The network security software market growth and size were reached USD 11,917 million in 2018 and predicted to rise at a CAGR of 10.5% in the forecast period due to the high rise in the number of malware assaults and growth in the implementation of the Bring Your Own Device trend. In addition, the growth of the Network Security Software Market is propelled by factors such as increasing organizational concerns about data privacy, increased awareness of the evolving threat insight, and an increasing need for compliance with data protection legislation. Factors such as heightened enterprise concerns over data privacy and network security, increased awareness among organizations concerning the evolving threat landscape, and the growing need for compliance with data protection laws are propelling the development of the Network Security Software Market. The network security software market is witnessing growth due to the increase in digitalization, augmented migration of applications and data to the cloud, and an increase in cyberattacks. Cloud network security software, encompassing risk assessment and control, is a foremost contributor to this advancement.
Cloud network security software, with developed visibility, manages, and monitors important information in the cloud, creating different opportunities in the global market. For example, Cisco’s launch of an AI-based network analysis in 2019, delivered management for users and networks around campuses, data servers, Internet of Things edge, and wide-area networks. In addition, the growing trend of Bring Your Own Device further amplifies the need for network security software solutions. The stringent regulations for network security are predicted to influence the market in the forecast period.
The growth of the market in the predicted period is influenced by a high-cost solution that is limiting market development. The growing number of organizational mergers and acquisitions is a key factor impacting market growth, as foremost companies are pursuing such strategies to establish a strong existence in the market. The escalating demand for product offerings, propelled by the increasing necessity for securing information transmitted over the internet, has introduced a highly competitive insight into the market. The significant growth in internet usage, coupled with increased e-commerce activities, is predicted to have a substantial impact on the market. furthermore, the increasing number of organizations functioning online is predicted to introduce different new opportunities for development.
The market is segmented into different verticals, including Aerospace and Defense, BFSI, Healthcare, Energy and Utilities, Government, Information Technology and Telecommunication, Retail Manufacturing, and others. The government segment is predicted to register the market, given the widespread implementation of mobility in the public sector globally. The usage of mobile devices in government functions develops efficiency, especially in handling highly sensitive, and confidential data connected to the country and its people.
In the regional analysis, the global network security software market is classified into Europe, Asia Pacific, North America, and the Rest of the World. North America holds the largest market share, attributed to the early adoption of network security software solutions and the existence of different vendors. Additionally, businesses in this region are significantly incorporating software solutions to detect and prevent threats at an early stage.
