Network Security Market Expected to Reach $63,398 Billion by 2027 | Observing Growth

As per the report, the global network security industry was pegged at $18.48 billion in 2019, and is estimated to reach $63.39 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027.

Rise in level of cybercrimes, higher economic losses, and increase in data safety and privacy concerns drive the growth of the global network security market. However, high setup costs hinder the market growth. On the contrary, increase cyber-attacks during the Covid-19 pandemic and growth in digitalization trends across the globe are expected to open lucrative opportunities for the market players in the future.

Download Sample Report (Get Full Insights in PDF - 264 Pages) at: https://www.alliedmarketresearch.com/request-sample/A10606

Digital technologies have gained a colossal space within every aspect of day-to-day routine, starting from simple mobile devices used for communication to complex software and electronics adopted in high security-based applications. For instance, one of the recent technologies termed as "Edge computing" is gaining a huge traction within the commercial sectors as it reduces the overall latency in acquiring data from respective servers.

Furthermore, edge computing is also estimated to increase the demand for various parallel technologies such as Internet of Things (IoT) and cloud computing. By 2022, the global edge computing market is expected to reach USD 16.5 billion. Thus, the scenario has widely fueled the presence of online mobile devices and technology, which has increased the risk of cyber-attacks and incidence, thereby creating a strong base for the network security market.

Impact of Covid-19 on Network Security Market:

1. Due to strict regulations of lockdown, the majority of companies adopted work from home culture, which has increased the risk of cyber threats and cybercrime. This increased the demand for network security.

2. During the pandemic, more and more companies have been investing in cybersecurity and network security to offer remote workforce support.

3. The demand for network security from the healthcare sector increased due to Covid-19 pandemic as the network traffic from hospitals increased exponentially.

Buy Now & Get Exclusive Report at: https://www.alliedmarketresearch.com/network-security-market/purchase-options

By region, the market across North America held the largest share in 2019, accounted for nearly two-fifths of the market, due to increase in the number of cyberattacks in the U.S. and rapid increase in number of connected devices in the region. However, the global network security market across Asia-Pacific is projected to register the highest CAGR of 18.3% during the forecast period, owing to rise in the number of cyber-attacks.

By component, the solution segment dominated the market in 2019, accounting for more than three-fifths of the global network security market, as network security solution monitors user activity, creates access limitation, trains and educates users, provides detailed information of log activities, creates plans for data breach response, compliance management, data encryption, and web application management. However, the service segment is estimated to register the highest CAGR of 17.4% from 2020 to 2027. This is owing to rise in need for security in any network as network security issues grow.

By solution type, the unified threat management segment is projected to portray the highest CAGR of 24.3% during the forecast period, due to surge in the importance of cybersecurity and the increase in cyber-attacks. However, the firewall segment held the lion's share in 2019, contributing to around one-fourth of the global network security market, owing to emergence of cloud-based technology.

Access the full summary at: https://www.alliedmarketresearch.com/network-security-market-A10606

Major market players:

Cisco Systems
Solarwinds
IBM
Trend Micro
FireMon
Symantec
FireEye
GFI Software
Avast Software
Juniper Networks

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/A10606

Contact:
David Correa
5933 NE Wi
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300n Sivers Drive
#205, Portland, OR 97220
United States
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost ata procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.