Network Security Appliance Market: Competitive Dynamics & Global Outlook 2023 – QY Research
Network Security Appliance Market – HighlightsThe global network security appliance market is expected to catapult to USD 13.97 Bn by the end of 2023 from USD 8.45 Bn in 2018, at an impressive CAGR of 10.6% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a detailed study.
Network security appliances are designed to provide users with a one-stop solution to all their security needs and comprise analytics, visibility, and management software. Network security appliance offers advantages such as affordability, scalability, and flexibility which remains among major growth drivers. The growth of the global network security applications market stems from the emerging technologies and the growing risk of security breaches. Cyber-attacks are increasing at an alarming rate which augments the need to protect the network infrastructure of an enterprise. This generates a huge demand for network security appliances market.
The global network security appliance market has been expanding in view of growing security concerns among SMEs as well as large enterprises. The growing complexity of enterprise network further aggravates the need for the network security appliance. Network security appliance enables management of security appliances through a central management system. Additionally, firewalls have become ineffective against advanced hacking techniques which makes network security appliance mandatory for addressing security challenges. Network security appliances has been one of the most demanding cybersecurity solutions among enterprises from almost all industry verticals. Increased cyberattacks on network infrastructure of have triggered a great demand for network security appliances, which can efficiently provide protection to the enterprises’ network and do not degrade the systems’ performance
Product innovation in the network security space has been able to attract customer interest in network security products which has further spurred the growth of the global network security appliances market.
Other factors contributing to the growth of the global network security appliances market include the adoption of cloud platforms, the growing trend of BYOD, and raising awareness about sophisticated threats such as APTs, precision targeted Malware, botnets, etc., and increase in overall IT budgets across the globe.
On the contrary, a higher adoption rate of software version of cyber security solutions is likely to impede the growth of the global network security appliances market.
Network Security Appliance Market – Competitive Landscape
The notable players in the global network security appliance market include Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Juniper Networks, Inc., Forcepoint LLC, Barracuda Networks, Inc., Fortinet, Inc., Cisco Systems, Inc., Symantec Corporation, and Sophos Ltd.
Network Security Appliance Market – Industry Updates
In January 2019, Check Point introduced Check Point Maestro, a truly hyper-scale network security solution.
In December 2018, IBASE Technology, a manufacturer of industrial computers which specializes in OEM/ODM services, introduced a new network security appliance, FWA8600 1U rackmount. The new network security appliance comes with a network interface card and would enable levels of performance in enterprise network security.
Network Security Appliance Market – Segmentation
The global network security appliance market has been segmented based on components and industry verticals.
By component, the global network security appliance market has been segmented into product; visibility, analytics, and management software; and services. The products segment has been further segmented into intrusion detection system (IDS) and intrusion prevention system (IPS), distributed denial of service (DDoS) protection, sandboxing, next-generation firewalls (NGFWs) and unified threat management (UTM), firewalls, and web security. The services segment has been further segmented into professional and managed services. The professional services sub-segment has been further segmented into consulting services, system integration services, support and maintenance services, and training and education services.
By industry vertical, the global network security appliance market has been segmented into healthcare, retail, energy and utilities, manufacturing, BFSI, government and defense, IT and telecom, and others.
Network Security Appliance Market – Regional Analysis
By region, the global network security appliance market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
North America is the largest market for network security appliance. North America is a frontrunner in terms of infrastructure, technology, and adoption of cybersecurity solutions. Moreover, the presence of esteemed market players in the region, especially in the US acts as a plus for the growth of the market. Brisk adoption of new network security solutions such as NGFW, and DDoS protection is another factor driving the growth of the market. The US is the key contributor to the North America market.
APAC is expected to be the fastest growing market over the forecast period. The rapid expansion of the IT & telecom sector drives the network security appliance market in APAC. China, Japan, and India are the key markets in APAC. Meanwhile, budget constraints restrict enterprises to spend sufficiently on cybersecurity solutions which is likely to limit the growth of the APAC market over the forecast period.
