The usage of digital solutions, connected devices, and IT systems is rising due to global technological improvement. Many businesses use software to handle and keep sensitive data in the cloud.
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Wireless Network Security Market Size, Share & Industry Trends Analysis Report By Component, By Enterprise Size, By Deployment Type, By End-use, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06488134/?utm_source=GNW
The encryption segment acquired $3,029.4 million revenue in 2022 as the organizations employ encryption software to safeguard data transfers from one remote location and overcome the risk of cyber-attacks. The fundamental objective of encryption software is to improve data security from unauthorized users.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2022, Aruba, a Hewlett Packard Enterprise company formed a partnership with Siemens to support clients by providing customers with data networks that are highly dependable, secure, and insightful, ensuring high plant and network availability. Additionally, In February, 2023, Juniper Networks expanded its partnership with IBM to empower communications service providers (CSPs) in the delivery improved experience to mobile users through advanced automation.
Based on the Analysis presented in the KBV Cardinal matrix; Cisco Systems, Inc. and Broadcom, Inc. are the forerunners in the Market. In February, 2023, Cisco entered into collaboration with STC for accelerating the rollout of the newest wave of safe, nimble digital services. Companies such as Aruba Networks, Motorola Solutions, Inc., Fortinet, Inc. are some of the key innovators in the Market.
Market Growth Factors
IoT usage in smart homes is expanding
Customers who buy wireless security camera systems can use their smartphones and tablets to remotely access safety, security, video, audio, and alarm systems. The device also contains a wide-angle lens, night vision, and two-way audio. Several aspects of everyday life in the home, such as pet feeding and lighting control, are intended to be automated via the Internet of Things. Options are available for the camera’s hardware and software. The security camera will immediately identify any breach or intrusion within the home. There are numerous varieties of security cameras. The cameras’ in-built light sensors aid in both accident and intruder prevention. With this wide adoption of smart home appliances, risk of security arises which open growth prospects for the market.
Retail is anticipated to contribute significantly to market growth
In the past few years, the retail sector has expanded substantially due to the rapid globalization of the e-commerce sector. Therefore, to acquire a competitive edge, retailers are implementing IoT solutions to boost operational effectiveness and improve the consumer experience. The demand for wireless security is anticipated to rise during the expected time frame due to the growing use of IoT in the retail sector. Many European stores are installing small, programmable IoT-connected dashboards or buttons to collect client input and use the results to improve customer experiences. The market is projected to develop as more retailers adopt IoT technologies.
Market Restraining Factors
Low security budgets by businesses may impact the market
Almost all businesses struggle to deal with threats and lack real data security. Despite this, businesses continue to neglect network security solutions. Additionally, these solutions have a high initial setup cost and requires ongoing maintenance, which is predicted to delay its acceptance for a short while. Small & medium businesses can implement cost-effective security solutions depending on their requirements and company operations, despite the high cost of solutions and rising instances of assaults. Due to a lack of adequate IT security infrastructures caused by their lower financial capacity, these businesses slowly implement new technologies and enterprise security solutions. Small enterprises must properly manage budget funds set aside for various operational issues and business continuity planning, diverting attention away from adopting wireless network security solutions.
On the basis of component, the market is segmented into solution, and services. The services segment acquired a substantial revenue share in the market in 2022. The significant rise of the segment may be attributable to the increase in end-user companies’ desire for managed & professional services to deploy, upgrade, and maintain wireless network security systems at the lowest possible cost. Advanced investigating, advising, routine maintenance, cloud migration, network administration, and unified communications are some of the service’s primary strengths.
Under solution type, the market is further divided into encryption, firewall, identity & access management, Intrusion Prevention System (IPS)/Intrusion Detection System (IDS), united threat solutions, and others. The united threat solution segment covered a considerable revenue share in the market in 2022. United threat solution provides solutions to threats and is considered an improvement over the conventional firewall in a security product capable of carrying out many different security tasks, including content filtering, load balancing, network firewalling, data leak prevention, and network hacking prevention.
