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Organizations face increasingly sophisticated cyber threats and are turning to network security solutions to protect their data and systems. According to a new report released by Dell’Oro Group, the global market for network security is forecast to exceed $150 billion in the next five years.
The study showed that while the total market would generate $151.6 billion by 2026, at a compound annual growth rate (CAGR) of 8% from 2021 to 2026, hardware sales will make up $78.4 billion, which is a CAGR of 7% in the same period. Software and services will constitute the rest and grow slightly faster, 10% and 9% respectively.
This rapid growth is driven by several factors, including the continued adoption of cloud-based services, the need to secure IoT devices and applications, and the increasing frequency and severity of cyber attacks.
“Compared with our previous forecast in January 2022, the world is a different place with stubbornly high inflation and a regional war in Europe, and as a result, we incrementally lowered our near-term network security revenue projections,” said Mauricio Sanchez, Research Director, Network Security, and SASE & SD-WAN at Dell’Oro Group.
“However, we see the near-term softness to be transitory and offset by stronger growth in later years as enterprises remain focused on securing the shift to being cloud-first and mobile-friendly,” Sanchez added.
The Dell’Oro Group is a research firm specializing in information and analysis on the telecommunications and networking industries. It is considered the most trusted source for telecom and network market information. Many leading companies in the industry use their reports and have a long track record of accuracy and insights.
The report highlighted the continuing relevance of different services, which include email security, firewall, security service edge (SSE), secure web gateway (SWG), and web application firewall (WAF) technologies. Moreover, the increased reliance on cloud systems and hybrid setups assured steady growth over the years.
Businesses invest in network security solutions and seek vendors that can provide comprehensive protection across various platforms and devices. Dell’Oro Group’s report includes detailed market forecasts for firewalls, intrusion detection and prevention, secure web gateway, and sandboxing solutions.
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