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.
Drivers and Restraints
A number of influential factors including growing cybercrime activities, increasing bring-your’s-own-device implementation, augmented demand for cloud-based solutions, and severe government regulations, influence the global security appliances market size. With the advancement in technology, the range and capabilities of the network appliances are being improved. This factor is among the prime reasons to improve the global adoption of network appliances. Henceforth, an increase in adoption drives the growth in revenue and enables the market players to create innovations in the global network appliance market share. All these factors collectively create growth prospects for security appliances market growth, while some of them account for limitations in the market. These factor are likely to have a definite impact on the security appliances market share. The demand for network security appliances has been further augmented with advancements in IoT, global implementation of cloud services, and growing BYOD trends across the globe. Moreover, the need to meet compliance necessities and ensure security and privacy of data has further contributed to the overall growth of the market. The increasing complexity of business networks will support the continual growth of the network security appliance market in the upcoming years. On the other hand, intricacy in installation and security challenges are the major factors impeding the growth of the global network appliance market.
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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.
Network Security Appliance Market – Segmentation
The global network security appliance market is segmented into industry verticals, components, and regions.
Based on the component, the market is divided into the product, visibility, analytics, and management software; and services. The products covered in the study are firewalls, next-generation firewalls (NGFWs) and unified threat management (UTM), intrusion detection system (IDS) and intrusion prevention system (IPS), sandboxing, distributed denial of service (DDoS) protection, and web security. The services segment is further bifurcated into professional and managed services. The professional services covered in the study are consulting services, support and maintenance services, system integration services, and training and education services.
Based on the industry vertical, the market is segmented into government and defense, BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, and others.
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