Guardians of the Airwaves: Wireless Network Security Market Forecasted to Achieve a Robust USD 69.64 Billion by 2031, Surging with a Commanding 12.8% Compound Annual Growth Rate (CAGR) | EMR
Legal Newswire
Jan 03, 2024
The global Wireless Network Security Market is projected to reach USD 69.64 billion by 2031, at a CAGR of 12.8%, from USD 23.65 billion in 2022. The wireless network security market is expected to continue to grow in the coming years due to the expanding wireless device ecosystem and increased reliance on wireless connectivity.
In the ever-expanding digital ecosystem, the market for wireless network security emerged as a critical domain intended to strengthen the integrity of wireless connections. Concerns about data breaches, illegal access, and cyber dangers increased along with the rapid uptake of wireless technology, which led to a dynamic evolution in security measures. Cybersecurity companies quickly changed course and created strong solutions designed specifically for cellular networks. These solutions serve a variety of industries including finance, healthcare, and telecommunications and cover a wide range of technologies such as intrusion detection systems, authentication procedures, and encryption protocols.
Demand for cutting-edge security solutions that can protect confidential data sent via wireless channels has skyrocketed. Strengthening wireless network security became critical as the number of IoT devices and remote work increased. As a result, the industry saw significant expansion and investment, which fueled the ongoing improvement and diversification of security solutions to combat changing cyber threats in the wireless domain.
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In March 2023, Hewlett Packard Enterprise (HPE) has completed the acquisition of Axis Security, a leading provider of Security Service Edge solutions, as part of its strategy to bolster edge-to-cloud security capabilities. This move aims to address the growing demand for seamlessly integrated networking and security solutions delivered as a service. With the addition of Axis Security, HPE is poised to offer a comprehensive Secure Access Services Edge (SASE) solution, consolidating its position in the evolving landscape of network security.
Segment Analysis and Market Dynamics
Based on end-user industry, the global wireless network security market is divided into BFSI, healthcare, retail, manufacturing, IT & telecom, government, aerospace and defense, and other. The BFSI category dominates the market with the largest revenue share. This sector extensively relies on secure wireless networks for transactions, data storage, and communication. Robust security measures are crucial to safeguard sensitive financial information and prevent cyber threats. Wireless networks in healthcare facilitate communication among medical devices, data sharing for diagnostics, and patient information management. Security is paramount to protect patient data privacy and prevent unauthorized access to critical medical systems. Retailers use wireless networks for inventory management, customer interactions, and transaction processing. Security measures are vital to secure customer data, financial transactions, and prevent breaches in point-of-sale systems. Wireless networks in manufacturing enable process automation, inventory tracking, and machine-to-machine communication. Security is essential to prevent disruptions, protect intellectual property, and ensure seamless operations. IT & telecom industry heavily relies on wireless networks for connectivity, data transfer, and service delivery. Security is critical to protect networks, data centers, and communication channels from cyber threats. Government entities use wireless networks for internal communication, data sharing, and public services. Security measures are crucial to protect classified information, critical infrastructure, and citizen data. Aerospace and defense sector relies on secure wireless networks for communication, data transfer, and mission-critical operations.
High-level security is essential to protect sensitive military and aerospace technologies from cyber threats and espionage. The on-premise segment is the largest segment of the wireless network security market, based on deployment. On-premise deployment involves installing and managing security solutions within the organization’s physical infrastructure. This model offers complete control over security measures and data, making it preferable for highly regulated industries or those with stringent compliance requirements. It provides a sense of security and customization, allowing organizations to tailor solutions to their specific needs. However, it typically requires higher initial investments in hardware, software, and maintenance. Whereas cloud deployment involves hosting security services, applications, or infrastructure on cloud platforms provided by third-party vendors. For wireless network security, this means utilizing cloud-based security solutions that offer advantages like scalability, flexibility, and accessibility from anywhere. It allows for rapid deployment, automatic updates, and reduced hardware costs. Security measures are managed and maintained by the service provider, offering convenience and often aligning with the pay-as-you-go subscription model.
