According to a research report "Network Security Software Market by Component (Solutions (Firewall, Antivirus/Antimalware, and SWG) and Services (Professional Services and Managed Services)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, is expected to grow from USD 13.5 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The market is gaining traction, owing to the rise in malware attacks impacting the enterprise network infrastructure. The major forces driving the network security software market are the increasing network security and privacy concerns, stringent regulations and the need for compliance to drive the growth of the market. The high demand network security software solutions among government sector is expected to drive the market over the next 5 years.
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Services segment to play a key role in the
market
The services segment is
expected to play a vital role in changing the network security software market
landscape and grow at the highest CAGR during the forecast period. Network
security software services help consult, design and implement, train and educate,
and support organizations across various verticals, to effectively deal with
network threats and thereby, ensure security across the enterprise networks.
Security is a crucial aspect for executing business functions successfully, and
hence, packet filtering is gaining traction in the security space. For this,
various professional and managed services are available and are used according
to the specific need of the enterprise. The vendors offering these services are
keeping their a check on the upcoming threats and are offering competent
services to deal effectively with detection and resolution of threats. The
rising demand for seamless experience and personalized services to contribute
to the market.
Small and Medium-sized Enterprises segment to grow at the fastest rate during
the forecast period
The market is segmented by
organization size into large enterprises and SMEs. In the network security
software market SMEs are expected to be the fastest-growing segment, as these
enterprises have become the key targets for cyber terrorists or hacktivist. The
market size of the SMEs and large enterprises segments has a significant impact
on the overall market. SMEs are swiftly advancing toward cloud-based network
security software to achieve better operational productivity, considering the
lower operational costs associated with their deployment. As the number of SMEs
is increasing, it is expected that the adoption of network security software
solutions and services would also increase. One of the main reasons that is
expected to fuel the growth of the network security software market among the
SMEs segment is the cost-saving benefit.
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Asia
Pacific to grow at the highest CAGR during the forecast period
The
market APAC is expected to grow at the highest CAGR between 2019 and 2024. The
primary forces driving the growth of this region is the increase in technology
adoption, huge opportunities across government vertical and increase in the
number of startups in the APAC countries, especially India. In recent years,
APAC has undergone tremendous economic growth, political transformations, and
social changes. The region has a large number of established SMEs, which are
growing at an exponential rate to cater to their large customer base. Due to
the increasing sophistication levels of threats, countries such as China,
India, and Japan have all updated or introduced new national cybersecurity
policies.
The
report encompasses the different strategies, such as mergers and acquisitions,
partnerships and collaborations, business expansions, and product developments,
adopted by the major players to increase their market share. Some of the major
technology vendors in the network security software are Cisco Systems (US),
SolarWinds (US), IBM (US), Trend Micro (Japan), FireMon(US), Symantec, (US),
FireEye(US), GFI Software (Malta), Avast Software (US), WatchGuard (US),
Bitdefender (US), Webroot (US), AT&T (US), Qualys (US), and Juniper
Networks (US).
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