Market Insights Technology Cybersecurity Cyber Solutions

Network Security - Worldwide

Worldwide

The Network Security market is anticipated to witness a significant growth in revenue, reaching a staggering US$24.96bn in the year 2024.
This projection indicates a promising future for the market segment, with an expected compound annual growth rate (CAGR 2024-2029) of 10.30%.
If this growth rate is sustained, the market volume is estimated to expand to an impressive US$40.75bn by the year 2029.
Furthermore, when analyzing the average Spend per Employee in the Network Security market, it is predicted to reach US$7.01 in 2024.
This figure showcases the financial investment made by companies operating in this sector to ensure robust network security measures.
In a global context, it is noteworthy that the United States is projected to generate the highest revenue in the Network Security market, amounting to US$10,830.0m in 2024.
This indicates the dominance of the US market with Worldwide Network Security market industry.
In the United States, there is a growing demand for network security solutions as companies seek to protect their sensitive data from cyber threats.

Key regions: United States, Germany, Saudi Arabia, Brazil, Chile

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Currency

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.