Selbyville, Delaware, March 28, 2023 (GLOBE NEWSWIRE) -- The edge security market valuation is estimated to account USD 70 billion by 2032, as reported in a research study by Global Market Insights Inc.
The report reveals that rapid digitalization, and the adoption of internet-enabled devices are prominent factors bolstering the requirement for edge security architecture. The vulnerability to cyber-attacks also continues to rise with more companies deploying digital technologies. These factors have encouraged technology companies such as Microsoft to include IoT devices under edge security programs to help users operate with built-in security technologies. Furthermore, the increasing rollout of 5G networks will drive the number of connected devices and consequently propel the need for network edge security to protect against attacks from malicious parties.
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Edge security market from the services component segment was held around USD 5 billion revenue in 2022. Training, consulting, and other professional edge security services enable enterprises to choose the best solutions depending on their size, requirement, usage, and other parameters. Meanwhile, managed services from third-party providers can help manage operational and additional enterprise challenges. Multiple companies are also opting for managed edge security services to gain security expertise while lowering the strain on in-house security personnel.
The edge security market size from healthcare segment is estimated to expand at over 15% CAGR from 2023 to 2032. The deployment of IoT tech and cloud infrastructure for the storage, transmission, collection, processing, and delivery of healthcare data is one of the key growth drivers for the market. The adoption of advanced technologies for solving healthcare challenges has led to a massive influx of data from IoT devices. The report claims these factors have encouraged cybersecurity firms to introduce comprehensive IoT medical device safety solutions, augmenting the availability of edge security systems.
North America edge security market will reach USD 20 billion by 2032, given the escalating penetration of IoT and 5G devices. Since edge computing has become a popular data processing method, the mounting presence of connected devices is slated to stimulate the need for security solutions. Regional developers have also been making considerable investments in R&D projects to design cutting-edge services. Network and communication solution providers including Windstream Enterprise are also launching new managed edge security solutions, thus adding impetus to the regional market demand.
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Prominent participants operating across the edge security market include VMWare Inc., SonicWall, Palo Alto Networks, Open Systems, Netskope, Jupiter Networks Inc., Fortinet, Forcepoint, CloudFlare Inc., Cisco Systems Inc., Check Point Check Point Software Technologies Limited, Broadcom Inc., Barracuda Networks and AWS (Amazon). These companies are incorporating varied strategies such as partnerships and product exceed expansions to reinforce their presence in the market.
For instance, in January 2022, VMware and BT entered an agreement to offer more options and flexibility in embracing a cloud-first approach for networking, security, and edge computing for global customers. Under the terms of the agreement, BT intended to provide customers with VMware SASE (Secure Access Services Edge) as a managed service, combining its in-depth security knowledge and extensive networking features with VMware technology. Similar initiatives from other key players are also projected to assert a positive impact on the market trends.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Edge security market 3600 synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Organization size trends
2.6 Deployment mode trends
2.7 End-use trends
Chapter 3 Edge Security Market Industry Insights
3.1 Introduction
3.2 Impact of COVID-19
3.2.1 North America
3.2.2 Europe
3.2.3 Asia Pacific
3.2.4 Latin America
3.2.5 MEA
3.3 Russia- Ukraine war impact
3.4 Industry ecosystem analysis
3.4.1 Solution providers
3.4.2 Service provider
3.4.3 System integrators
3.4.4 Distribution channel analysis
3.4.5 End-users landscape
3.4.6 Profit margin analysis
3.4.7 Vendor matrix
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key initiative and news
3.8 Regulatory landscape
3.8.1 North America
3.8.2 Europe
3.8.3 Asia Pacific
3.8.4 Latin America
3.8.5 MEA
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Rising security concern among enterprises
3.9.1.2 Growing government support for multi cloud security solutions
3.9.1.3 Rising adoption of IoT devices
3.9.1.4 Growing threat of data breaches
3.9.1.5. Rising adoption of 5 G technology
3.9.2 Industry pitfalls & challenges
3.9.2.1 Managing highly distributed environments
3.9.2.2 Skills shortage of highly skilled professionals to deploy and manage complex security solutions
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
