Network access control revenue in the Asia-Pacific (APAC) region is estimated to reach US$709 million in 2024, according to GlobalData, data and analytics company.
According to the analysts, new network architectures are being increasingly adopted by enterprises looking to secure private, public and hybrid cloud structures, and more broadly improve agility and business outcomes.
Banking, financial services and insurance (BFSI) and manufacturing industries together accounted for 29% of the overall revenue in 2019.
In 2024, both the BFSI and manufacturing industries are forecast to record shares of 15% and 13%, respectively, according to GlobalData.
The rise in online banking has led to the requirement of high transaction security, network access security and endpoint security to protect from hacking and other cyber attacks, the analysts state.
However, it is the healthcare vertical that is projected to grow at the highest CAGR of 11.3% during the forecast period (2020-24).
The Office of the Australian Information Commissioner (OAIC) has published a statistical report in June 2020, according to which there has been an increase in data breaches in Australia due to ransomware attacks.
This has highlighted the need for companies to have technologies such as network access control in place.
In India, the network access control market is expected to grow steadily during the forecast period due to the increasing focus of both government and enterprises on security solutions due to COVID-19 pandemic.
According to the 2020 State of Operational Technology and Cybersecurity survey in India, operational technology security is a crucial challenge faced by the companies as only 8% of the companies faced no intrusions, and 72% of the companies experienced three or more intrusions over the past year.
These developments have boosted the demand for network access solutions, GlobalData states.
GlobalData senior technology analyst Rohit Sharma says, "Key factors leading to the higher adoption of the network access control solutions in the region include migration of customers to cloud, convergence of information technology with operation technology, increasing mobility and increasing adoption of internet of things (IoT).
"The increase in cyber attacks on businesses in the region is also a driver for these solutions. However, high installation and implementation cost of network access solutions can act as a deterrent for the growth of these solutions."
Sharma says, "The network access control vendors are increasingly adapting to being innovative by merging network access control technologies with operational technology, focusing on virtual appliances and utilising IoT, bring-your-own-device (BYOD) and mobility use cases."