Network Security Software Global Market Report 2024

The network security software market size has grown rapidly in recent years. It will grow from $24.21 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth observed in the historic period can be attributed to several factors, including the increasing prevalence of cyber threats, growing concerns regarding compliance and data privacy regulations, a rise in remote work practices, ongoing digital transformation initiatives across industries, high-profile data breaches that highlight vulnerabilities, and the growing need for continuous monitoring to safeguard against potential threats.

The network security software market size is expected to see rapid growth in the next few years. It will grow to $43.94 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The projected growth in the forecast period can be attributed to heightened attention to cloud security, regulatory changes, and cybersecurity standards, as well as the proliferation of remote work arrangements and the escalating sophistication of cyber threats, underscored by a focus on User and Entity Behavior Analytics (UEBA). Major trends expected during this period encompass the adoption of zero trust architecture, AI-powered threat detection systems, the integration of cloud-based security solutions, advancements in identity and access management (IAM), the implementation of IoT security measures, and the utilization of behavioral analytics techniques. These trends reflect an ongoing commitment to enhancing cybersecurity practices and infrastructure to mitigate evolving threats and safeguard organizational assets in an increasingly digital and interconnected landscape.

The anticipated rise in cyber attacks is poised to drive the growth of the network security software market in the foreseeable future. Cyber attacks pose significant threats and risks to information systems, networks, and computer infrastructure. Network security software plays a crucial role in cybersecurity by serving as a barrier between the internal network and the external world, permitting only authorized traffic to pass through. For example, in November 2022, the Australian Cyber Security Centre, a government agency in Australia, reported receiving 76,000 cybercrime reports in the fiscal year 2021-2022, marking a nearly 13% increase from the previous year. Consequently, the escalating number of cyber attacks is fueling the demand for network security software.

Major players in the network security software market are advancing their offerings by developing innovative solutions, such as AI network security software, to maintain a competitive edge. AI Network Security software utilizes Artificial Intelligence (AI) and Machine Learning (ML) techniques to automate and enhance various aspects of network security. For instance, in January 2024, Vehere, a US-based cybersecurity software company, introduced NDR 1.4.1, a cutting-edge network security software. This AI-powered solution integrates Network Detection & Response (NDR) with Network Forensics capabilities, leveraging AI and machine learning to analyze network traffic and user behavior. By doing so, it enables advanced threat detection, including malware, data breaches, and insider threats, thereby bolstering network security measures.

In November 2023, SonicWall, a cybersecurity company based in the US, acquired Solutions Granted, Inc. (SGI) for an undisclosed sum. This strategic move is geared towards enhancing SonicWall's dedication to its partners and delivering comprehensive security solutions to its channel community. The acquisition is anticipated to furnish market-leading flexibility and options for Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs), thereby solidifying SonicWall's position in the cybersecurity sector. Solutions Granted Inc. (SGI) specializes in providing cyber security solutions tailored for the MSP channel.

Major companies operating in the network security software market report are AT and T Inc., International Business Machines Corporation, Cisco Systems Inc., Broadcom Inc., Palo Alto Networks Inc., Juniper Networks Inc., Open Text Corp., Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro Inc., Kaspersky Lab, SolarWinds Corporation, FireEye Inc., Qualys Inc., SonicWall, Avast PLC, McAfee LLC, AO Kaspersky Lab, FireMon LLC., GFI USA Inc., SOFTWIN SRL, Enterprise Security, Symantec Corporation, WatchGuard Technologies Inc., Musarubra US LLC.

North America was the largest region in the network security software market in 2023. The regions covered in the network security software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the network security software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Network security software is a specialized program designed to safeguard a network from unauthorized access, use, disclosure, disruption, modification, or destruction. It plays a crucial role in protecting sensitive data, devices, and applications within a network.

The primary types of network security include firewalls, antivirus and anti-malware software, virtual private networks (VPNs), wireless security, and other specialized solutions. Firewalls act as network security devices that monitor and filter incoming and outgoing network traffic based on predefined security rules. These security solutions can be deployed either on-premises or in the cloud, catering to organizations of various sizes such as small enterprises, medium-sized enterprises (SMEs), and large enterprises. They are also utilized across diverse industry verticals including aerospace and defense, government, banking, financial services, and insurance (BFSI), information technology (IT) and telecommunications, healthcare, retail, manufacturing, energy and utilities, among others.

The network security software market research report is one of a series of new reports that provides network security software market statistics, including network security software industry global market size, regional shares, competitors with a network security software market share, detailed network security software market segments, market trends and opportunities, and any further data you may need to thrive in the network security software industry. This network security software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The network security software market consists of revenues earned by intrusion detection services, antivirus detection, and access control services. The market value includes the value of related goods sold by the service provider or included within the service offering. The network security software market also includes sales of intrusion detection systems and encryption tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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