Network Security Appliance Market
As businesses begin to reposition after Coronavirus lockdowns, Market Research Future has come up with the latest report on the global network security appliance market 2020. It reveals that that market could witness much bigger stability from the years 2018–2023. In these years, the market’s potentiality might rise at a rate of 10.6%, with a market value of 13.97 billion by 2023. It could be the great achievement of the market to see the future amidst COVID 19 pandemic across the world.
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Top Impacting Factors
MRFR identifies that rising cyber-attacks and cybercrimes, mounting vulnerabilities in SS7 are the substantial drivers that help in swelling the growth of the network security appliance market. The study also focuses on the fact that certain factors such as heightening cyber-crime, implementation of bring-your-own-device, and adoption of advance in technology will add new opportunities for this market in the coming years.
Other factors, such as surged demand for cloud-based solutions and stringent government regulations, have also collectively created opportunities for network security appliance market maturity. However, every factor would have a definite impact on the security appliances market share in the future, especially post COVID-19 outbreak.
In fact, cloud computing is also being widely implemented owing to its powerful and flexible infrastructure possibility. Several organizations are moving to the cloud to streamline the storage of data, as cloud provides remote server access on the Internet, which by advance, facilitates access to infinite computing power. Besides, the adoption of the cloud enables organizations to combine supplementary infrastructure technologies such as software-defined perimeters to create robust and highly secure platforms, thus bolstering the market to a great extent.
Despite these factors, factors such as complex structure and deficiency of preventive firewall maintenance may act as a restraining factor for the Network security appliances market during the forecast period.
Segmentation of Market
The global network security appliance market has been further segmented among components, industry, and verticals.
In terms of component segment, the market has included visibility, product, analytics, and management software and services. The products segment is the unified threat management (UTM), next-generation firewalls (NGFWs), intrusion detection system (IDS), firewalls, and intrusion prevention system (IPS), sandboxing, distributed denial of service (DDoS) protection, and web security. The services segment is further bifurcated among professional and managed services.
In terms of industry vertical segment, the market has included government and defense, BFSI, healthcare, IT and telecom, energy and utilities, retail, manufacturing, and others.
The geographical breakdown of the global network security appliance market is studied for the main regions of Europe, North America, Asia-Pacific, and the rest of the world.
The market in the North America region is anticipated to be the most significant contributor in the network security appliance market in the assessment period. North America region is the most advanced region in terms of infrastructure, technology, and cybersecurity solutions adoption. The incidence of significant vendors and faster adoption of new network security solutions such as NGFW and DDoS protection motivates the network security appliance market in the North America region. The US is anticipated to be the leading country in the network security appliance market in North America during the assessment period.
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The market in the Asia-Pacific region is likely to expand at the fastest rate during the assessment period. IT & telecom sector motivates the network security appliance market in the Asia-Pacific region. Asia-pacific is a financially and technologically developed region with countries such as China, Japan, and India. These countries are anticipated to lead the network security appliance market in the Asia-Pacific region. Budget constraints in the businesses to spend sufficiently on cybersecurity solutions might hinder the growth of the Asia-Pacific region.
The well-known players in network security appliance market are listed as Palo Alto Networks, Inc., Cisco Systems, Inc., Check Point Software Technologies Ltd., Fortinet, Inc., Sophos Ltd., Symantec Corporation, Forcepoint LLC, Juniper Networks, Inc., and Barracuda Networks, Inc.