New York, United States , Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Wireless Network Security Market Size is to Grow from USD 24.35 Billion in 2022 to USD 85.45 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.3% during the projected period.
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The wireless protocol indicates the sort of wireless security employed by a user. Wireless networking security solutions are a collection of information technology (IT) systems, software, and hardware that protect wireless networks from trash and data theft. Since wireless networks are becoming more prevalent, businesses must have wireless network security solutions to secure themselves. Adoption is high and will continue to expand in the future because wireless networks are already used by the majority of organizations. Artificial intelligence (AI), machine learning (ML), big data analytics, cloud, Blockchain, the Internet of Things (IoT), and robotic process automation (RPA), as well as their integration in wireless network solutions, are assisting market participants in providing better cyber-attack security to their clients. Blockchain's ability to improve the transparency, security, and traceability of data shared across several networks is accelerating its use in wireless network solutions. The growing use of Wi-Fi in both the residential and business sectors is propelling the wireless network security industry forward. Over the projection period, high initial prices, complexity, and compatibility concerns with various wireless networks are projected to limit the deployment of wireless network security solutions.
COVID-19 Impact
The COVID-19 outbreak forced several firms to postpone purchase decisions for wireless network security solutions due to financial constraints and uncertainty, which initially impacted market growth. As remote work became more common, there was a greater emphasis on safeguarding endpoints accessing wireless networks. As a result, the wireless network security market has placed a higher emphasis on endpoint security solutions. Furthermore, the pandemic has pushed the use of cloud-based security solutions, such as cloud-based wireless network security, allowing enterprises to expand security measures quickly even with a remote workforce.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on "Global Wireless Network Security Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-premise), By Enterprise Size (Large Enterprises, SMEs), By End-Use (BFSI, Retail, IT & Telecom, Healthcare, Manufacturing, Government & Defense, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The services segment dominates the market with the largest revenue share over the forecast period.
On the basis of component, the global wireless network security market is segmented into solutions and services. Among these, the services segment is dominating the market with the largest revenue share over the forecast period. The considerable expansion of the category can be attributed to the increasing demand from end-user organizations for professional and managed services to create, maintain, and update wireless network security systems at reasonable pricing. Advanced troubleshooting, counseling, daily maintenance, cloud migration, network administration, and unified communications are among the core components of the service.
The cloud segment is witnessing significant CAGR growth over the forecast period.
On the basis of deployment, the global wireless network security market is segmented into cloud and on-premise. Among these, the biometric segment is witnessing significant CAGR growth over the forecast period. Cloud-based wireless network security solutions are becoming increasingly popular due to multiple benefits such as affordable maintenance costs, enhanced flexibility, centralized data security, and quick development of applications. Cloud-based solutions minimize the need for additional software or hardware to manage wireless network security solutions, resulting in a bright future of the category. The significant cost savings associated with cloud-based wireless network security solutions are encouraging various end-user enterprises shift to cloud-based solutions, hence assisting the growth of the wireless network security market.
The large enterprise segment is expected to hold the rapid revenue growth of the global wireless network security market during the forecast period.
Based on the enterprise size, the global wireless network security market is classified into large enterprises and small & medium (SMEs) enterprises. Among these, the large enterprise segment is expected to grow at a rapid pace during the forecast period. Over the wireless network, large enterprises risk many kinds of cyberattacks, data breaches, and other illegal activities. Data theft in these businesses can result in considerable financial losses for the corporation. To circumvent this, most large organizations employ wireless network security solutions to safeguard critical data and control data transmission across various devices, hence promoting segment growth. Furthermore, the implementation of BYOD concepts, as well as the increase in complexities in IT departments as a result of huge workforces, require the need for robust security solutions in large companies.
The BFSI segment is projected to grow at the highest CAGR in the market during the forecast period.
On the basis of end-uses, the global wireless network security market is segmented into BFSI, retail, IT & Telecom, healthcare, manufacturing, government & defense, others. Among these, the BFSI segment grows at highest CAGR growth over the forecast period. Banks, insurance companies, and financial institutions are increasing their security awareness in order to protect sensitive financial data and secure payment processes. This has increased demand in the BFSI sector for wireless network security solutions. To satisfy the changing market demand, businesses in the wireless network security market are collaborating with end-user organizations to build effective wireless network security solutions.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the largest market share over the forecast period. The growing popularity of the BYOD concept, as well as increased security breaches, are driving the wireless network security industry in North America. The advanced technological infrastructure of North America, substantial digital adoption, and widespread use of wireless networks provide a fertile environment for security solutions. Businesses are investing in advanced wireless security measures in response to escalating cyber threats and high-profile data breaches. Moreover, strict regulatory frameworks and legal requirements promote the adoption of superior security solutions. During the projected period, the Asia-Pacific market is expected to grow the fastest. The strong growth in Asia Pacific might be attributed to the construction of 5G infrastructure, an increase in smartphone users, and the SMEs' concentration on upgrading the performance and security of their wireless infrastructure.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Wireless Network Security Market include ADT Inc., Amazon Web Services, Inc., Cisco Systems Inc., Honeywell International Inc, Fortinet, Inc., Broadcom, Inc., Check Point Software Technologies Ltd., Dell Technologies, Inc., Hewlett Packard Enterprise Development LP (Aruba Networks), Palo Alto Networks, Inc., Sophos Ltd., Juniper Networks, Inc., Huawei Technologies Co., Ltd., International Business Machines Corporation, Motorola Solutions, Inc. and among others.
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Recent Market Developments
In May 2023, Blockchain security company Certik collaborated with Alibaba Group's subsidiary and digital technology company Alibaba Cloud to provide Blockchain-based security services to Web3 projects.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global wireless network security market based on the below-mentioned segments:
Wireless Network Security Market, Component Analysis
- Solutions
- Services
Wireless Network Security Market, Deployment Analysis
- Cloud
- On-premise
Wireless Network Security Market, Enterprise Size Analysis
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Wireless Network Security Market, End-User Analysis
- BFSI
- Retail
- IT & Telecom
- Healthcare
- Manufacturing
- Government & Defense
- Others
Wireless Network Security Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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