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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Factors that are expected to inspire the network security appliances market in the coming years are its ability to manage security system centrally, defense mechanism to counter threats bombarded by cyber criminals, analyzing data for better safety, cost-curing measures. However, the market can get a bit daunted by the advent of cloud technologies as the cost in cloud is far less than the network security appliances. This can restrain and bottleneck the growth of hardware versions as software versions are gaining much momentum. But, the bring your own device or BYOD system is getting privileges and IoT is receiving tailwinds due to which the network security appliances market can stay out of any long-time sluggishness.
Network Security Appliance Market – Key Players
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.
The global network security appliance market, as per the reports of MRFR, is segmented into components, and industry verticals. This attempt is further backed by ample data to substantiate claims made by MRFR.
Based on the component, the network security appliance market includes analytics, product, visibility, management software, and services. The products segment covers firewalls, next generation firewalls (NGFWs) & unified threat management (UTM), sandboxing, intrusion detection system (IDS) & intrusion prevention system (IPS), distributed denial of service (DDoS) protection, and web security. The services segment encompasses professional and managed services. The professional services segment incorporates support & maintenance services, system integraton services, consulting services, and training and education services.
Based on the industry vertical, the network security appliance market is segmented into energy & utilities, BFSI, government & defense, retail, IT & telecom, manufacturing, healthcare, and others. The BFSI segment is witnessing substantial growth due to the rapid increase in implementation of the system in the sector.
Several companies in the global network security appliance market are getting involved in the strategic moves to ensure better individual growth and holistic rise for the market. These companies, as listed by MRFR in their market report, are Palo Alto Networks, Inc., Cisco Systems, Inc., Check Point Software Technologies Ltd., Forcepoint LLC, Fortinet, Inc., Juniper Networks, Inc., Symantec Corporation, Sophos Ltd., and Barracuda Networks, Inc. These companies were profiled by MRFR for a better understanding of the market in the coming years.
In May 2019, Ixia and Symantec announced a collaboration to produce better hybrid network security solutions. The collaboration would witness the integration of Ixia’s CloudLens and Symantec’s forensic solutions. This is to support the burgeoning intake of cloud segment across the globe.
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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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