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Network Security Software Market is likely to grow from USD 13.5 billion in 2019 to USD 22.8 billion by 2024, registering a CAGR of 11.0% during the forecast period. The GMI Research does a complete study and encounters that the growing agitation towards network privacy and safety is the prime factor fuelling the global network security market.
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Network security software refers to software designed to ameliorate the security of a network. Network security software offers safety by preventing the risk of invading and spreading to the network. There are different types of network security software that helps in protecting data on the way. In other words, network security is any movement planned to certify the effortlessness and integrity of your data and network.
Key Players of the Market:
Palo Alto Networks
The prime factors expected to fuel the growth of the network security software market over the forecast period are the growing demand for smartphones and accelerating internet penetration in remote areas. Also, several industries have enacted Bring Your Own Device policies, which have created a need for secured data transference. Therefore, the global Network Security Software market research projects that this might help in the remarkable market growth.
With a rise in the number of malware-attack, the demand for network security software solutions is also projected to increase. This is because of the growing concern about network and data safety. For example, For example, Cisco, in Jun 2019, introduced AI-based network analytics, which handles users and networks from campus and remote area networks to the internet of things (IoT) edge. Industries such as retail and healthcare are managing security provocations by executing sophisticated technologies that will stimulate the adoption of network security software over the coming years, thereby elevating the global Network Security Software size.
The government vertical accounts for the largest share of the overall network security software market over the forecast period. With the aggravating use of mobility, the public sector has actuated the deployment of mobile devices to raise workers’ returns and upgrade the performance of public sector departments. Moreover, the government vertical manages extremely private information about the nation and its people. This confidential information is readily available and is manipulated by the public with the support of advanced technologies, such as social media, mobile, and cloud. The software also enhances the security of data and private information by reducing the threat of unidentified entries.
The global network security software market can be segregated into on-premises and cloud by deployment. The increasing adoption of advanced technologies will bolster the demand for cloud technology. In addition to it, the surging deployment of technologies, such as machine learning, artificial intelligence, and the Internet of Things, has forced industries to adopt cloud-based services. Cloud-based solutions assist enterprises in aggrandizing quickly with the help of real-time configuration. Thus, all these factors have accelerated market growth.
The North American region is anticipated to lead the overall market during the forecast period. The presence of several leading vendors that provide mitigation and Distributed Denial of Service (DDoS) is projected to steer the market growth. Moreover, as per the global Network Security Software market research, the expeditious economic growth and the improving managerial reforms with economic stability have elevated the market growth. Businesses in the North American Region are enacting network software solutions to identify and impede threats at a primitive stage.
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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