Global Network Security Market Report and Forecast 2024-2032

Global Network Security Market Outlook

The global network security market attained a value of over USD 22.56 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 14.8%.

Key Trends in the Market

Network security is a wide term that incorporates a variety of devices, processes, and technologies. It is a set of rules and configurations created to safeguard the confidentiality, accessibility, and integrity of computer networks along with data, utilising both hardware and software technologies. Every organisation, irrespective of industry, infrastructure, or size needs a level of network security solutions at some point to shield it from the growing risk of cyber threats.

• The increasing investment in research and innovation for network and information security is expected to drive the market growth of network security across the globe in the upcoming years.

• Several organisations offer safe network solutions along with professional cyber services and information risk management and assessment which is expected to enhance the demand for comprehensive network security over the coming years.

• The growing advancements in technologies across the globe is likely to enhance the adoption of connected devices, IT systems, and digital solutions.  This is further expected to boost the network security market growth during the forecast period.

• The rising prevalence and risk of cyber crimes and thefts are increasing the stakes for critical companies, encouraging them to invest in robust network security to protect their assets and confidentiality.

Market Analysis

Based on solution type, the market can be segmented into firewalls, antivirus/antimalware, network access control (NAC), data loss prevention, secure web gateways, DDoS mitigation, and unified threat management, among others. On the basis of deployment mode, the market is categorised into on-premises and cloud. Based on organisation size, the market is segmented into large enterprises and small and medium enterprises. 

On the basis of end-users, the market segmented into aerospace and defence, government, banking, financial services and insurance (BFSI), IT and telecommunication, healthcare, and energy and utilities, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global network security market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• IBM Corporation

• Cisco Systems, Inc.

• FireEye, Inc.

• Fortinet, Inc.

• WatchGuard Technologies, Inc.

• Others

Market Share by Organisation Size

The large enterprises segment is holding robust growth in the network security market share across the globe on account of the rising number of cyberattacks in large enterprises. In various regions, large enterprise are allocating adequate budgets for online security.

Meanwhile, the small and medium enterprises segment is expected to boost the market growth of network security over the coming years. The surging awareness regarding security coupled with the rise in threats of cyber-attacks is likely to encourage the segment growth of small and medium enterprises in the market share of network security across the globe. Small and medium enterprises are easy targets for hackers which is positively influencing consumers to adopt network security.

Market Share by Region

Geographically, the North America region is expected to augment the network security market share on account of the growing adoption of software, especially in the United States. The strong presence of industries like healthcare, retail, and BFSI in the region is extensively implementing software to shield their data privacy. The United States is likely to hold the market growth of network security on account of the increasing presence of providers for advanced software and security solutions. 

Meanwhile, the Asia Pacific is expected to fuel the growth of the network security market on account of the growing investments in the research and development of security software, especially in China. The rising government initiatives in China to enhance the adoption of digitalisation by consumers in regular day routines which is further expected to boost the demand for secure networks.

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Competitive Landscape

IBM Corporation is a leading United States-based multinational company that was established in 1911. The company is one of the biggest technology companies across the globe and is worldwide known brand. It sells and manufactures computer software and hardware along with providing hosting services, consulting services, and infrastructure services, varying from nanotechnology to mainframe computers.

Cisco Systems, Inc. was established in 1984 in the United States. It is a global leading company in networking for the Internet. It deals in the manufacture, sale, and design of Internet Protocol-based networking services and products related to the information technology and communications industries. Its service, hardware, and software offerings are utilised to produce Internet solutions that give companies, individuals, and countries easy access to information at anytime and anywhere. 

Fortinet, Inc. is a United States-based company that was founded in 2000. It is a leading security company that builds and develops custom security processing unit (SPU) technology. This further provides the best value and performance across the industry with high Security Compute Ratings and software-oriented as well as CPU-driven approaches. 

Other market players include FireEye, Inc., and WatchGuard Technologies, Inc., among others.

Key Highlights of the Report