Network Security Market Value to Reach USD 67.33 billion by 2032; Rising BYOD Trend in Companies to Accelerate Market Expansion

The global network security market size touched USD 23.83 billion in 2023 and is predicted to reach USD 26.57 billion in 2024. The market is anticipated to touch USD 67.33 billion by 2032, recording a CAGR of 12.3% 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 and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Region Forecast, 2024-2032”.

Regions across the world are witnessing a robust spurt in the network of startups as well as large-scale companies due to rising urbanization and industrialization. These firms are also adopting the Bring Your Own Device (BYOD) trend, wherein employees can access their company’s network and work on their personal devices. This has, in turn, increased the total virtual data traffic as massive volumes of information are shared via the internet. However, this scenario can expose confidential data to cyberattacks if organizations do not have a robust security infrastructure in place. This factor is expected to accelerate the network security market growth.

Adoption of Remote Working Environment During COVID-19 Spurred Demand for Network Security Solutions

The COVID-19 pandemic forced several companies to switch to online business platforms to conduct their daily operations smoothly. Similarly, employees of these companies had to purchase connected devices to gain access to the firm’s network and share critical data files. Many companies in this industry also saw this situation as a lucrative opportunity to expand their business operations across the world by entering strategic collaborations and partnerships. In this way, the remote working environment gained tremendous popularity among end-users during this period. However, since large volumes of confidential data were shared through online platforms, they were more vulnerable to cyber threats. This prompted companies to increase their investments in their online security solutions, thereby helping the network security market share grow.

Rising BYOD Trend in Companies to Accelerate Market Expansion

A growing number of organizations are encouraging their employees to bring their own devices and gadgets to office. This move can help them decrease their investment in advanced computing systems. This trend, known as Bring Your Own Device (BYOD), enables employees to work from anywhere, as long as they are connected to their company’s network. The implementation of the BYOD concept and related policies has urged organizations to develop network security solutions. Since employees have access to a wide range of their company’s networks, the risk of data leaks increases dramatically. This will further accelerate the adoption of advanced network protection software.

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

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

Competitive Landscape

Key Companies to Raise Investment in Network Security Solutions to Gain Competitive Edge

Some of the leading providers of network security services are trying to gain and maintain their competitive edge in the market by investing in business acquisition deals and innovations in security solutions. Some of the key companies in this industry include Palo Alto Networks, Fortinet, Inc., Check Point Software Technologies Ltd., WatchGuard Technologies, Inc., and Juniper Networks, Inc. These firms are signing partnership agreements to provide a full collection of advanced security solutions and services. They are also customizing their products according to the unique needs and size of the organizations they are catering to.

Notable Industry Development:

• February 2022 – Check Point Software Technologies Ltd. announced that it had acquired Spectral. This acquisition is predicted to expand product portfolios of these companies in cloud security, such as hardcoded secrets detection and Infrastructure as Code (IaC) scanning.

List of the Companies Profiled in the Report:

• Check Point Software Technologies Ltd. (Israel)


• Cisco Systems, Inc. (U.S.)


• Musarubra US LLC (U.S.)


• Fortinet, Inc. (U.S.)


• Juniper Networks, Inc. (U.S.)


• Kaspersky Lab. (Russia)


• Trend Micro (Japan)


• Palo Alto Networks, Inc. (U.S.)


• SonicWall.com (U.S.)


• WatchGuard Technologies, Inc. (U.S.)

Further Report Findings

• North America is projected to account for the largest market share during the forecast period as the region is witnessing a strong rise in the deploument of advanced network and information security solutions. The U.S. is known for being an early adopter of advanced software. Key industry verticals, such as BFSI, healthcare, and retail are quite reliant on different types of software to safeguard their data. These aspects may help the regional market grow.


• The Asia Pacific market is anticipated to display steady growth in the coming years, with China emerging as one of the key countries that are investing in research and development programs to develop reliable and strong security software. Since the Chinese government is pushing its people to adopt advanced technologies in their routine lives, the need for secure networks will increase, thereby accelerating the regional market growth.


• The firewall segment is projected to capture a dominant share in this market as this software is finding considerable adoption in many industries. Since a firewall closely monitors the incoming and outgoing data traffic, it makes the security infrastructure stronger.

Table of Segmentation