Chicago, April 10, 2023 (GLOBE NEWSWIRE) -- The Edge Security Market size is expected to grow to USD 51.1 billion by 2027 from USD 19.2 billion in 2022 at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period, according to a new report by MarketsandMarkets™.
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329 - Tables
66 - Figures
286 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2018–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Value (USD Billion) |
| Segments covered | Component, Organization Size, Deployment Mode, Vertical, and Region |
| Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Companies covered | Palo Alto Networks (US), Check Point (Israel), Broadcom (US), Fortinet (US), Cisco (US), Zscaler (US), Cloudflare (US), Forcepoint (US), VMware (US), Citrix (US), Akamai (US), Juniper Networks (US), Netskope (US), Trend Micro (Japan), Proofpoint (US), Barracuda (US), Sophos (UK), SonicWall (US), Infoblox (US), Open Systems (US), F5 (US), Lookout (US), iboss (US), Versa Networks (US), Menlo Security (US), Cato Networks (Israel), Perimeter 81 (Israel), Skyhigh Security (US), Axis Security (US), Twingate(US), Webscale (US), Aryaka(US), and Grip Security (Israel) |
Based on deployment modes, the on-premises segment to hold significant market share in 2022
On-premises edge security is an architecture in which resources are deployed within the enterprise IT infrastructure. The rules and tools in place to protect the security and accessibility of computer networks, including both hardware and software is referred as on-premises security. On-premises security tools include firewalls, VPNs, and antivirus software. Further, an on-premises solution provides IT teams with complete control over meeting compliance mandates. Since data and applications are stored on servers in-house, IT teams always know the location of their data and assets.
Based on solutions, the SD-WAN segment to hold the largest market size in 2022
Software-defined WAN (SD-WAN) is a networking solution that provides reliable, high-performance network connectivity while using multiple transport media, such as broadband internet, mobile networks, and Multiprotocol Label Switching (MPLS) links. It is a virtual WAN architecture that enables enterprises to leverage any combination of transport services, including MPLS, LTE, and broadband internet services, to connect users to applications securely. SD-WAN security is based on the use of next-generation firewalls (NGFWs), IP security (IPsec), VPN tunnels, and the micro-segmentation of application traffic. These security elements are centrally managed and orchestrated by network administrators through software that grants granular visibility into the network. SD-WAN security’s use of virtual machines enables software updates to be installed on existing hardware rather than installing new hardware for every update, saving time and money.
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Based on verticals, BFSI vertical to hold the largest market share in 2022
The BFSI vertical has been at the forefront of adopting SD-WAN, enabling banking institutions to provide customers with a broad spectrum of services at sustainable costs. SD-WANs address the bandwidth problem by introducing access agnostic application-level routing that optimizes the WAN. Different government mandates, such as the Personal Information Protection and Electronics Document Act (PIPEDA), along with standards that include PCI DSS and SOX, necessitate financial institutions to meet these standards. Growing physical and cyberattacks on critical infrastructures are taking place due to the rapid adoption of IoT and BYOD, work-from-home opportunities, and other enterprise mobility trends. Thus, there is an increasing need for cybersecurity solutions and services in the BFSI vertical to fight against these threats.
Europe to hold significant share of the Edge Security Market in 2022
European countries are adopting edge technology with its benefits, such as low latency and less processing time. European organizations are adopting edge security solutions with the growing adoption of work-from-home and remote operations. According to research conducted by Netskope in 2021, nearly four out of five European businesses have already found savings by using cloud security to replace legacy security appliances and reduce bandwidth requirements. Germany and the UK are the leading European IoT adopters. Manufacturing, home, health, and finance sectors use connected devices to improve customer experiences. This will drive the demand for edge security solutions to improve customer experience. Edge security solution providers continuously improve their product offerings to comply with all common security standards. For instance, in June 2022, Cisco Umbrella launched SASE data centers in Northern Europe for its security customers. Further, European organizations are focusing on upgrading network infrastructure to offer both the underlying network traffic and the software-defined overlay services, with high levels of self-service functionality and flexible, end-to-end service management options. Vodafone is the first company to launch Cisco SD-WAN technology in Europe.
Key players
The major players operating in the Edge Security Market are Palo Alto Networks (US), Check Point (Israel), Broadcom (US), Fortinet (US), Cisco (US), Zscaler (US), Cloudflare (US), Forcepoint (US), VMware (US), Citrix (US), Akamai (US), Juniper Networks (US), Netskope (US), Trend Micro (Japan), Proofpoint (US), Barracuda (US), Sophos (UK), SonicWall (US), Infoblox (US), Open Systems (US), F5 (US), Lookout (US), and iboss (US).
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