Network Security Spirometer Market Worth USD 62.10 billion With a CAGR of 16.7%

Network security involves a vast number of technologies, devices, and procedures. Every aspect of daily life is now dominated by digital technologies, from simple smartphones used for connectivity to complex software and electronics deployed in applications demanding the highest level of security. For example, recent technology known as "Edge computing" is gaining significant traction in the business sector because it reduces the delay associated with receiving data from multiple servers. Additionally, it is projected that edge computing would increase demand for related technologies such as the Internet of Things (IoT) and cloud computing. Network security is a group of technologies that protect the functionality and integrity of an organization's architecture by blocking the transmission or spread of a variety of potential threats within a network. A network security architecture comprises technologies that protect the network and its applications. Diverse, scalable, and automated lines of defense comprise the best network security systems. Each defensive layer implements administrator-specified security restrictions. Today's ever-expanding environment of cyber threats necessitates that every firm implements network security solutions regardless of size, sector, or infrastructure. With the rise of cyberattacks, consumer data security is in jeopardy, driving the proliferation of network security solutions. The European Union has implemented the General Data Protection Regulation (GDPR), which requires compliance with seven principles: fairness, openness, legality, purpose limitation, reliability, storage limitation, data minimization, integrity and confidentiality, and accountability. The GDPR aspires for responsible treatment of personal data. Collecting, organizing, structuring, storing, changing, informing, utilizing, interacting, merging, limiting, erasing, or destroying personal data constitutes processing. Regulatory norms like the General Data Protection Regulation and other similar laws force organizations to include network security solutions into their network design. Adopting adequate security measures mandated by the government has created a profitable market for network security solutions. Massive emphasis on data security and privacy has emerged as one of the most prominent factors driving the expansion of the global network security industry. Moreover, the growth of cybercrimes accompanied by astronomical losses has prompted comprehensive network security solutions. Market Dynamics Growing Concerns Regarding Data Security and Privacy to Drive the Global Network Security Market In recent decades, the global demand for security solutions has expanded dramatically. Cyber and network security have gained immense popularity and demand due to increased government policies for the safety and privacy of user data, an increase in cyber and network attacks, and the importance of corporate data, which have made security solutions an absolute necessity in the modern world. Client data security is one of the key growth drivers of the global network security industry. The European Union has implemented regulations such as the General Data Protection Regulation (GDPR), which requires compliance with fairness, openness, legality, purpose limitation, accuracy, storage limitation, data minimization, integrity & confidentiality, and accountability. The GDPR aspires for responsible treatment of personal data. Collecting, organizing, structuring, storing, changing, informing, utilizing, interacting, merging, limiting, erasing, or destroying personal data constitutes processing. Regulatory norms like the General Data Protection Regulation and similar rules push enterprises to incorporate network security solutions within their network infrastructure, driving end-users to adopt them. Regional Insights North America is expected to command the largest share of USD 35,983 million with a CAGR of 15.8% during the forecast period. Due to organizations' extensive adoption of network solutions, the market for network security is expanding rapidly in the United States. In addition, a rise in data breaches and an increase in cyberattacks with a financial aim have pushed businesses to seek pre-network security solutions. In addition, the top providers of Internet security solutions are headquartered in North America, presenting a substantial growth opportunity for users in this area. The timely installation of network security software solutions and the presence of several manufacturers offering Distributed Denial of Service (DDoS) protection is expected to promote regional market expansion. Also contributing to the expansion of the North American market are the aerospace, defense, and intelligence industries. Cyber security solutions have been heavily invested in avoiding the theft of smart assets and compromise of systems used to monitor and control security systems and the state. Asia-Pacific is expected to grow at a higher CAGR of 18.7% and reach USD 34,734 million by 2030. As organizations in the Asia-Pacific area have begun to embrace the digital revolution, increasing the number of current threats may represent a cyber security risk. Businesses are increasingly picking cyber security solutions that provide complete visibility at each stage of the attack lifecycle to effectively manage cyber security risks, including attack prediction, detection, prevention, mitigation, and response. In the past, most governments in the area have enacted data security, residential, or privacy regulations and laws mandating businesses to monitor IT and OT security status. Regulating GDPR in 2018 has led regional businesses to raise their security expenditures. Businesses were obligated to invest in cybersecurity to comply with stringent cyber regulations and the authorities' enforcement efforts. Key Highlights The global network security market had a market share of USD 25,196 million in 2021, expected to grow to USD 86,676 million with a CAGR of 16.7% during the forecast period. Based on the component, the network security solution segment is expected to hold a share of USD 61,142 million with a CAGR of 16.6% during the forecast period. Based on deployment service, cloud deployment is expected to hold a share of USD 70,825 million with a CAGR of 17.5% during the forecast period. Based on organization size, small & medium-sized enterprises are estimated to grow at a CAGR of 16.6% and reach USD 57,282 million by 2030. Based on the industry-vertical segment, the IT & telecom sector is envisioned to advance at a CAGR of 12.8% and reach USD 19,841 million during the forecast period.  Based on regional analysis, the North American region is expected to generate a share of USD 35,983 million with a CAGR of 15.8% during the forecast period. Competitive Players in the Market Cisco Systems SolarWinds IBM Trend Micro FireMon Symantec FireEye GFI Software Avast Software Juniper Networks Market News In 2022, Cisco Systems released its new strategic vision of a unified platform for end-to-end security across hybrid multi-cloud environments. The cloud strategy is named Cisco Security Cloud. In 2022, Cisco Systems made their Cisco Cloud Controls Framework (CCF) available to the public. In 2022, Cisco Systems plans to launch Cisco Predictive Network to help networks evolve by predicting application issues before they happen. In 2022, SolarWinds launched SolarWindsÒ' Hybrid Cloud Observability to accelerate digital transformation. Global Network Security Market: Segmentation By Component Solution  Firewall Antivirus/Antimalware Network Access Control (NAC) Data Loss Prevention IDS/IPS Secure Web Gateways DDoS Mitigation Unified Threat Management Others Services Professional Services Managed Service By Deployment Mode On-premise Cloud By Organization Size Large Enterprise Small & Medium Enterprise By Industry Vertical Aerospace and Defense Government Banking, Financial Services, And Insurance (BFSI) Information Technology (IT) and Telecommunication Healthcare Retail Manufacturing Energy and Utilities Others By Region North America Europe Asia-Pacific LAMEA