The global network security market is anticipated to register considerable growth over the forecast period. Network security has become important with the advent of internet. There are a large amount of personal, commercial, and government information on networking infrastructure worldwide. Need for security on any network is apparent, as network security issues are increasing exponentially, network administrators are focused to integrate new technologies and components. Network security comprises services and products used to detect and monitor prevent malfunction or misuse and prevent unauthorized access. Owing to the growing number of hackers, network security has been gaining prominence over the past few years.
Both small and large end-use industries have begun to invest in network security to manage risks beyond their capabilities. These systems may offer reduced costs and increased workforce productivity thereby offering significant competitive advantages to the investors. With the advent of wireless technologies, telecommunication, internet, and technologies such as organizational network and BYOD are becoming vulnerable to attacks for data thefts. However, in order to protect the wireless network, various vendors have established several offerings including IPS/IDS, firewall, on-appliance reporting, content filtering, data leak preventing, load balancing, gateway antivirus, network intrusion prevention, and anti-spam detection.
Network security management solutions offer various advantages including reduced technical training requirement, regulatory compliances, integrated approach, and cost-effectiveness. Network security market segmentation on the basis of solution includes unified threat management (UTM), identity and access management, encryption, detection system/intrusion prevention (IDS/IPS), and firewall. The market can also be segmented by services into, managed security services, consulting services, and security operation services. On the basis of verticals including manufacturing, retail, aerospace and defense, healthcare, telecommunication and IT, government and utilities, banking financial services and insurance.
Expected drivers for network security market are efficient compliance with industrial and government regulations and new technologies enabling competitive business However, economic slowdown resulting in reduction of security budget, increase in product price, customer fear of single point failure for network traffic, and increased competition from specialized vendors. Nevertheless, the market is expected to continue the growth momentum in short to medium terms, as enterprises are expected to deploy security solutions due to the security challenges arising from upcoming trends such as cloud computing and social media.
Key vendors dominating the market include Symantec Corp., McAfee, Sophos Ltd., Ruckus, Motorola Solutions, Juniper Solutions, Fortinet, Cisco Systems Inc., Brocade Communications Systems Inc., Aruba Networks, Aerohive, Honeywell and ADT.
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Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.