Edge Security Market to Be Worth $82.4 Billion by 2031
According to a recent publication by Meticulous Research®, the global edge security market is expected to reach $82.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 19.7% from 2024 to 2031. This growth is driven by the increasing adoption of secure access service edge (SASE) to reduce IT costs and complexities, alongside rising security concerns and the risk of cyberattacks. Despite these drivers, the market's growth is somewhat restrained by the complex and fragmented nature of edge environments.
Market Opportunities and Challenges
Opportunities:
- 5G Technology: Enhancing communications infrastructure.
- Cloud-Based Services: Rising adoption among small and medium-sized enterprises (SMEs).
- Artificial Intelligence: Increased use across various industries.
Challenges:
- Misconceptions and Lack of Knowledge: Misunderstandings about edge security can hinder market growth.
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Market Segmentation
The global edge security market is divided into various segments based on offerings, deployment modes, organization size, and sectors.
1. By Offering:
- Solutions: Includes software-defined wide area network (SD-WAN) solutions, secure web gateway solutions, cloud access security broker (CASB) solutions, firewall-as-a-service solutions, zero-trust network access solutions, and other edge security solutions. In 2024, the solutions segment is expected to dominate the market.
- Services: Comprises professional services (integration, training, consulting, and advisory services, and support & maintenance) and managed services. This segment is projected to grow at a higher CAGR during the forecast period.
2. By Deployment Mode:
- On-Premise: Traditional deployment within enterprise infrastructure.
- Cloud-Based: Expected to hold the largest market share in 2024, driven by adoption among SMEs and the need to protect against cyber threats. This segment is also projected to register a higher CAGR during the forecast period.
3. By Organization Size:
- Large Enterprises: Expected to hold the largest market share in 2024 due to robust IT infrastructure and the need to mitigate cyberattacks.
- Small & Medium-Sized Enterprises (SMEs): Anticipated to experience the highest growth rate, attributed to digital transformation and increasing cyber threats.
4. By Sector:
- IT & Telecommunications: Expected to dominate in 2024, driven by the need to protect networks, data, and devices.
- Healthcare: Projected to register the highest CAGR due to the need to secure patient data and comply with regulations.
Geographical Analysis
1. North America:
- Expected to hold the largest market share in 2024, supported by investments in edge data centers and the adoption of advanced technologies like cloud computing, AI, and IoT.
2. Asia-Pacific:
- Forecasted to register the highest CAGR, driven by the increasing number of connected devices, the need for data security, and governmental initiatives in the industrial sector.
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Key Players
Prominent companies in the edge security market include: Cisco Systems, Inc. (U.S.), Broadcom Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), Palo Alto Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Zscaler, Inc. (U.S.), Cloudflare, Inc. (U.S.), F5, Inc. (U.S.), Akamai Technologies, Inc. (U.S.), Barracuda Networks, Inc. (U.S.), Forcepoint LLC (U.S.), Versa Networks, Inc. (U.S.), Cato Networks Ltd. (Israel), and Skyhigh Security (U.S.).
The global edge security market is poised for significant growth, fueled by technological advancements and increasing security needs across various sectors.
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