Network Security Market to Record CAGR of 14.6% Over 2024-2032; Surge in the Adoption of IoT Security Solutions to Fuel Market Expansion

The network security market size was valued at USD 21.24 billion in 2023 and is predicted to reach USD 24.54 billion in 2024. The market is anticipated to touch USD 72.96 billion by 2032, recording a CAGR of 14.6% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Network Security Market Size, Share & Industry Analysis, By Deployment (Cloud and On-premise), By Type (Firewalls, Antivirus and Antimalware Software, VPN, Wireless Security, and Others), By Enterprise Type (Small & Medium Enterprises (SMEs) and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Regional Forecast, 2024-2032”.

Network security refers to technologies and policies that are incorporated to protect the confidentiality, integrity, and availability of data and its resources across the network. Network security solutions safeguard the organization's network from various threats. The significant investment by companies in the development of zero-trust security solutions for safeguarding data, applications, and devices against various cyberattacks will contribute to market growth during the forecast period.

The COVID-19 pandemic forced organizations to prioritize e-learning and remote working platforms. The increasing popularity of remote working, business networks resulted in surged traffic levels, thereby increasing the quantity of data encryption traffic coming to the company network. As a result, the growing demand for advanced network security solutions is expected to experience growth in the coming years.

Trend Micro Incorporated acquired Anlyz to Boost its Orchestration, Integration, and Automation Capabilities

Trend Micro Incorporated completed the acquisition of Anlyz, a Security Operations Center (SOC) technology provider, to boost its orchestration, integration, and automation capabilities. This acquisition will also help Managed Security Service Providers (MSSPs) and businesses improve their security outcomes, cost-effectiveness, and operational efficiencies.

Gen AI Integrated Network Security Solutions Help Analyze Large Amounts of Data and Detect Anomalies in Cyber-Attacks

By integrating generative AI with network security solutions, businesses can enhance their defensive capabilities. Generative models such as Generative Adversarial Networks (GAN) are increasingly being adopted to analyze large amounts of data and detect patterns and anomalies in cyber-attacks. These deep learning models can identify unknown threats, scan network issues, and free up human resources to focus on more complex tasks.

Adoption of IoT Security Solutions in Manufacturing Industry to Fuel Market Expansion

Internet of Things (IoT) security solutions are gaining significant popularity in the manufacturing industry in terms of assisting with product development and enhancements. The surge in the number of connected devices in the manufacturing sector facilitates the need for advanced security measures to secure these devices from cyberattacks. As a result, protecting data and devices is becoming a potential challenge for manufacturers due to the heightened growth of Internet of Things (IoT) devices. The adoption of Secure Access Service Edge (SASE) architecture helps manufacturers by integrating security with network connectivity. This architecture centralizes policy and access control, thereby securing data and improving the identification of threats. The increasing adoption of IoT security solutions in the manufacturing sector is expected to create new opportunities for network security market growth in the coming years.

However, the network security market faces challenges in dealing with the lack of authentic data security and threats.

Companies to Adopt Various Strategic Initiatives to Enhance Their Operations Globally

Some of the companies operating in the market are Trend Micro Incorporated, Palo Alto Networks, and Juniper Networks, Inc. The key players operating in this market are concentrating on bringing innovations in network security solutions. The players are also adopting various strategic initiatives, such as partnerships, product launches, investments, acquisitions, and mergers to enhance their operations globally.

Key Industry Development:

• July 2024: SonicWall launched an innovative suite of Zero-Trust Network Access (ZTNA) called Cloud Secure Edge (CSE) which is developed for Managed Service Providers (MSPs). It is a cost-effective and flexible solution which offers remote access and internet access to organizations to connect with their employees and third-party users securely from any device and location.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/network-security-market-100339

List of Key Players Profiled:

• Allot Ltd. (Israel)


• Cisco Systems, Inc. (U.S.)


• Fortinet, Inc. (U.S.)


• Check Point Software Technologies Ltd. (Israel)


• Trend Micro Incorporated (Japan)


• Palo Alto Networks (U.S.)


• Juniper Networks, Inc. (U.S.)


• Broadcom (U.S.)


• SonicWall (U.S.)


• Trellix (U.S.)

Further Report Findings

• The North American region led the network security market share in 2023. This dominance can be attributed to the increasing adoption of various security solutions, such as firewalls, VPNs, and others, by large enterprises in the region.


• The European region is experiencing steady growth. This growth can be attributed to the growing adoption of advanced digital technologies, which, by incorporating ICT security measures and procedures, is expected to increase demand for security components and services.


• Based on type, the firewall accounted for the highest share of the market in 2023 and is anticipated to witness the highest CAGR in the coming years. The growth can be attributed to the widespread adoption of firewall security across every industry.

Table of Segmentation