Network Security Market – Rising Cyber Threats at Network Place and Growing BYOD Policies in Organizations are Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 12.5% from 2022 to 2028

Network Security
  • Network Security Market

As stated in our extensive report; the Global Network Security Market accounted forUSD 19.4 Billionin 2021.

The increasing number of startups and growing internet performances across developing countries increase the demand for software. Further, end-use companies adopt and conduct device services that require firm network connections. Moreover, industries like healthcare and retail are dealing with Network Security concerns. As a result, these industries are developing advanced security technologies to raise security across these operating units. Key market players are emerging advanced Network Security products to improve their market presence. With the global advance in technologies, the approval of digital solutions, connected devices, and IT systems is increasing. The digital framework is developed to swap business data and applications across digital platforms, devices, and users. Therefore, hackers increasingly employ perfect hacking strategies to infract an organization’s IT infrastructure to access desperate business information.

Further, the level of security against attackers in the corporate sector was analyzed and found to be extremely low. Therefore, according to a report by Kaspersky Lab, more than 40 percent of companies do not have an efficient cybersecurity infrastructure. Thus, the increase in cyber threats is raising the demand for solutions and boosting overall market growth. Bring Your Device allows employees to work from anywhere. The device may approach the information since they are connected to the company’s network. Therefore, the rising BYOD policy has reminded companies to offer Network Security solutions. For instance, the employer is linked to multiple dealers and exchanges data in logistics. This factor increases the possibility of data leaks, making Network Security Marketgrowth important. Therefore, the increasing use of BYOD policies in enterprises is expected to see market growth during the projected period.

North Americaholds the largest share in theNetwork Security Market and is anticipated to continue this trend in the forecast period. The rapid adoption of favorable government initiatives in the technology domain by the Canadian government drives the market growth in this region. Moreover, the growing modernization of current security software and the increasing implementation of security software from organizations are expected to stimulate market growth in this region.

Some of the key players in the Global Network Security Market include- Cisco Systems, Solarwinds, IBM, Trend Micro, FireMon, Symantec, FireEye, GFI Software, Avast Software, Juniper Networks, and others.