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Edge Security Market size to reach $70 Bn by 2032
- Published Date: March 9, 2023
Edge Security Market size is predicted to cross USD 70 billion by 2032, according to a new research report by Global Market Insights Inc.
The report reveals that rapid digitalization, and the adoption of internet-enabled devices are prominent factors bolstering the requirement for edge security architecture. The vulnerability to cyber-attacks also continues to rise with more companies deploying digital technologies. These factors have encouraged technology companies such as Microsoft to include IoT devices under edge security programs to help users operate with built-in security technologies. Furthermore, the increasing rollout of 5G networks will boost the number of connected devices and consequently propel the need for network edge security to protect against attacks from malicious parties.
Acceleration of security service outsourcing to proliferate the demand for edge security services
Edge security market from the services component segment was valued at USD 5 billion revenue in 2022. Training, consulting, and other professional edge security services enable enterprises to choose the best solutions depending on their size, requirement, usage, and other parameters. Meanwhile, managed services from third-party providers can help manage operational and additional enterprise challenges. Multiple companies are also opting for managed edge security services to gain security expertise while lowering the strain on in-house security personnel.
Reliance on healthcare IoT & cloud infrastructures will spur the industry development
In terms of end-user, the edge security market share from healthcare segment is expected to witness over 15% CAGR through 2032. The deployment of IoT tech and cloud infrastructure for the storage, transmission, collection, processing, and delivery of healthcare data is one of the key growth drivers for the industry. The adoption of advanced technologies for solving healthcare challenges has led to a massive influx of data from IoT devices. The report claims these factors have encouraged cybersecurity firms to introduce comprehensive IoT medical device safety solutions, augmenting the availability of edge security systems.
Browse key industry insights spread across 230 pages with 401 market data tables and 43 figures & charts from the report, “Edge Security Market Size By Component (Solutions, Service), By Organization Size (Large Enterprises, SMEs), By Deployment Mode (On-premise, Cloud), By End-Use (IT &Telecommunications, BFSI, Healthcare, Retail, Manufacturing, Government & Public Enterprises), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Increase in IoT adoption presents lucrative prospects for edge security system development in North America
North America edge security market size will surpass USD 20 billion by 2032, given the escalating penetration of IoT and 5G devices. Since edge computing has become a popular data processing method, the mounting presence of connected devices is anticipated to stimulate the need for security solutions. Regional developers have also been making considerable investments in R&D projects to design cutting-edge services. Network and communication solution providers including Windstream Enterprise are also launching new managed edge security solutions, thus adding impetus to the regional market expansion.
Strategic collaborations by major participants to define industry landscape
Major players involved in the edge security market include VMWare Inc., SonicWall, Palo Alto Networks, Open Systems, Netskope, Jupiter Networks Inc., Fortinet, Forcepoint, CloudFlare Inc., Cisco Systems Inc., Check Point Check Point Software Technologies Limited, Broadcom Inc., Barracuda Networks and AWS (Amazon). These companies are incorporating varied strategies such as partnerships and product reach expansions to reinforce their presence in the market.
For instance, in January 2022, VMware and BT entered an agreement to offer more options and flexibility in embracing a cloud-first approach for networking, security, and edge computing for global customers. Under the terms of the agreement, BT intended to provide customers with VMware SASE (Secure Access Services Edge) as a managed service, combining its in-depth security knowledge and extensive networking features with VMware technology. Similar initiatives from other key players are also projected to assert a positive influence on the industry trends.