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The latest report by IMARC, titled “ NetworkSecurityMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast202 3-2028
” the global network security market size reached US$ 29.9 Billion in 2022.
Network security is a set of processes and technologies intended to protect computer systems, devices, and their data from unauthorized access, theft, damage, or misuse, and is considered an essential component of modern technology. Data integrity and access to authorized individuals or devices are ensured by network security, which prevents sensitive information from being accessed by anyone but authorized users. It operates in three major steps: authentication, authorization, and encryption, where data is converted into an unreadable format. Network security also provides firewall and malware protection that monitors and filters incoming and outgoing network traffic and detect and remove malicious programs. It offers several advantages, including enhanced protection of customer information, financial data, and intellectual property, mitigating phishing and DDoS attacks, and ensuring compliance with legal and regulatory requirements regarding data protection, privacy, and security in an organization.
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The global market is majorly driven by a considerable rise in the frequency and severity of threats and cyber-attacks. This can be attributed to the paradigm shift towards online operations from offline mode in the numerous end-use industries. In line with this, the growing adoption of cloud computing among large as well as small- and mediumscale organizations is resulting in an augmenting demand for advanced network security solutions to secure the cloud storage. Additionally, the significant increase in remote working resulting in a higher vulnerability of data to various threats is impacting the market positively. Continual upgradations in the security solutions, such as the integration of artificial intelligence (AI) and machine learning (ML) to stay ahead of emerging threats, are also creating lucrative opportunities in the market. Besides this, the proliferation of the Internet of Things (IoT) is resulting in a higher usage of connected devices among the masses, which, in turn, is fueling the market growth.
Also, rise in investments by numerous organizations to comply with specific regulations and security measures to ensure sensitive data protection is acting as a significant growth-inducing factor for the market. Some of the other factors contributing to the market include rapid urbanization and digitization, the advent of Industry 4.0, and extensive research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 76.2 Billion by 2028, exhibiting a CAGR of 15.5% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyComponent:
• Solutions
• Firewalls
• Antivirus/Antimalware
• Network Access Control (NAC)
• Data Loss Prevention
• IDS/IPS
• Secure Web Gateways
• DDoS Mitigation
• Unified Threat Management
• Others
• Services
• Professional Services
• Managed Services
BreakupbyDeploymentMode:
• Cloud-based
• On-premises
BreakupbyOrganizationSize:
• Large Enterprises
• Small and Medium-sized Enterprises
BreakupbyIndustryVertical:
• IT and Telecommunication
• BFSI
• Aerospace and Defense
• Government
• Healthcare
• Retail
• Manufacturing
• Energy and Utilities
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
CompetitiveLandscapewithKeyPlayers:
• AT&T Inc
• Avast Software s.r.o.
• Broadcom Inc.
• Cisco Systems Inc.
• Fortinet Inc.
• International Business Machines Corporation
• Juniper Networks Inc.
• NortonLifeLock Inc.
• Palo Alto Networks Inc.
• SonicWall
• Trellix (Symphony Technology Group)
• Trend Micro Incorporated
ViewFullReportwithTOC&ListofFigure:https://www.imarcgroup.com/network-security-market
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