Global Network Access Control Market to Reach US$ 15.59 Billion by end of 2027, Says Coherent Market Insights
According to Coherent Market Insights, the global network access control market was valued at US$ 8.32 Bn in 2019 and is expected to reach US$ 15.59 Bn by 2027 at a CAGR of 8.2% between 2020 and 2027.
Key trends and analysis:
The global network access control market is expected to witness significant growth during the forecast period owing to the increasing adoption of Bring Your Own Devices (BYOD) trend. Due to the adoption of Bring Your Own Devices (BYOD), several companies are able to reduce their spending on IT infrastructure.
However, BYOD increases risk of security breach in the company's security infrastructure. According to Coherent Market Insights analysis, the global Bring Your Own Devices (BYOD) market is expected to reach US$ 72.40 Billion by 2022 from 38.20 Billion in 2019 with CAGR of 16.4% (2019-2022). Thus, increasing adoption of BYOD in organizations is expected to drive the global network access control market growth during the forecast period.
To minimize the spread of coronavirus, enterprises have started providing work from home option to employees. Remote working brings new threats and requires security arrangements. Thus, network access control has come to the forefront of security solutions to address the security challenge. To secure end user devices companies are upgrading their existing on-premise network access control solution to cloud network access control solution.
Moreover, the adoption of internet of things (IoT) devices is increasing in the healthcare sector, which is expected to create lucrative growth opportunities for key players operating in the global network access control market during the forecast period. Adoption of devices such as smart continuous glucose monitoring devices, connected inhalers, fitness bands, blood pressure and heart rate monitoring cuffs, and others is expected to increase in the forecast period. According to the Coherent Market Insights analysis, the global IoT in healthcare market is expected to register a CAGR of 26.3% duing the forecast period 2020-27.
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Key Market Takeaways:
The global network access control market is projected to witness CAGR of 8.2 % during the forecast period owing to increased adoption of BYOD and IoT devices.
North America held the dominant position in the global network access control market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to collaboration of network access control companies with other technology companies. For instance, in August 2019, Forescout Technologies, Inc. collaborated with VMware, Inc., a U.S. based software development company. Through this collaboration, both companies are aiming to develop IoT lifecycle & security management solutions.
Among end-use industry, the banking and financial services segment held dominant position in the market in 2019 and is expected to retain its dominance throughout the forecast period owing to adoption of network access control solutions in the banking sector. For instance, in November 2019, Bank of India, an Indian commercial bank, implemented the network access control solution in all its branches.
Major players operating in the global network access control market are Auconet, Inc., Avaya, Inc., Bradford Networks (News - Alert), Cisco Systems, Inc., Extreme Networks, Inc., Forescout Technologies, Inc., Hewlett Packard Enterprise Development LP, Impulse Point, Key Innovator, Portnox, and Pulse (News - Alert) Secure, LLC.
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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