The global network security market is anticipated to witness notable growth in the years to come due to advent of internet and expansion of network infrastructure. Increasing use of mobile devices and need to implement network security can drive the market. In addition, rising demand for security solutions based on Software as a Service (SaaS) is expected to bode well for the market. Growing need for regulatory compliance is anticipated to boost the demand for these services. For instance, Plurilock Security Solutions ("Plurilock"), a provider of behavioral-biometric cybersecurity tools, introduced a new SaaS version of its cybersecurity suite. The company added a dedicated product for user behavior analytics (UBA) use cases. The new UBA is compatible with its present endpoint detection and response (EDR) technology. Whereas, the SaaS-based solutions can bring capabilities from its on-premise BioTracker product into the cloud. The company will use these solutions to protect organizations, such as finance and government, which are facing sophisticated threats.
Enterprises are increasingly adopting advanced network security solutions due to rising data opening and development of financially targeted cyber-attacks. In addition, growing need for improved productivity is boosting the implementation of bring your own devices (BYOD) program. Growing trend of BYOD has also increased the use of various mobile devices, such as tablets, laptops, and smartphones. These devices are at high risk of data theft and phishing, which has augmented the need for IT service delivery frameworks and network security tools and solutions to create a secured work environment. For instance, Symantec Endpoint Protection Cloud combines device management and threat protection for PC, servers, mobile devices, and Mac. It provides protection against zero-day threats, ransomware, and other attacks with the help of advanced multi-layered technologies, including machine learning, emulation, and behavior analysis. Its built-in device management enables data protection, device security on the endpoint, and network access policy control.
Increasing popularity of machine-to-machine (M2M) in enterprises is also expected to create growth opportunities for the market. It closely controls and monitors business processes and assists in real-time decision making. Need for maintaining security in order to ensure data confidentiality is expected to boost market growth in the coming years. Various advanced technologies such as bar codes, radio-frequency identification (RFID), sensors, and global positioning system (GPS) are extensively used in M2M communication. For instance, RFID is employed in the retail industry for tracking goods in supply chain. Additionally, implementation of this technology helps to improve the efficiency of the enterprise, along with ensuring better management and maintenance of the inventory of an organization.
Implementation of hardware network security solutions for computer and network security has witnessed an impressive growth in recent years. However, increased investment in SaaS and cloud-based software, and reduced preference for hardware platforms among end users are likely to decrease the adoption rate of hardware solutions.
North America is leading the market owing to high implementation of network solutions among organizations, which could be attributed to rising incidence of financially targeted cyber-attacks. Presence of numerous financial institutions and large companies, and established infrastructure is likely to positively influence market growth in the region. Moreover, high adoption of technologies, strict regulatory policies, and increasing financially targeted cyber-attacks have increased the need for better network security solutions in the region. The market in Asia Pacific is anticipated to expand swiftly in the years to come. Immense opportunities across numerous industry verticals in emerging economies, such as India and China, are likely to boost market growth in the region. These countries comprise a large number of small and medium-sized companies, which are gradually digitizing their business. Increasing adoption of cloud-based services in the region is expected to support market growth.
Some of the leading companies operating in the network security market are Fortinet Inc.; Juniper Networks Inc.; Cisco Systems Inc.; Check Point Software Technologies Ltd.; and Computer Associates.
For instance, Thycotic announced that it has entered into an OEM agreement with IBM Security. IBM Security will now provide Security Secret Server and privileged access management solution based on Thycotic's technology. The Secret Server is developed to provide security, accountability, and transparency in the organization to protect the users’ accounts since over 80 percent of cybersecurity breaches includes compromised user credentials and passwords.
Research Support Specialist, USA