COVID-19 Impact and Recovery Analysis- Global Network Security Market 2020-2024 | Growing Adoption of M2M Communication to Boost Market Growth | Technavio
The network security market is expected to grow by USD 5.64 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Network Security Market 2020-2024 (Graphic: Business Wire)
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Market estimates include pre- and post-COVID-19 impact on the network security market -
The growing adoption of M2M communication in enterprises is one of the major factors driving network security market growth. M2M communication is increasingly being used to manage and monitor the physical assets of an organization. M2M communication uses various technologies like sensors, a global positioning system (GPS), radio-frequency identification (RFID), and bar codes. With the growth in M2M adoption, maintaining security becomes essential to ensure the confidentiality of data. Therefore, the increase in M2M adoption will stimulate the demand for network security during the forecast period.
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The global outbreak of COVID-19 is posing significant challenges to the world economy and business landscape. However, the outbreak is expected to have a positive impact on the growth of the network security market. This can be attributed to the growing emphasis on remote working and e-learning, which is driving the use of Internet, thereby stimulating the need for network security. Thus, the extension of containment efforts will further drive the growth of network security market during the forecast period.
As per Technavio, the increased adoption of BYOD concept will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Network Security Market: Increased Adoption of BYOD Concept
The adoption of BYOD is an emerging trend in this market space. Enterprise mobility has gained ground in the corporate world in response to employees' preferences to use their smartphones, tablets, and portable computers at work. However, BYOD demands specific network security solutions and IT service delivery frameworks to guarantee electronically secure and productive work environments. Vendors are hence, providing network security solutions to provide an environment where the employees can use their own devices through robust internet and connectivity infrastructure. Thus, the increased adoption of the BYOD concept can be expected to boost the growth of the network security market.
"Factors such as the increasing demand for cloud-based solutions, and the increasing number of companies emphasizing on building strategic partnerships will have a significant impact on the growth of the network security market value during the forecast period," says a senior analyst at Technavio.
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Network Security Market: Segmentation Analysis
This market research report segments the network security market by type (hardware and software) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the network security market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the strong presence of IT, healthcare, BFSI, retail, and education industries in the US, and the increased prevalence of insider fraud, data breaches, and hacking.
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