Network Security Software Market Set for Rapid Expansion, Expected to Reach $43.94 Billion by 2028
Network Security Software Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- Network security software is a crucial program designed to protect networks from unauthorized access, use, disclosure, disruption, modification, or destruction, safeguarding sensitive data, devices, and applications within a network.
Market Size and Growth Drivers
The network security software market size is projected to grow from $24.21 billion in 2023 to $27.33 billion in 2024, at a compound annual growth rate (CAGR) of 12.9%. The growth is driven by increasing cyber threats, compliance and data privacy concerns, rise in remote work practices, digital transformation initiatives, high-profile data breaches, and the need for continuous monitoring.
The market is expected to see rapid growth, reaching $43.94 billion by 2028, at a CAGR of 12.6%. This growth can be attributed to increased focus on cloud security, regulatory changes and cybersecurity standards, expanded remote work scenarios, growing sophistication of cyber threats, and focus on user and entity behavior analytics (UEBA).
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Impact of Cyber Attacks on Market Growth
The increasing number of cyber attack is expected to propel the growth of the network security software market. Network security software acts as a barrier between the internal network and the external world, only allowing authorized traffic to pass through, thus protecting information systems, networks, and computer infrastructure from potential dangers and risks. For instance, in November 2022, the Australian Cyber Security Centre reported receiving 76,000 cybercrime reports in 2021-2022, an increase of nearly 13% from the previous financial year.
Major Players and Market Trends
Key players in the network security software market include AT&T Inc., IBM, Cisco Systems Inc., Broadcom Inc., Palo Alto Networks Inc., and others. These companies are developing AI network security software to gain a competitive edge in the market. AI Network Security software leverages Artificial Intelligence (AI) and Machine Learning (ML) techniques to automate and enhance various aspects of network security.
For example, Vehere launched NDR 1.4.1, an AI-powered network security software that combines Network Detection & Response (NDR) and Network Forensics capabilities. It utilizes AI and machine learning to analyze network traffic and user behavior for advanced threat detection, including malware, data breaches, and insider threats.
Market Segments and Geographical Insights
The network security software market is segmented by type (Firewalls, Antivirus And Anti-Malware Software, Virtual Private Network(VPN), Wireless Security, Other Types), deployment (On-Premises, Cloud), organization size (Small Enterprises, Medium-Sized Enterprises (SMEs), Large Enterprises), and vertical (Aerospace And Defense, Government, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunication, Healthcare, Retail, Manufacturing, Energy And Utilities, Other Verticals).
North America led the network security software market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Network Security Software Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Network Security Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on network security software market size, network security software market drivers and trends, network security software market major players, competitors' revenues, market positioning, and market growth across geographies. The network security software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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