CHICAGO, Aug. 7, 2019 /PRNewswire/ -- According to a new market research report "Network Security Software Market by Component (Solutions (Firewall, Antivirus/Antimalware, and SWG) and Services (Professional Services and Managed Services)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Network Security Software Market is expected to grow from USD 13.5 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
The market is gaining traction, owing to the rise in malware attacks impacting the enterprise network infrastructure. The major forces driving the Network Security Software Market are the increasing network security and privacy concerns, stringent regulations and the need for compliance to drive the growth of the market. The high demand network security software solutions among government sector is expected to drive the market over the next 5 years.
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Services segment to play a key role in the market
The services segment is expected to play a vital role in changing the Network Security Software Market landscape and grow at the highest CAGR during the forecast period. Network security software services help consult, design and implement, train and educate, and support organizations across various verticals, to effectively deal with network threats and thereby, ensure security across the enterprise networks. Security is a crucial aspect for executing business functions successfully, and hence, packet filtering is gaining traction in the security space. For this, various professional and managed services are available and are used according to the specific need of the enterprise. The vendors offering these services are keeping a check on the upcoming threats and are offering competent services to deal effectively with detection and resolution of threats. The rising demand for seamless experience and personalized services to contribute to the market.
Small and Medium-sized Enterprises segment to grow at the fastest rate during the forecast period
The market is segmented by organization size into large enterprises and SMEs. In the Network Security Software Market SMEs are expected to be the fastest-growing segment, as these enterprises have become the key targets for cyber terrorists or hacktivist. The market size of the SMEs and large enterprises segments has a significant impact on the overall market. SMEs are swiftly advancing toward cloud-based network security software to achieve better operational productivity, considering the lower operational costs associated with their deployment. As the number of SMEs is increasing, it is expected that the adoption of network security software solutions and services would also increase. One of the main reasons that is expected to fuel the growth of the Network Security Software Market among the SMEs segment is the cost-saving benefit.
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Asia Pacific to grow at the highest CAGR during the forecast period
The market APAC is expected to grow at the highest CAGR between 2019 and 2024. The primary forces driving the growth of this region is the increase in technology adoption, huge opportunities across government vertical and increase in the number of startups in the APAC countries, especially India. In recent years, APAC has undergone tremendous economic growth, political transformations, and social changes. The region has a large number of established SMEs, which are growing at an exponential rate to cater to their large customer base. Due to the increasing sophistication levels of threats, countries such as China, India, and Japan have all updated or introduced new national cybersecurity policies.
The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors in the Network Security Software Market are Cisco Systems (US), SolarWinds (US), IBM (US), Trend Micro (Japan), FireMon(US), Symantec, (US), FireEye(US), GFI Software (Malta), Avast Software (US), WatchGuard (US), Bitdefender (US), Webroot (US), AT&T (US), Qualys (US), and Juniper Networks (US).
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