to the rising adoption of advanced technologies, including IoT-connected devices in major end-use industries, such as IT and Telecommunication, healthcare, BFSI, retail, manufacturing, and others, along with the growing regulatory policies and security compliance to safeguard customer data in BFSI and IT sectors is driving the demand for network security solutions in Asia Pacific.

Key players in the market

Some of the key players in Network Security market include Fortinet, Cisco, CrowdStrike, IBM Corporation, Trend Micro, Rapid7, Microsoft Corporation, Palo Alto Networks, Broadcom, Vmware, Trellix, Proofpoint, Akamai Technologies, Check Point, Juniper Networks, Solarwinds and Symantec

Key Developments:

In July 2024, Microsoft collaborated with Mass General Brigham and University of Wisconsin-Madison to further advance AI foundation models for medical imaging. The collaborations will foster research and innovation tied to the advancement of high-performing multimodal AI foundation models.

In July 2024, Cisco and HTX signed MOU to Pilot 5G and AI technologies to enhance homeland security. Both parties will collaborate in the research and development of 5G and AI technologies to digitally transform public safety, security and network operations in Singapore.

In June 2024, Cisco Launched country digital transformation program in Vietnam to supercharge its economic growth. The program will see investments in key areas like 5G, smart manufacturing, financial services and digital government.

Types Covered:

• Hardware
• Software
• Services

Solutions Covered:

• Antivirus/Antimalware
• Firewall
• Identity & Access Management
• Encryption
• Unified Threat Management
• Intrusion Detection & Prevention System
• Data Loss Prevention
• Security Information & Event Management
• Distributed Denial of Service (DDoS) Protection
• Other Solutions

Deployment Modes Covered:

• On-Premises
• Cloud-Based
• Hybrid

Organization Sizes Covered:

• Small and Medium-Sized Enterprises
• Large Enterprises

End Users Covered:

• BFSI (Banking, Financial Services, and Insurance)
• Government & Defense
• Healthcare
• IT & Telecom
• Retail
• Energy & Utilities
• Manufacturing
• Education
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances