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April 1, 2020, 9:16 a.m. EDT

Global Network Support and Security Market is Expected to Grow at a CAGR of 16.37% during the forecast period 2020-2027

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Apr 01, 2020 (CDN Newswire via Comtex) -- The Global Network Support and Security Market is expected to grow from USD 126.52 Billion in 2019 to USD 425.49 Billion by 2027, at a CAGR of 16.37% during the forecast period 2020-2027.

Network security is any action designed to shield the usability and integrity of the network and data. It includes both hardware and software technologies. Effective network security manages access to the network. It aims for a variety of threats and stops them from entering or spreading on network. Network security makes the chain of multiple layers of defenses at the edge and in the network. Each network security layer implements policies and controls. Authorized users gain access to network resources, but malicious actors are blocked from doing exploits and threats.

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The global network support & security solutions is driven by the virtualization technologies introduction and progress in usage of web-based applications. Further, surge in demand for advanced security services and integration of network security solutions with other security services to escape the risk of cyber-attacks boost the market growth. However, slow ICT expenditure in less developed regions, such as Africa and South America, is anticipated to hinder this growth. High growth area such as, cloud computing and data center virtualization would be the opportunity areas for network support & security market.

The market has been segmented on the basic of type, application and region. Type segment includes hardware, software, and service. The hardware segment held largest market share of 41.53% and valued at USD 52.54 billion in 2019. However, service segment is anticipated to grow at highest CAGR of 17.01% during the forecast period. Application segment includes BFSI, Government, Retail, Healthcare, Energy and Utility, IT and Telecom, and Others. BFSI segment held the largest market share of 31.72% and valued at USD 40.13 billion in 2019. The market has been divided into North America, Europe, APAC, South America, and MEA. North America held the largest market share of 34.55% and valued at USD 43.71 billion in 2019. China segment is expected to grow with highest CAGR of 17.13% during the forecast period due to increased adoption of network support & security services in this region.

The market for global network support & security market is segmented into key players. Major Player includes Cisco Systems, Symantec Corporation, HP Development, AT&T Communications LLC, McAfee LLC, FireEye, Inc. and among others. Cisco Systems held the largest market share of 22.13% in 2019.

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About the report: The report is analyzed on the basis of value (USD Billion), volume (KiloTons), consumption (KiloTons), imports (KiloTons) and exports (KiloTons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.

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