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.
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Drivers and Restraints
A number of influential factors including growing cybercrime activities, increasing bring-your’s-own-device implementation, augmented demand for cloud-based solutions, and severe government regulations, influence the global security appliances market size. With the advancement in technology, the range and capabilities of the network appliances are being improved. This factor is among the prime reasons to improve the global adoption of network appliances. Henceforth, an increase in adoption drives the growth in revenue and enables the market players to create innovations in the global network appliance market share. All these factors collectively create growth prospects for security appliances market growth, while some of them account for limitations in the market. These factor are likely to have a definite impact on the security appliances market share. The demand for network security appliances has been further augmented with advancements in IoT, global implementation of cloud services, and growing BYOD trends across the globe. Moreover, the need to meet compliance necessities and ensure security and privacy of data has further contributed to the overall growth of the market. The increasing complexity of business networks will support the continual growth of the network security appliances market in the upcoming years. On the other hand, intricacy in installation and security challenges are the major factors impeding the growth of the global network appliance market.
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.
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.
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.