High adoption of BYOD policies and cloud computing in the APAC region will aid the growth of the global network security market through to 2019, according to a new report by Technavio.
The analysts predict the global market will reach US$14.67 billion in three years, growing at a CAGR of close to 8%.
The report is based on various products, and segmented into IDP, content security gateway, integrated VPN or firewall, and UTM.
In 2014, North America accounted for the largest market share with close to 43% of the overall market share. However, Technavio indicates the market share of North America will decrease during the forecast period because of the early adoption of network security solutions among large enterprises, SMEs, and network service providers.
APAC is expected to have the largest market share during the forecast period, given the increased adoption of BYOD policies and cloud computing, and the number of Internet users and hosting services.
The market in APAC was valued at US$1.74 billion in 2014 and is likely to reach US$3.1 billion by 2019, growing at a CAGR of over 12%.
“Enterprises in APAC […] are gradually developing their IT landscape and looking for technologies and new capabilities to extract the full potential of existing IT security systems incorporated in their organisations. Vendors have started operating in [more countries], which is helping them capitalise on the opportunities within fast-growing economies,” says Amrita.
Increased dependency on wireless technologies and cloud-based mobile services, coupled with the emergence of technological forces such as the cloud and big data, has enabled enterprises to improve business productivity and increase employee efficiency, Technavio says.
At the same time, there has been an increase in the frequency of cyber-attacks, and enterprises are facing the challenge of keeping organisational data, assets, and information stored on the company's network infrastructure secure. Increased instances of security attacks in the region are causing several organisations to deploy network security solutions, Technavio says.
Some of the top vendors in the global network security market highlighted in the report are: Cisco, Check Point Software, Fortinet, Juniper Networks and Palo Alto Networks.