Global Network Security Appliance Market - Overview
Market Research Future (MRFR), in its recently published research report, asserts that the global Network Security Appliance Market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation from USD 8.45 billion in 2018 to USD 13.97 billion by 2023, and a healthy 10.6% CAGR in the forecast period.
Multiple Factors to Augment Market Growth
The necessity to secure an enterprise's network infrastructure from all of these threatened and advanced hackers is one of the key causes driving the growth of network security appliances. Furthermore, the faster performance of network security solutions is required. Other causes include acceptance in practically all industry verticals, as all organizations require network layers in their most critical form. Network security appliances must be deployed in IT systems where fraudsters typically perform a tax.
Moreover, the rising business worldwide, which is becoming smaller with digital networks, is one of the prospects that has boosted the network security appliance industry. The upcoming cyber risks have become a matter of concern, necessitating an in-depth study in order to raise user awareness. Furthermore, the pandemic proved to boost market growth through work-from-home opportunities. As work from home became the only option, network security became critical. This is how opportunities grow, and the market expands.
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Competitive Analysis
The major market players operating in the global network security appliance market as identified by MRFR are Palo Alto Networks, Inc., Cisco Systems, Inc., Fortinet, Inc., Symantec Corporation, Check Point Software Technologies Ltd., Sophos Ltd., Forcepoint LLC, Juniper Networks, Inc., and Barracuda Networks, Inc.
Segmental Analysis
The global network security appliance market is segmented into industry verticals, components, and regions.
Based on the component, the market is divided into the product, visibility, analytics, and management software; and services. The products covered in the study are firewalls, next-generation firewalls (NGFWs) and unified threat management (UTM), intrusion detection system (IDS) and intrusion prevention system (IPS), sandboxing, distributed denial of service (DDoS) protection, and web security. The services segment is further bifurcated into professional and managed services. The professional services covered in the study are consulting services, support and maintenance services, system integration services, and training and education services.
Based on the industry vertical, the market is segmented into government and defense, BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, and others.
Regional Analysis
The geographical analysis of the global network security applicance market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
North America is poised to be the leading market in the network security appliance market during the forecast period. North America region is considered the most developed region in terms of technology, infrastructure, and adoption of the cybersecurity solutions. The presence of major vendors and faster adoption of new network security solutions such as NGFW and DDoS protection fuels the network security appliance market in the North America region. The US is projected to be the leading country in the network security appliance market in the North America region over the assessment period.
Asia-Pacific is expected to grow at the fastest rate through the review period. IT & telecom sector drives the network security appliance market in the Asia-Pacific region. Asia-pacific is economically and technologically developed region and countries such as Japan, China, and India are anticipated to dominate the network security appliance market in the Asia-Pacific region. Budget restraints in the enterprises to spend sufficiently on cybersecurity solutions are projected to hinder the growth of the market in the Asia-Pacific region.
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