Network Security Market To Grow At CAGR 11.7%, Market Value To Reach USD 84.5 Billion By 2030
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Global Network Security Market Size made up for USD 31,652 Million in 2021 and is all set to grow at a CAGR of 11.7%, with market value reaching 84,457 million for the timeframe between 2022 and 2030, as per market research firm Acumen research and consulting. Demand for software is being driven by an increase in the startups and increased internet access in emerging nations. Furthermore, end-user enterprises are embracing the bring your own device service, which necessitates secure network connectivity. In addition, businesses such as retail, healthcare etc are concerned about their network security. As a result of these concerns, various industries are employing advanced security technology to strengthen network security across these operational units, which is helping the network security market size grow.
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Network Security Market Dynamics
The global usage of digital solutions, networked gadgets, and IT systems is expanding as technology advances. The digital infrastructure is designed to allow corporate data and applications to be exchanged across all digital platforms, and devices as well as users. Hackers are increasingly using sophisticated hacking techniques to enter organization's tech infrastructure and get access to key business information. Furthermore, the corporate sector's degree of security against attackers was examined and shown to be exceedingly inadequate. Furthermore, according to Kaspersky Lab analysis, over 40% of firms do not have effective cybersecurity infrastructure. According to the research, roughly 73% of successfully completed perimeter breaches within the business sector were carried out through infiltrating unprotected online applications.
Furthermore, the increase in cyber risks is expected to fuel demand for solutions and promote overall market growth. Increasing Organizational BYOD Policies to Increase Demand Companies are encouraging employees to bring their own devices to work, which reduces system investments. Employees may work from anywhere using BYOD. As the devices are connected to the company's network, they may access the data. Furthermore, the expanding BOD policy has encouraged businesses to provide network security solutions. For example, in logistics, the employer is linked to several vendors and trades data. This element increases the likelihood of data leakage, rendering network security market growth crucial. The increasing adoption of BYOD policies in companies is estimated to drive market development over the forecast period.
Regional Network Security Market overview
North America will have the largest share of the network security market, as well as the fastest growth rate. The United States is upgrading existing software while simultaneously developing security solutions, and it has filed the most patents for protection in the market. Europe is likewise expanding at a stable market growth rate, and the area has spent considerably in network and information security research and development. During the predicted period, Asia Pacific is expected to increase steadily. China is a prominent market participant that has been investing in software security research and development. India has a thriving IT sector and is a significant rising network security market. To avert data breaches, governments all around the world have enacted network security rules and regulations.
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Network Security Market Key Players
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