New York, USA, May 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Network Security Appliance Market Research Report: By Component, Industry Vertical - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 6.13 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.1% during the assessment timeframe.
Network Security Appliance Market Key Players
Eminent industry players profiled in the global network security appliance market report include
- Cisco Systems, Inc.,
- Palo Alto Networks, Inc.,
- Fortinet, Inc.,
- Check Point Software Technologies Ltd.,
- Symantec Corporation,
- Sophos Ltd.,
- Juniper Networks, Inc.,
- Forcepoint LLC, and
- Barracuda Networks, Inc.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 6.13 Billion |
| Growth Rate | CAGR of 11.1% from 2020 to 2030 |
| Base Year | 2019 |
| Study Period | 2020-2030 |
| Key Market Opportunities | Heightening cyber-crime, implementation of bring-your-own-device, and adoption of advance in technology will add new opportunities. |
| Key Market Drivers | The rising need to protect the network infrastructure of an enterprise from advanced threats. |
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Drivers
Rising Adoption of Cloud Computing to Boost Market Growth
Due to its strong and adaptable infrastructure potential, cloud computing is being used widely. Many businesses are switching to the cloud for streamlining data storage since it offers remote server access over the Internet, which in turn makes it easier to access limitless computer capacity. Additionally, the use of the cloud enables businesses to incorporate additional infrastructure technologies, including software-defined perimeters, to build strong and highly secure platforms, significantly supporting the industry.
Opportunities
Increasing Use in Financial Services to offer Robust Opportunities
Network security appliances are commonly used in the financial services industry to protect against cyber attacks and financial fraud. They can help prevent unauthorized access to customer accounts and protect sensitive financial data.
Restraints and Challenges
Security Challenges to act as Market Restraint
Security challenges, intricacy in installation, and changes in failure at the time of system implementation may act as market restraints over the forecast period.
Network Security Appliance Market Segmentation
The global network security appliance market is bifurcated based on component and vertical.
By vertical, BFSI will lead the market over the forecast period.
By component, the market is bifurcated into management software & service, analytics, product, and visibility.
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Network Security Appliance Market COVID-19 Analysis
More than 50% of individuals throughout the world work from home, which has resulted in a substantial spike in the wireless network traffic as a result of the COVID-19 epidemic. The staff members always have access to a range of web connections. The need for high-speed wireless internet connection in the office has also increased with the adoption of video conferencing via Zoom and VoIP technology. The increased use of smartphones has increased the need for high-speed data connections, which is also having an impact. On the other hand, the problem of spectrum scarcity for the commercial mobile radio frequency-based networks might restrain the growth of the global Network Security Appliance market over the forecast period.
Network Security Appliance Market Regional Analysis
North America to Command Network Security Appliance Market
In the network security appliance market, North America will contribute most. Due to advancements in infrastructure, technology, & the uptake of cybersecurity solutions, North America has the greatest market size. These contributions help large companies be more present and novel network security solutions to be adopted more quickly. During the anticipated period, North America, and more specifically the US, dominates the market for network security appliances. During the anticipated period, North America is expected to dominate the market for network security appliances. In terms of infrastructure, technology, and the adoption of cybersecurity solutions, North America is regarded as the region with the highest level of development. The North American market is fuelled by the presence of key players and the quicker adoption of innovative network security solutions like NGFW and DDoS protection. Over the course of the assessment period, the US is anticipated to hold the top spot in the North American market for the network security appliances. The network security appliance market share is held by North America. North America has the largest market for network security appliances because of improvements in infrastructure, technology, & the adoption of cybersecurity solutions. Their donations make huge corporations more visible and hasten the adoption of new network security solutions. North America, & more specifically the US, has dominated the market for network security equipment for the course of the expected period. Due to factors like rising enterprise demand for advanced security solutions as a result of cyberattacks and expanding industry demand for cybersecurity compliance programs, organizations are adopting security appliances at an accelerated rate. The market in North America will grow during the forecast period.
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APAC to Have Admirable Growth in Network Security Appliance Market
Through the review period, Asia-Pacific is anticipated to increase at the fastest rate. The market for network security appliances in the Asia-Pacific region is driven by the IT and telecom industries. The market is expected to be ruled by nations like Japan, China, and India in the Asia-Pacific region due to its economic and technical development. The inability of businesses to spend enough money on cybersecurity solutions is expected to impede the market's expansion in the Asia-Pacific region. The Asia-Pacific area is anticipated to increase at the quickest rate during the anticipated time frame. The rise of the IT and telecom industries has contributed to the economic and technological advancement of nations like China, Japan, and India. The market in the Asia Pacific is anticipated to grow as a result of all these factors. The expansion of the IT and telecom sectors has helped countries like China, Japan, & India progress economically and technologically. The Asia Pacific market is thought to benefit from all of these factors. Over the last few years, a surge has been observed in deployment activities due to growing adoption of cloud services and rising need for network security appliances in a variety of industries, including banking, healthcare, and life sciences.
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