The global network security market size is projected to reach USD 54.07 billion by the end of 2027. Increasing number of cybercrime activities will have a major impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Network Security Market Size, Share & Industry Analysis, By Type(Firewalls, Antivirus and antimalware software, VPN, Data loss prevention, Intrusion prevention systems, Wireless security, Others (Email security, Application security etc.), By Enterprise Size (SMEs and Large Enterprises), By Deployment (Cloud, On-premises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others (Education, etc.,.)), and Regional Forecast, 2020-2027,” the market was worth USD 22.74 in 2019 and will exhibit a CAGR of 11.6% during the forecast period, 2020-2027.
Network security refers to the security of all types of data that is involved in activities over the internet. The increasing internet penetration across rural as well as urban countries across the world will have a huge impact on the growth of the market. The growing investment by IT companies as well as other businesses will open up a huge potential for market growth. Due to increasing number of cybercrimes and data leaks across the world, it has become important to secure sensitive data. Increasing demand for the product has led to the presence of several large scale companies across the world. The emergence of 5G network, coupled with the availability of internet services at low costs will create several opportunities for market growth.
An Overview of the Impact of COVID-19 on this Market:
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Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions has had a huge influence on the growth of the market. Major companies are turning towards company mergers, with the aim of establishing a stronghold in the market. The increasing product demand, driven by the increasing need for security of data transmitted over the internet, has created a highly competitive scenario in the market. In January 2019, McAfee announced it has completed the acquisition of Skyhigh Network. The company Is a California-based cloud security provider. Through this acquisition, Skyhigh will gain access to Skyhigh’s Workload security platform, a step that will help the company establish a stronghold in the market. This acquisition will not just benefit the companies, but will have a direct impact on the growth of the overall market in the coming years.
North America to Hold the Highest Market Share; Presence of Several Large Scale Companies Will Aid Growth
The report analyzes the ongoing network security market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in in North America is likely to account for the highest network security market share in the coming years. The excessive internet usage, coupled with increasing e-commerce activities will have a huge impact on the market. Increasing number of businesses operating over the internet will also create several growth opportunities. As of 2018, the market in North America was worth USD 9.76 billion and this value is projected to increase further in the coming years.
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