Network Security Market Size, Share, Opportunities, And Trends By Type (Firewalls, Intrusion Protection System, Unified Threat Management, Network Access Control, Others), By Enterprise Size (Small, Medium, Large), By End-User (BFSI, Government, Retail, Manufacturing, Others), And By Geography - Forecasts From 2023 To 2028

The network security market is estimated to grow at a constant rate during the forecast period. Network security entails the strategies and procedures put into action to obstruct, identify, and scrutinize unauthorized entry, abuse, alteration, or restriction of access to a computer network and its accessible resources. The network security market growth is propelled by several key elements such as the escalating frequency of cyber-attacks on networks, the widespread adoption of 5G networks, and the emergence of remote work trends.

Increasing cyber-attacks bolster the network security market.

Network security is leveraged to protect computer networks and their accessible resources from unauthorized access and misuse of service. The lack of cyber security measures and growing IoT devices all of which present new vulnerabilities has propelled cyber-attack incidences. This escalating cyber threat landscape, along with stringent data protection regulations, is fuelling the growth of the network security industry. According to the report provided by Check Point Software, the incidence of cyberattacks globally has surged, witnessing a rise of 38% per week on corporate networks in 2022, as compared to the figures from 2021.

Adoption of 5G networks drives the network security market expansion.

The technological leap facilitated by 5G, enabling a massive increase in the volume of data exchanged and the speed of its exchange dramatically escalates the potential risks posed by cybercriminals. These accelerated, extensive networks require robust, comprehensive protection to safeguard them against potential breaches, unauthorized access, data theft, and other cyber security threats. Therefore, the global expansion of 5G technology has intensified the demand for top-tier network security solutions to ensure the integrity, confidentiality, and availability of data across these rapidly evolving networks. For instance, in October 2022, The Indian government took a significant step towards the nationwide implementation of 5G services by introducing an indigenous 5G Non-Standalone (NSA) Core. This cutting-edge technology, developed by the Centre for Development of Telematics (CDoT),

Emerging remote work trends drive network security market growth.

Network security is used in remote work scenarios for protecting the integrity and confidentiality of data transmitted across networks, as well as guarding against unauthorized access to systems. This increase in remote work due to the global pandemic and subsequent realization of its convenience and cost-effectiveness has increased the potential of cyber threats, including devices and networks that may not have the same security measures as the traditional office environment. As such, the heightened vulnerability has necessitated the strengthening of network security, thereby fuelling the growth of the network security industry. For instance, according to the survey conducted by Tokyo Metropolitan Government, in 2022, approximately half of the companies situated in Tokyo embraced telework, while 20% of the employee force worked remotely.

North America is predicted to dominate the network security market.

North America will hold a significant share of the market due to significant government investment and initiatives aimed to strengthen the nation's defense against rising cyber threats, simultaneously stimulating advancements in network security technology. For instance, in May 2021, the Canadian government invested $80 million directed towards bolstering research and development in cybersecurity at enhancing cybersecurity infrastructure. Furthermore, acquisitions and collaborations by major companies in the region also play a substantial role in this growth. For instance, in March 2023, Hewlett Packard Enterprise strengthened its network security capabilities by acquiring Axis Security, a provider of Security Service Edge solutions.

Expensive solutions may restrain the network security market growth.

The financial implications associated with the implementation of advanced network security solutions can often be substantial, creating a potential barrier to their adoption, particularly amongst small and medium-sized enterprises (SMEs). These organizations may not have extensive financial resources allocated specifically for cybersecurity measures, causing them to hesitate in adopting high-cost solutions. For instance, the baseline costs for outsourced cybersecurity services typically range from approximately $2,000 to $3,500 monthly. This significant investment might be prohibitive for SMEs operating on tight budgets, thereby potentially hindering the widespread adoption of these necessary security measures.

Key Developments

• April 2023: IBM unveiled its new QRadar Security Suite, an advanced solution designed to expedite the detection of threats and hasten response times. Aimed at enhancing and streamlining the experience of security analysts throughout the entire incident lifecycle, the QRadar Security Suite marks a significant step forward in the evolution and development of the QRadar brand. This suite encompasses all fundamental technologies related to threat detection, investigation, and response, offering a unified and efficient solution to the increasingly complex landscape of cyber threats.
• October 2022: Moxa proudly announced the introduction of industrial intrusion detection/prevention systems (IDS/IPS) into its EDR-G9010 Series of secure routers. This expansion is complemented by the simultaneous launch of the MXsecurity industrial security management software. This development marks a significant addition to Moxa's product portfolio, diversifying its offerings with cutting-edge cybersecurity solutions that are purpose-built for industrial security management. The advanced IDS/IPS and management software are poised to deliver heightened security measures, reinforcing Moxa's commitment to robust industrial network protection.
• May 2021: Palo Alto Networks unveiled a comprehensive Zero Trust Network Security solution, aimed at drastically enhancing cyber defenses. This cutting-edge initiative delivers critical benefits to users, such as ensuring secure access to appropriate applications, safeguarding access for verified users, bolstering overall security measures, and making secure access broadly available. With these key advantages, the solution provides a holistic approach to network security, aligning with the principles of 'zero trust'.

Company Products

• Cisco Secure DDos: Cisco provides a network security solution known as Cloud DDoS. This service is designed to protect networks from Distributed Denial of Service (DDoS) attacks, which can overwhelm a network with unwanted traffic, causing interruptions or complete shutdowns. By leveraging the cloud, Cisco's solution offers robust and scalable protection to ensure the continuity and security of network services.
• X-Force Threat Intelligence: IBM's X-Force Threat Intelligence is a cloud-powered platform that empowers users to effectively engage with, disseminate, and respond to threat intelligence. It provides users with the ability to swiftly investigate the most recent worldwide security threats, accumulate actionable intelligence, seek expert advice, and collaborate with fellow professionals. This platform not only offers comprehensive insights into cybersecurity threats but also facilitates a proactive response to potential cyber threats.

Segmentation

• By Type
  • Firewalls
  • Intrusion Protection System
  • Unified Threat Management
  • Network Access Control
  • Others
• By Enterprise Size
  • Small
  • Medium
  • Large
• By End-User
  • BFSI
  • Government
  • Retail
  • Manufacturing
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Other