Network Security Market by Type and Geographic - Forecast and Analysis 2020-2024

The network security market share is expected to increase by USD 5.64 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 9%.

This network security market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers network security market segmentations by type (hardware and software) and geographic (North America, Europe, APAC, South America, and MEA). The network security market report also offers information on several market vendors, including Cisco Systems Inc., Hewlett Packard Enterprise Co., Honeywell International Inc., International Business Machines Corp., Intel Corp., Juniper Networks Inc., McAfee LLC, Nokia Corp., NortonLifeLock Inc., and Siemens AG among others.

What will the Network Security Market Size be During the Forecast Period?

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Network Security Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a POSITIVE impact on the market growth during and post COVID-19 era. The the growing adoption of m2m communication is notably driving the network security market growth, although factors such as increasing adoption of open-source software may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the network security industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Network Security Market Driver

Digital transformation is key driving factor impacting the global network security market. Digital transformation in industries such as Internet services, telecommunication, BFSI, healthcare, and media and entertainment is driving the growth of the global network security market. The high use of cognitive media solutions by OTT providers for behavior analysis, fraud detection, promotions, and piracy prevention will drive the growth of the market during the forecast period. To ensure the availability of advanced databases and online platforms, there should be advanced Internet infrastructure to support online education in terms of paid subscriptions. Hence, technological advances and the increasing adoption of digitization will drive the growth of the market during the forecast period.

Key Network Security Market Trend

Increased adoption of BYOD concept is highly performed trend in the global network security market. Enterprise mobility has gained momentum in the corporate sector in response to the preferences of employees to use their smartphones, tablets, and portable computers at work. BYOD demands specific network security solutions and IT service delivery frameworks to guarantee electronically secure and productive work environments. The major focus of companies is to provide the right mobile devices to their employees. Hence, the implementation of the BYOD policy is an emerging trend among various enterprises. The growing adoption of BYOD results in demand for a network security system for different smartphones, laptops, and tablets, comprising different operating systems such as iOS, Android, and Windows. The reason for the implementation of the BYOD concept is to provide a cost-effective solution to enterprises, mobility to employees, and enhance productivity. This concept helps firms in reducing their cost by minimizing capital expenditure and improving efficiency.

Key Network Security Market Challenge

System integration and interoperability issues in the Information Technology industry will be a major challenge which may impact negatively the growth of the global network security market.The adoption of advanced technologies in various sectors, especially the telecommunication, BFSI, retail, and media and entertainment sectors, is increasing significantly. This, in turn, is causing system integration and interoperability issues. Technical glitches during operations can lead to additional costs for organizations and reduce their operational efficiency. Technical defects, server errors, and other malfunctions that are caused by hacking are some of the key issues faced by text analytics solution providers. Therefore, to ensure accuracy, vendors must conduct several trials before introducing text analytics solutions. Many vendors are unable to provide customized solutions owing to the high cost of customization. System integration and interoperability issues discourage organizations from implementing advanced text analytics solutions, which is expected to hinder the growth of the market during the forecast period.

This network security market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global network security market as a part of the global internet services and infrastructure market  Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the network security market during the forecast period.

Who are the Major Network Security Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Cisco Systems Inc.
• Hewlett Packard Enterprise Co.
• Honeywell International Inc.
• International Business Machines Corp.
• Intel Corp.
• Juniper Networks Inc.
• McAfee LLC
• Nokia Corp.
• NortonLifeLock Inc.
• Siemens AG

This statistical study of the network security market encompasses successful business strategies deployed by the key vendors. The network security market is fragmented and the vendors are deploying growth strategies such as focussing on M&A activities to enhance their market share and geographical reach to compete in the market.

Product Insights and News

• Cisco Systems Inc. - The company offers comprehensive network security solutions to meet different needs of customers.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The network security market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Network Security Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the network security market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global internet services and infrastructure market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Network Security Market?