The global network security software and mitigation market size is expected to grow from USD 13.5 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% 2019 to 2024. The major factors driving the growth of the network security software market include the rising concerns among enterprises about network security and data privacy, and rising awareness among enterprises about the changing threat landscape, and growing need for adherence to data protection laws. Owing to the advent of digitalization, prevalence of migration of data and applications to cloud, and the instances of cyberattacks have increased considerably in the recent times.
Major network security software vendors include Cisco Systems (US), SolarWinds (US), IBM (US), Trend Micro (Japan), FireMon (US), Symantec (US), FireEye (US), GFI Software (Malta), Avast Software (US), WatchGuard (US), Bitdefender (US), Webroot (US), AT&T (US), Qualys (US), and Juniper Networks (US). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global network security software market. Partnerships, acquisitions, business expansions, and new product launches have been the most widely adopted strategies from 2017 to 2019, which has helped major players innovate their offerings and broaden their customer base.
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Cisco (US) is one of the leading vendors which provides networking products and solutions across the globe. The company has adopted product launches as one of its strategy to provide network security software solutions and services. In June 2019, Cisco launched the Artificial Intelligence (AI) Network Analytics which will enable Information Technology (IT) teams to function at machine speed and scale through personalized network insights. Cisco has also unveiled innovations to effectively manage users and applications across the entire enterprise network— from campus networks and Wide Area Networks (WANs) to data centers and the Internet of Things (IoT) edge. Similary in January 2019, Cisco launched its new IoT networking platforms Catalyst Industrial Switches, and Industrial Integrated Service Routers, which power the company’s intent-based networking across branches, campuses, and the enterprises’ WAN environments. The company’s Research and Development (R&D) center designs and develops new technologies and solutions to meet the changing technology needs of customers. In 2018, Cisco spent approximately USD 6.3 billion on R&D activities to support and enhance its competitive position in the market.
Symantec (US) has been offering network security software solutions to a diverse set of clients present across industry verticals. Moreover, the company offers support facilities across the globe; these are controlled by technical product experts who have the necessary technical knowledge and experience to assist customers in resolving issues related to data breaches and cyberattacks. The competitive advantage of Symantec lies in its huge database of threat indicators, which provide better data protection. The company’s go-to-market strategy is to use its direct and indirect sales channels with the help of its global partner alliance. The company gives utmost importance to customer satisfaction. In 2018, it spent approximately 20% of its revenue for developing innovative solutions to enhance its technical leadership. Moreover, the increased investments in R&D would help the company in launching new and enhanced products. The company has adopted partnerships as one of its strategies. In liu with the same, Symantec, in December 2018 partnered with Fortinet, a leading provider of integrated and automated cybersecurity solutions to provide customers with the most comprehensive and robust security solutions. The partnership would provide the essential security controls across endpoints, networks, and cloud environments that are critical to enforce the Zero Trust security framework.
Network Security Software Market by Component (Solutions (Firewall, Antivirus/Antimalware, and SWG) and Services (Professional Services and Managed Services)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024
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