New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Network Security Appliance Market” published by Consegic Business Intelligence, the market was worth USD 11.59 Billion in 2022 and is anticipated to reach over USD 25.27 Billion by the year 2030, growing at a CAGR of 10.3%.
A network security appliance is referred to a hardware device manufactured to offer advanced protection and security to computer networks against various threats and vulnerabilities. Additionally, the appliance operates as an intermediary between the internal network and external sources, analyzing, filtering, and managing data traffic in real-time. The purpose of network security appliances is to safeguard the network infrastructure from unauthorized access and potential data breaches, ensuring the overall integrity, confidentiality, and availability of network resources.
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The increasing number of cyber threats is driving the growth of the network security appliance market to protect the sensitive information of various organizations and governments. Cybercriminals continuously devise new attack methods to breach network defenses and steal valuable data, particularly from large enterprises and government entities. Network security appliances offer a comprehensive approach to monitor and protect various access points, susceptible to cyberattacks, thus offering improved security and protection to organizations. Additionally, the presence of key players implementing various strategies through mergers and acquisitions to expand the market portfolio is also contributing to the market growth. For instance, in February 2022, Juniper Networks acquired WiteSand to expand the company’s Network Access Control (NAC) portfolio. The acquisition was made to utilize WiteSand’s cloud-based network security solutions to expand Juniper’s market portfolio, thus contributing notably in bolstering the growth of the market.
Moreover, the emergence of the Internet of Things (IoT) is expected to create significant opportunities for the growth of the network security appliance market. IoT involves the interconnection of various devices including smart home appliances, wearables, industrial sensors, and connected vehicles through the internet, generating massive amounts of data and are susceptible to cyber threats. The increasing number of connected devices expands the attack surface, driving the demand for network security appliances to protect the endpoints. However, the high manufacturing cost of network security appliances is restraining the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 25.27 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 10.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | TXOne Networks, Trend Micro Inc., Palo Alto Networks Inc., NortonLifeLock Inc., Juniper Networks Inc., Intel Corporation, Honeywell International Inc., Hewlett Packard Enterprise Company, Fortinet Inc., Cisco Systems Inc., Check Point Software Technologies, Jupiner Networks |
| By Type | Firewalls, Virtual Private Networking, Hyper-scale Network Security, Unified Threat Management, Network Management, and Others |
| By Deployment | Cloud and On-Premise |
| By Enterprise Size | Large Enterprise and Small-medium Enterprise |
| By End-User | Government, Healthcare, Manufacturing, BFSI, Power and Utilities, Oil and Gas, Media and Entertainment, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Network Security Appliance Market Growth Drivers:
- Rising number of cyber threats is driving the adoption of network security appliances to provide protection against vulnerabilities.
- Expanding telecommunication industry is driving the growth of the network security appliance market.
- Growing adoption of network security appliances in the financial sector to provide digital privacy and sealed security solutions for the efficient functioning of financial management systems is accelerating the market growth.
Restraints
- High manufacturing costs of network security appliances is restraining the market growth.
Opportunities
- Emergence of the Internet of Things (IoT) is expected to create significant opportunities for the growth of the network security appliance market.
Global Network Security Appliance Market Segmentation Details:
Based on Type, the firewalls segment contributed the largest shares to the market growth in 2022 as firewalls offer a wide range of features, including stateful packet inspection, URL filtering, antivirus and antimalware scanning, and deep packet inspection. The multi-layered approach allows organizations to defend against various types of threats, creating firewalls as an attractive all-in-one security solution. Additionally, firewalls offer more granular control over the DNS enquiring behavior and automatically detect accounts and resources that fail to comply with the organization’s set of security rules. Firewalls are responsible to configure, monitor, and maintain security policies across the network, thus contributing notably to the dominance of the segment.
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Based on Deployment, the cloud-based network security appliances segment accounted for the maximum revenue share in the year 2022 due to the ability of cloud-based solutions to offer improved scalability to quickly adjust to meet the changing demands of organizations. Additionally, traditional on-premises security appliances require substantial upfront investments in hardware, maintenance, and ongoing updates. Cloud-based solutions shift the capital expense to an operational expense model, allowing organizations to pay for only the used resources. Moreover, cloud-based security appliances receive real-time updates and threat intelligence from the service provider, thus offering protection against emerging threats. Consequently, the above-mentioned benefits offered by cloud-based network security appliances are contributing notably in bolstering the market growth.
