The Global Wireless Network Security Market size is forecasted to reach $20.2 billion by 2026, growing at a CAGR of 10.9% from 2021-2026. The increasing adoption of wireless network security among organizations is set to be the major driver for the growth of the market over the forecast period. Additionally, the implementation of Bring Your Own device policy will accelerate the market growth scope for wireless network security provider companies during the forecast period 2021-2026 to improve cyber security using unified threat management, intrusion prevention system and encryption. Moreover, the rise in number of cyber attacks, which in turn has led to huge losses in terms of monetary losses as well as identity thefts is the other factor that assist the growth of the market. Furthermore, Covid19 pandemic has forced us to work from our homes, which increases the growth opportunities for the Wireless Network Security market. Such factors are analyzed to drive the market during the forecast period 2021-2026.
Wireless Network Security Market Segment Analysis – By End-User
Small & Medium Enterprises segment is analyzed to account for the highest CAGR of 12.5% in the global Wireless Network Security Market during the forecast period 2021-2026. The factors such as increasing advancements in wireless communication technology and growing faster internet penetration within smaller organizations vitals have been contributing to the market growth of Wireless Network Security. Small & medium sized enterprises have started to digitize their business operations as well as utilize modern technologies. Moreover, government initiatives for making a country digitally self-reliant will also accelerate the growth of the market. For instance, with the launch of Digital India mission, it has become a necessity for SMEs to target
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Wireless Network Security Market Segment Analysis – By Industry Vertical
Based on industry verticals segmentation, Retail & e-commerce held the highest Wireless Network Security Market share of around 13.3% in the global Wireless Network Security market in 2020. With the growing e-commerce platforms, companies are relying more on online platforms to attract customers which increases the chances of customer scams. An increasing number of phishing attacks and malware attacks leads to access on identity of customers and financial accounts thus increases the adoption rate for wireless network security solution. In October 2020, Bigbasket, an Indian based grocery e-commerce platform, suffered data breach incidents that have exposed personal details of over two core customers. Such growing threats push the e-commerce sector to invest in wireless security solution to ensure high quality data protection and improve business standard.
Wireless Network Security Market Segment Analysis – By Geography
North America held the highest Wireless Network Security Market share of around 34.8% in the global Wireless Network Security Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026. The factors such as increasing penetration of digital platforms, usage of smart-phones, surge in malware campaigns and stringent government laws on corporate network security have contributed to the market growth across the region in long run. Moreover, increasing cyber attacks such as phishing, denial of service, SQL injections, password attacks and others, will fuel the demand towards wireless network security solutions in the long run. Furthermore, government investment towards cyber security infrastructure will also accelerate the growth of the Wireless Network Security Market. In June 2020, U.S. government decided to allocate $18.78 billion budget for cyber security in 2021. Such investments can influence the market growth of Wireless Network Security in the long run.
Wireless Network Security Market Drivers
Increase in adoption of BYOD policy
Enterprises are implementing Bring Your Own Device (BYOD) policy to increase the productivity and efficiency of employees in the workplace. Due to this policy, employees can carry their own personal devices such as laptop and tablets and can use them to get access corporate data. Moreover, rise in cloud based computing made BYOD adoption is easier as data on the cloud can be accessed from anywhere anytime. BYOD policy reduces expenditure and infrastructure cost. However with time BYOD policy became popular, so wireless network security has become a concern, which compel organizations to adopt Wireless Network Security solutions, thus influencing the growth of the market. In the current scenario, the Covid19 pandemic has forced to work from home, which increases the opportunities for the Wireless Network Security market. In November 2020, Walmart-owned Flipkart and Myntra announced that they are allowing their employee to work-from-home (WFH). As Systems are more vulnerable to attacks when working remotely thus wirelesses network security solution is mandatory to protect the data which in turn influence the growth of the market.
Rise in number of cyber attack incidents is set to be one of the factors that can drive the market forward
The increase in implementation of modern technologies has also brought along with itself the increased risk of cyber attacks, which in turn has led to huge losses in terms of monetary losses as well as identity thefts is set to be one of the factors that can drive the market forward during the forecast period 2021-2026. According to CERT-IN (Indian Computer Emergency Response Team) data, over 0.6 million cyber incidents cases reported till June 2021 in India, which creates opportunities for the adoption of wireless network security among organizations. Similarly, According to IdentityForce Inc, in 2019, 14.4 million consumers became victims of identity frauds incidents. This has led to governments taking strict actions backed by penalties up to 4% of global turnover in the EU after the implementation of GDPR law. This has compelled vendors to invest in better security solutions like that of IAM. Such incidents have influenced the growth of the market.
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Wireless Network Security Market Challenges
Though wireless networks have lot of advantages but create a lot of security issues which acts as a major challenge restraining the growth of the market. Incident of data breaches, hacking accounts and other malware practices have increased manifold thus forcing users to rethink about their security on private information. Wireless Network serves as an attractive spot for cyber criminals to steal sensitive information, personal data and gaining access to account. Thus wireless network software needs to be updated from time to time which impedes the market growth.
Wireless Network Security Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Wireless Network Security Market. The Wireless Network Security Market top 10 companies include:
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A. Wireless Security in LTE Networks Market
B. Cyber Security Market
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