Global Network Security Market to Grow at a CAGR of 14.8% During 2024-2032, Aided by the Rising Cybersecurity Threats.

North America holds a significant market share due to the presence of leading IT security provider firms such as IBM Corporation and Cisco Systems, Inc. in the region. According to industry reports, the BFSI sector in the USA grew 5.6% per year on average between 2018 and 2023. The region's well-established sectors of healthcare, retail, and BFSI also heavily rely on software to protect the privacy of their data, aiding the network security market expansion.

Due to the growing number of competitors offering cutting-edge software and security solutions, the US market for network security is anticipated to grow in the coming years. Network security software helps to improve data security and reduces the risk of unauthorised access.

As a result, governments are implementing such measures to protect valuable and confidential data. The civilian cybersecurity budget in the U.S. is expected to reach USD 10.9 billion, supporting the safeguarding of federal IT and the nation's most precious data, including the personal information of citizens.

In October 2023, with the introduction of new AI technologies, IBM Corporation (NYSE: IBM) introduced the next phase of its managed detection and response service solutions. This includes the capacity to automatically escalate or close up to 85% of alerts, which helps clients receive security response times faster.

The new Threat Detection and Response Services (TDR) offer automated remediation, monitoring, and investigation of security alerts from all relevant technologies across the client's hybrid cloud environments, including cloud, on-premise, operational, and security tools and investments. The company's extensive global security network provides contextual threat intelligence and various layers of AI, which are applied by the managed services to help automate the removal of noise and swiftly escalate significant threats.

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Market Analysis by Solution Type, Deployment Mode, Organisation Size, End Use, and Region:

• The market, on the basis of solution type, can be divided into firewalls, antivirus/antimalware, network access control (NAC), data loss prevention, secure web gateways, DDoS mitigation, and unified threat management, among others.

• On the basis of deployment mode, the market can be divided into on-premises and cloud.

• Based on organisation size, the market can be divided into large enterprises and small and medium enterprises.

• The various end uses for network security include aerospace and defence, government, banking, financial services and insurance (BFSI), IT and telecommunication, healthcare, and energy and utilities, among others.

• The regional markets for network security include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• In 2022, global military spending accounted for 2.3% of the world’s GDP. The allocation of government budgets to defence and the protection of confidential information drives the network security market growth.

• It is imperative for all organisations, irrespective of their size, industry, or infrastructure, to have some level of network security solutions in place to safeguard against constantly evolving cyber threats. The growing incidents of cyber security threats, which cost the world economy USD 8 trillion a year, further create demand for network security.

• The incorporation of artificial intelligence (AI) and machine learning (ML), behavioural biometrics, zero trust architecture, blockchain, and quantum computing strengthens cybersecurity. Intrusion detection system (IDS) solutions are in greater demand as a result of the staggering rise in harmful attacks, including phishing, malware, and web-based attacks.

• Continuous product development with advanced features, and the increasing investment in research and innovation for network and information security positively influence the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global network security market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the solution types, deployment modes, organisation sizes, end uses, and major regions of network security.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global network security market are IBM Corporation, Cisco Systems, Inc., FireEye, Inc., Fortinet, Inc., and WatchGuard Technologies, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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