Network Security Appliance Market - Synopsis
Globally the Network Security Appliance Market is expected to grow from USD 8.45 billion in 2018 to USD 13.97 billion by 2023, at a CAGR of 10.6% during the forecast period, 2019–2013. The rising need to protect the network infrastructure of an enterprise from advanced threats and need for faster performance of network security solutions are some of the major driving factors for the wide adoption of network security appliances globally. However, greater adoption of software version of cybersecurity solutions, particularly cloud-based, acts as a major restraining factor for the growth of the hardware version of the network security solutions in the upcoming years.
Network security appliances market also includes visibility, analytics, and management software and various services that enable enterprises to centrally manage their security appliances and keep their security solutions updated and future ready for all possible cyber threats.
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Network security appliances has adoption in almost all industry verticals as businesses of all types understands the fact that network layer is the most critical layer in their IT infrastructure where cybercriminals mostly conduct attacks. The network security appliances offered nowadays are so advanced that they not only make use of latest threat intelligence databases but also apply analytics and sandboxing technologies to identity novel threats and prevent them from harming the enterprise digital assets.
Network Security Appliance Market - Key players
The prominent players in network security appliance market are Cisco Systems, Inc., Palo Alto Networks, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., Symantec Corporation, Sophos Ltd., Juniper Networks, Inc., Forcepoint LLC, and Barracuda Networks, Inc.
Network Security Appliance Market - Segmentation.
The global network security appliance market is segmented into components, industry verticals, and regions.
By component, the market is segmented into product; visibility, analytics, and management software; and services. The products covered in the study are next generation firewalls (NGFWs) and unified threat management (UTM), firewalls, intrusion detection system (IDS) and intrusion prevention system (IPS), distributed denial of service (DDoS) protection, sandboxing, and web security. The services segment is furhter bifurcated into professional and managed services. The professional services covered in the study are consulting services, system integraton services, support and maintenance services, and training and education services.
By industry vertical, the market is segmented into BFSI, government and defense, IT and telecom, healthcare, retail, energy and utilities, manufacturing, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
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Network Security Appliance Market - Regional Analysis
The global market for network security appliance market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of global network security appliance market is studied for North America, Europe, Asia-Pacific, and rest of the world.
North America is expected to be the largest contributor in the network security appliance market during the forecast period. North America region is considered most advanced region in terms of infrastructure, technology, and cybersecurity solutions adoption. The presence of major vendors and faster adoption of new network security solutions such as NGFW and DDoS protection drives the network security appliance market in North America region. US is expected to be the dominating country in the network security appliance market in North America region during the forecast period.
Asia-Pacific is expected to grow at the fastest rate during the forecast period. IT & telecom sector drives the network security appliance market in Asia-Pacific region. Asia-pacific is economically and technologically developed region and countries such as China, Japan, and India are expected to dominate the network security appliance market in Asia-Pacific region. Budget constraints in the enterprises to spend sufficiently on cybersecurity solutions is expected to hinder the growth of the market in the Asia-Pacific region.
Network Security Appliance Market - Competitive Analysis
According to the latest trend in the network seucrity appliance market, most enterprises are expanding their technological capabilities to adopt AI technologies, and new business models. Most of the companies have adopted inorganic strategy to expand their businesses, wherein, partnership and collaboration accounted for XX%, whereas; merger & acquisition accounted for XX% of the overall key development undergone by the key players in the market.
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Network Security Appliance Market - Intended Audience
Software solution providers
Network Solution Providers
Cloud Service Providers
Government, financial, and research institutions as well as investment communities
Distributors and Value-added Resellers (VARs)
Independent Software Vendors (ISVs)
Analytics solution providers
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