The Rise of Network Security Market: A $111.0 billion Industry Dominated by Cisco, Palo Alto Networks, Fortinet | MarketsandMarkets™
Delray Beach, FL, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global Network Security Market size is projected to grow from USD 78.2 billion in 2024 to USD 111.0 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, according to a new report by MarketsandMarkets™.
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Network Security Market Dynamics:
Drivers
Increasing frequency and sophistication of cyberattacks
Growing BYOD trend necessitating network security measures
Increased cloud adoption and remote work trend
Restraints
High implementation costs
Shortage of skilled cybersecurity professionals
Opportunities
Simplified management and enhanced protection achieved using secure access service edge framework
Implementation of zero-trust approach in network security
List of Key Players in Network Security Market:
Cisco (US)
Palo Alto Networks (US)
Fortinet (US)
Check Point (US)
Trend Micro (Japan)
Verizon (US)
IBM (US)
Broadcom (US)
Juniper Networks (US)
Akamai (US)
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One of the major factors that have led to the wider acceptance of network security solutions is the increased utilization of the Internet of Things (IoT) by organizations across the globe. The presence of IoT devices is one of the major causes of internet-based attacks since exploding the attack surface makes the attackers preferable objects for them. Smart devices, IoT, have been noticeably used for the conduct of cyber attacks. So, the end users are highly demanding reliable network security solutions.
Trend: Cloud Security Solutions
Organizations' fast pace migration of their IT infrastructure into the cloud has brought a new focus on cloud security solutions. Cloud cyber security specific to advanced encryption protocols, identity and access management (IAM), and security information and event management (SIEM) systems, are key to protecting sensitive data and applications in the cloud. The focus is primarily put on sustaining the data integrity, keeping up with the regulations, and safeguarding the cloud infrastructure against the possible vulnerabilities and attacks that could tamper with the features of cloud environments.
Trend: Zero Trust Architecture
The ...