The market landscape is greatly impacted by the rapid improvements in technology, including the introduction of 5G, the proliferation of IoT, and the growth of remote work. Vulnerabilities grow along with these technologies, increasing the need for strong security measures. The market is further driven by regulatory compliance requirements and an increasing focus on data protection, which push businesses to invest in all-encompassing security solutions to reduce risks. The dynamic landscape of threats is another factor that affects market dynamics. The increasing sophistication and frequency of cyberattacks demand security systems that are flexible and adaptable.
As a result, proactive strategies are becoming more prevalent, combining traditional security techniques with AI-driven analytics and machine learning to detect and respond to threats. In addition, the market is subject to swings caused by both industry-specific and economic demands. The ebb and flow of the market is influenced by budget allocations for cybersecurity, industry regulations, and geopolitical conflicts that affect technology supply chains. Partnerships and collaborations between industry participants to create integrated security solutions also have an impact on market dynamics, encouraging innovation and the launch of more complete and effective security products. The market for wireless network security is expected to develop steadily as the digital ecosystem grows, propelled by advancements in technology, shifting threat scenarios, alterations in regulations, and needs from the sector.
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Regional Analysis
The wireless network security market in North America is expected to lead globally. The area has a strong technological base and a broad use of wireless technologies in a number of industries, including government, telecommunications, healthcare, and finance. The demand for sophisticated security solutions is being driven by the increasing integration of wireless devices, which highlights the vital need for strict security measures. Furthermore, a large concentration of cutting-edge IT corporations, research institutes, and cybersecurity firms are based in North America. These organizations are at the forefront of developing cutting-edge security technologies. In addition, the area places a high priority on cybersecurity programs and laws, which makes it even more crucial to adopt strict security measures for wireless networks. North American businesses constantly invest in cutting-edge security solutions because the threat landscape is always changing and they need to protect critical data and efficiently fend off cyberattacks. The region is positioned to lead the shaping and advancement of the global wireless network security market due to its proactive approach to cybersecurity preparation and significant investments in research and development. Moreover, partnerships amongst industry participants, governmental entities, and academic institutions stimulate creativity and advance North America’s leadership in the development and international acceptance of all-encompassing wireless network security solutions.
The report “Wireless Network Security Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Deployment (Cloud, On-premise), by Enterprise Size (Large Enterprises, SMEs), by End-User Industry (BFSI, Healthcare, Retail, Manufacturing, IT & Telecom, Government, Aerospace and Defense, and Other), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/
Further key findings from the report suggest:
- The global wireless network security market is predicted to register a compound annual growth rate (CAGR) of 12.8% over the projected period of 2023-2031.
- North America will be the leading region of the global wireless network security market during the forecast period of 2023-2031.
- The major key players in the global wireless network security market are: ADT, Inc.; Amazon Web Services, Inc.; Broadcom, Inc.; Check Point Software Technologies Ltd.; Cisco Systems, Inc.; Dell Technologies, Inc.; Fortinet, Inc; Hewlett Packard Enterprise Development LP (Aruba Networks); Honeywell International Inc.; and Huawei Technologies Co., Ltd.
Read More Information about Wireless Network Security Market: https://www.econmarketresearch.com/industry-report/wireless-network-security-market/
Econ Market Research has segmented the global wireless network security market based on component, deployment, enterprise size, end-user industry and region:
Wireless Network Security Market by Component (Revenue, USD Billion, 2023-2031)
- Solution
- Services
Wireless Network Security Market by Deployment (Revenue, USD Billion, 2023-2031)
- Cloud
- On-premise
Wireless Network Security Market by Enterprise Size (Revenue, USD Billion, 2023-2031)
- Large Enterprises
- SMEs
Wireless Network Security Market by End-User Industry (Revenue, USD Billion, 2023-2031)
- BFSI
- Healthcare
- Retail
- Manufacturing
- IT & Telecom
- Government
- Aerospace and Defense
- Other
Wireless Network Security Market Regional Analysis (Revenue, USD Billion, 2023-2031)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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