Allied Market Research recently published a report about Network Security Market 2020–2027. As per the report, the global network security industry was pegged at $18.48 billion in 2019 and is estimated to reach $63.39 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027.
Rise in healthcare sector’s demand for network security
The rise in cyber-attacks during the Covid-19 pandemic and growth in digitalization trends across the globe are expected to open lucrative opportunities for the market players in the future.
In terms of the impact of Covid-19 on the network security market, the majority of companies adopted work from home culture, which has increased the risk of cyber threats and cybercrime during the lockdown. This increased the demand for network security. Secondly, During the pandemic, more and more companies have been investing in cybersecurity and network security to offer remote workforce support.
The healthcare sector’s demand for network security has increased due to the Covid-19 pandemic as the network traffic from hospitals increased exponentially.
By region, the market across North America has the largest share in 2019, accounting for nearly two-fifths of the market, due to an increase in the number of cyberattacks in the U.S. and a rapid increase in the number of connected devices in the region. Cisco Systems, Solarwinds, IBM, Trend Micro, FireMon, Symantec, FireEye, GFI Software, Avast Software, Juniper Networks are the major market players in the network security market.