Network security appliances are cybersecurity solutions that is influencing several sectors as the threats of cyber security is looming large across the globe. The global network security appliances market was valued at USD 8.45 billion in 2018 which can take a leap and reach USD 13.97 billion by the end of 2023 with a CAGR of 10.6% during the forecast period (2018-2023). Market Research Future (MRFR) in their latest report on the said market mentioned several possibilities that could impact the growth in the coming years and also charted a probable route that could ensure hike in the market revenues.
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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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North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions that are considered by MRFR while analyzing the global network security appliance market on a region-specific scale.
North America is in charge of the global market. The region is enjoying much privilege due to the integration of the latest technologies across myriad sectors. Clusters of sectors are also very dense with industries owing to which the growth is expected to be substantial.
The APAC market is expected to grow with the fastest CAGR during the forecast period. The region is expecting substantial boost due to high integration of IT & telecom sector. In countries such as India, China, and Japan the growth is well-structured. Both in terms of financial margins and technological advancements, the region has emerged as an alluring opportunity for global behemoths.
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