Enterprise Size Outlook
On the basis of enterprise size, the market is categorised into large enterprises, and small and medium-sized enterprises. In 2022, the large enterprise segment registered the highest revenue share in the market. The wireless network is a target for several cyberattacks, data breaches, and other harmful acts against large businesses. These businesses may suffer large financial losses because of data theft. In order to prevent this, the majority of large enterprises utilize wireless network security solutions to safeguard their sensitive data & control data transfer via a variety of devices, hence encouraging the segment’s expansion.
Deployment Type Outlook
Based on deployment type, the market is classified into cloud, and on-premises. The cloud segment garnered a significant revenue share in the market in 2022. Due to numerous benefits, including low maintenance costs, increased flexibility, centralized data protection, and rapid application development, cloud-based wireless network security solutions are expanding significantly. Eliminating extra software or hardware requirements for managing wireless network security solutions with cloud-based solutions creates a bright outlook for the segment’s growth.
By end-use, the market is segmented into BFSI, retail, IT & telecom, healthcare, manufacturing, government & defense, and others. The retail segment projected a prominent revenue share in the market in 2022. The enormous development of the global e-commerce business is impacting the retail sector. As a result, retailers use IoT solutions to boost operational effectiveness and customer satisfaction to gain a competitive advantage. During the forecast period, the retail sector will likely use the Internet of Things more frequently, which will likely lead to a boost in demand for wireless security.
Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating highest revenue share. The growing acceptance of the BYOD concept, increased security breaches, and the presence of experienced market players are driving factors in the North American market. Additionally, numerous end-user businesses from numerous industries, including BFSI, retail, and healthcare, are investing in cybersecurity to safeguard their corporate data from growing digital threats in this region, favourably impacting the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Check Point Software Technologies Ltd., Aruba Networks (Hewlett Packard Enterprise Company), Kaspersky Lab, Cisco Systems, Inc., Fortinet, Inc., Juniper Networks, Inc., Motorola Solutions, Inc., Sophos Group PLC (Thoma Bravo), Broadcom, Inc. (Symantec Corporation) and Trend Micro Inc.
Recent Strategies Deployed in Wireless Network Security Market
Partnerships, Collaboration and Agreements:
Jun-2023: Check Point Software Technologies Ltd. formed a partnership with TELUS, a Canadian multinational publicly traded holding company. With this partnership, the company aimed to combine its advanced technological capabilities with TELUS’ expertise in managed security services, to release TELUS Cloud Security Posture Management (CSPM) service in Canada.
Jun-2023: Check Point Software Technologies Ltd. joined hands with Everphone, a leading provider of Device as a Service (DaaS). The collaboration aimed to help defend enterprises from increasing cyber risks by combining Everphone’s DaaS solution with Harmony Mobile’s strong protection.
Feb-2023: Cisco entered into collaboration with STC, which offers a variety of ICT solutions and digital services. Through this partnership, our Telco Cloud solution will help in accelerating the rollout of the newest wave of safe, nimble digital services.
Feb-2023: Juniper Networks expanded its partnership with IBM, a technological corporation, to provide an integrated RAN management platform. With this expansion of the partnership, integrating IBM’s network automation offerings with Juniper’s Radio Access Network (RAN)optimization and Open Radio Access Network (O-RAN) technology power develop an integrated RAN management platform that would be helpful for IBM to empower communications service providers (CSPs) in the delivery improved experience to mobile users through advanced automation.
Nov-2022: Check Point Software Technologies Ltd. teamed up with Network Perception, innovators of operational technology (OT) solutions. The company will integrate security technologies and offers a solution to verify access to ports and services across different trust zones to protect mission-critical assets.
Oct-2022: Aruba, a Hewlett Packard Enterprise company formed a partnership with Siemens, a technology company focused on the digital transformation of industry and infrastructure. The company aimed to support clients by providing customers with data networks that are highly dependable, secure, and insightful, ensuring high plant and network availability. Based on Siemens’ experience as a leading supplier of industrial Ethernet network components and Aruba’s knowledge as a leader in wired and wireless LAN infrastructure, customers benefit from integrated networks with proven interoperability from factory floors to corporate offices.
