The network security market is expected to grow by USD 5.64 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced the latest market research report titled Global Network Security Market 2020-2024 (Graphic: Business Wire)
The growing adoption of M2M communication in enterprises is one of the major factors driving network security market growth. M2M communication is increasingly being used to manage and monitor the physical assets of an organization. M2M communication uses various technologies like sensors, a global positioning system (GPS), radio-frequency identification (RFID), and bar codes. With the growth in M2M adoption, maintaining security becomes essential to ensure the confidentiality of data. Therefore, the increase in M2M adoption will stimulate the demand for network security during the forecast period.
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As per Technavio, the increased adoption of BYOD concept will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Network Security Market: Increased Adoption of BYOD Concept
The adoption of BYOD is an emerging trend in this market space. Enterprise mobility has gained ground in the corporate world in response to employees’ preferences to use their smartphones, tablets, and portable computers at work. However, BYOD demands specific network security solutions and IT service delivery frameworks to guarantee electronically secure and productive work environments. Vendors are hence, providing network security solutions to provide an environment where the employees can use their own devices through robust internet and connectivity infrastructure. Thus, the increased adoption of the BYOD concept can be expected to boost the growth of the network security market.
“The increasing demand for cloud-based solutions will have a significant impact on the growth of the network security market value during the forecast period,” says a senior analyst at Technavio.
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Network Security Market: Segmentation Analysis
This market research report segments the network security market by type (hardware and software) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the network security market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the strong presence of IT, healthcare, BFSI, retail, and education industries in the US, and the increased prevalence of insider fraud, data breaches, and hacking.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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