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 huge traction within the commercial sectors as it reduces the overall latency in acquiring data from a respective server.

According to a recent report published by Allied Market Research, titled, Network Security Market by Component, Solution, Service, Deployment, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027,” the global network security market size was valued at $18.48 billion in 2019, and is projected to reach $63.40 billion by 2027, registering a CAGR of 16.7 % from 2020 to 2027.

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COVID-19 IMPACTS:

• The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates.

• COVID pandemic has bought a colossal positive impact on the global network security market, with many countries going through lockdown and majority of the population working from home, there has been a significant increase in the online usage, which has widened the scope of network security market.

• In March 2019 their peak traffic was 82Tbps; this March it was 167Tbps and the sustained daily traffic rate is higher than last year’s peak for March.

• Internet exchanges in Amsterdam, Frankfurt and London saw 10-20% increases in traffic around March 9.

• This scenario has raised the demand for network security solutions, thereby creating a strong foundation for the overall market growth

In 2019, the global network security market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years as all solution types primarily focus on various system parts right from network security, device management, network packet analysis, and on embedded security, thereby creating a highly profitable scenario for the market growth. Increase in number of cyber-attacks on enterprises has resulted in immense loss, both in terms of social and economic scenarios.

This has mandated organizations to increase their spending in security conditions, which has created a lucrative growth foundation for the overall market. Furthermore, there has been a heavy reliance on cloud and online systems, owing to work from home policy, which has increased the risk of cyberthreats. However, the services segment is expected to witness highest growth, as these services reduce time and costs associated with optimization of systems in the initial phase of deployment.

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This has mandated organizations to increase their spending in security conditions, which has created a lucrative growth foundation for the overall market. Furthermore, there has been a heavy reliance on cloud and online systems, owing to work from home policy, which has increased the risk of cyberthreats. However, the services segment is expected to witness highest growth, as these services reduce time and costs associated with optimization of systems in the initial phase of deployment. As services help to deploy and integrate distinct IT solutions in an enterprise ecosystem, they work as an important part of an organization.

Leading Market Players

• SYMANTEC

• AVAST SOFTWARE

• SOLAR WINDS

• FIREMON

• FIREEYE

• GFI SOFTWARE

• TRENDMICRO

• JUNIPER NETWORKS

• CISCO SYSTEM

• IBM CORPORATION


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