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Rise in level of cybercrimes, higher economic losses, and increase in data safety and privacy concerns drive the growth of the global network security market. However, high setup costs hinder the market growth. On the contrary, increase cyber-attacks during the Covid-19 pandemic and growth in digitalization trends across the globe are expected to open lucrative opportunities for the market players in the future.
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Network Security Market Overview The global network security market size was valued at $18,480 million in 2019, and is projected to reach $63,398 million by 2027, registering a CAGR of 16.7% from 2020 to 2027. 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 Research 𝐑𝐞𝐩𝐨𝐫𝐭 Network security refers to the practices and policies put in place to protect the integrity, confidentiality, and availability of computer networks and the data transmitted across them. It involves a combination of hardware, software, and processes designed to guard against unauthorized access, misuse, malfunction, destruction, or disruption. The Network Security Market is experiencing significant growth due to the increasing need for organizations to protect their systems, data, and networks from ever-evolving cyber threats. Key drivers of this growth include the rising adoption of cloud computing, the expansion of IoT devices, and the growing frequency of sophisticated cyberattacks such as ransomware, malware, and phishing attacks.
Impact of Covid-19 on Network Security Market • Due to strict regulations of lockdown, the majority of companies adopted work from home culture, which has increased the risk of cyber threats and cybercrime. This increased the demand for network security. • During the pandemic, more and more companies have been investing in cybersecurity and network security to offer remote workforce support. • The demand for network security from the healthcare sector increased due to Covid-19 pandemic as the network traffic from hospitals increased exponentially.
Network Security Market Segments • By Industry Vertical • Aerospace and Defense • Government • BFSI • IT and Telecom • Healthcare • Retail • Manufacturing • Energy and Utilities • Others By Solution • Firewall • Antivirus/Antimalware • Network Access Control • Data Loss Prevention • IDS/IPS • Secure Web Gateways • DDoS Mitigation • Unified Threat Management
Network Security Market Segments • By Service • Professional Services • Managed Services By Component • Solution • Services • By Organization Size • Large Enterprises • SMEs • By Deployment • On-premise • Cloud
Network Security Market Regional Analysis • North America (U.S., Canada, Mexico) • Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe) • Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific) • LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Players • Cisco Systems • Solarwinds • IBM • Trend Micro • FireMon • Symantec • FireEye • GFI Software • Avast Software • Juniper Networks
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