Based on Enterprise Size, the large enterprises segment accounted for the maximum revenue share in the year 2022 as large enterprises have higher bandwidth requirements compared to residential users and small businesses. The enterprises rely on fast and reliable internet connectivity to support the operations and involve data-intensive activities including cloud computing, video conferencing, large-scale file transfers, and remote access to corporate networks. The vast network of large enterprises is subjected to cyberattacks, thus necessitating the need for advanced security appliances to provide improved protection. Network security appliances are crucial in providing the necessary defenses against cyberattacks, namely Distributed Denial of Service (DDoS) attacks, ransomware, malware, and phishing attempts. Consequently, the aforementioned reasons are contributing significantly in propelling the growth of the network security appliance market.
Based on End-User, the BFSI segment accounted for the maximum revenue share in the year 2022 owing to the increasing number of cyberattacks on financial institutions including banks. Additionally, the growing need to provide digital privacy and sealed security solutions to financial institutions for the efficient functioning of financial management systems is further contributing to market growth. Network security appliances function by filtering and inspecting incoming and outgoing network traffic, preventing unauthorized access to the network, and protecting against various cyber threats, including malware, DDoS attacks, and intrusion attempts. Subsequently, the increasing need for advanced security solutions in financial institutions is driving the growth of the network security appliance market.
Based on region, North America accounted for the largest revenue share in the year 2022 as the region, particularly the United States, is at the forefront of technological innovation, especially in the field of cybersecurity. Additionally, many renowned tech companies and startups in the region are focusing on developing cutting-edge network security appliances, leveraging the latest advancements in technology. Moreover, the rising number of cybercrimes in the region is also contributing notably to increase the adoption of network security appliances, which in turn is promoting market growth
Key Market Highlights
- Globally, the network security appliance market is divided based on the type into firewalls, virtual private networking, hyper-scale network security, unified threat management, network management, and others.
- In the context of deployment, the market is segregated into cloud and on-premise.
- In the context of the enterprise size, the market is separated into large enterprise and small-medium enterprise.
- In the context of the end-user, the market is classified into government, healthcare, manufacturing, BFSI, power and utilities, oil and gas, media and entertainment, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in network security appliances..
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List of Major Global Network Security Appliance Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- TXOne Networks
- Trend Micro Inc
- Palo Alto Networks Inc.
- NortonLifeLock Inc.
- Juniper Networks Inc.
- Intel Corporation
- Honeywell International Inc.
- Hewlett Packard Enterprise Company
- Fortinet Inc.
- Cisco Systems Inc.
- Check Point Software Technologies
- Jupiner Networks
Global Network security appliance Market Segmentation:
- By Type
- Firewalls
- Virtual Private Networking
- Hyper-scale Network Security
- Unified Threat Management
- Network Management
- Others
- By Deployment
- Cloud
- On-Premise
- By Enterprise Size
- Large Enterprise
- Small-medium Enterprise
- By End-User
- Government
- Healthcare
- Manufacturing
- BFSI
- Power and Utilities
- Oil and Gas
- Media and Entertainment
- Others
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Key Questions Covered in the Network Security Appliance Market Report
- What is a network security appliance?
- A network security appliance is a hardware device designed to enhance the security and protection of computer networks against various threats and vulnerabilities. The appliance operates as a specialized gateway or intermediary between the internal network and external sources, monitoring, filtering, and managing data traffic in real-time.
- What specific segmentation details are covered in the network security appliance market report, and how is the dominating segment impacting the market growth?
- Firewalls dominate the market in 2022 as firewalls offer a wide range of features, including stateful packet inspection, URL filtering, antivirus and antimalware scanning, and deep packet inspection. The multi-layered approach allows organizations to defend against various types of threats, creating firewalls as an attractive all-in-one security solution.
- What specific segmentation details are covered in the network security appliance market report, and how is the fastest segment anticipated to impact the market growth?
- Healthcare is projected to register as the fastest segment as the sector handles patient’s sensitive information including health history and records of financial statements, which raises the frequency of cyber-attacks. Network security appliances monitor network traffic for suspicious activities and patterns that indicate an intrusion attempt.
- Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the expanding IT industry, creating a favorable environment for the adoption of network security appliances.
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