Oct-2022: Cisco formed a partnership with the University of Canberra. The partnership would enable the company to boost the adoption of technology and address major risks to the Australian economy and society by addressing the cybersecurity skills shortage.
Aug-2022: Fortinet, Inc. announced a partnership with NEC Corporation, a Japanese IT company, to develop solutions for secure 5G networks. The partnership would allow Fortinet to serve its customers in a better way by providing them with solutions for secure 5G adoption.
Feb-2022: Check Point Software Technologies partnered with Redington India Limited, the largest IT software and products distributor in India. The company would offer Enterprise-grade security to SMB customers with an easy-to-manage, deploy, and affordable solution.
Nov-2021: Fortinet collaborated with Microsoft, an American multinational technology corporation. With this collaboration, the company aimed to integrate Microsoft Azure Virtual WAN to deliver a next-generation firewall (NGFW) and enhance its ability to secure any application on any cloud and to secure the cloud on-ramp into, between, and within the cloud.
Jul-2021: Trend Micro Incorporated teamed up with Microsoft, an America-based multinational technology corporation. Together, the companies focused to offer greater impact in cybersecurity for the combined customers that allows digital transformation for them by using Trend Micro’s expansive security expertise and Azure’s cloud computing platform. Moreover, the companies aimed to develop cloud-based cybersecurity solutions on Microsoft Azure as well as give rise to co-selling opportunities.
Product Launch and Product Expansions:
Feb-2023: Cisco launched two new services in its cloud managing network including Cisco Cyber Vision and Secure Equipment Access Plus. The launch of these two new solutions is aimed to provide organizations with the tools necessary for a unified, cloud-delivered strategy that leverages the strength of the enterprise IT network to scale and secure the industrial edge thanks to these new advances.
Feb-2023: Fortinet, Inc. unveiled FortiSP5, a distributed edge security solution. The FortiSP5 features Secure boot, Volumetric DDoS protection, and VXLAN/GRE hardware-accelerated encapsulation. Furthermore, FortiSP5 can be used for five applications namely, Campus, Edge Compute, 5G, and Operational Technology.
Feb-2022: Juniper Networks, Inc. introduced Juniper Secure Edge, a Firewall service used for securing workforces. The benefits of the service include Validated security effectiveness, Dynamic Zero Trust segmentation, Unified policy management, and Secure user access from anywhere.
May-2021: Aruba, a Hewlett Packard Enterprise company, unveiled Wi-Fi 6E, the 630 Series of campus access points (APs). The new product uses the 6 GHz band. The amount of RF spectrum available for Wi-Fi use more than doubles with the opening of the 6 GHz band, allowing for less crowded airwaves, bigger channels, and faster connections as well as enabling a variety of advances across industries.
Acquisitions and Merger:
Dec-2022: Motorola Solutions acquired Rave Mobile Safety, a leader in mass notification and incident management. The acquisition of Rave complements the portfolio of the company with a platform specifically designed to help individuals, businesses, and public safety agencies work together in more powerful ways.
Feb-2022: Juniper Networks, Inc. completed the acquisition of WiteSand, a Zero Trust Network Access solutions provider. The acquisition complements Juniper’s enterprise portfolio. Furthermore, the acquisition brings with it Network Access Control solutions that would benefit Juniper.
Scope of the Study
Market Segments covered in the Report:
o Identity & Access Management
o Intrusion Prevention System (IPS)/Intrusion Detection System (IDS)
o Unified Threat Solutions
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By Deployment Type
• On premise
• Government & Defense
• IT & Telecom
• Healthcare & Lifesciences
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Check Point Software Technologies Ltd.
• Aruba Networks (Hewlett Packard Enterprise Company)
• Kaspersky Lab
• Cisco Systems, Inc.
• Fortinet, Inc.
• Juniper Networks, Inc.
• Motorola Solutions, Inc.
• Sophos Group PLC (Thoma Bravo)
• Broadcom, Inc. (Symantec Corporation)
• Trend Micro Inc.
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