Edge Security Market worth $51.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 31, 2023 /PRNewswire/ -- The Edge Security Market size is expected to grow from USD 19.2 billion in 2022 to USD 51.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period, according to a new report by MarketsandMarkets™.
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By component, the services segment is expected to grow at a higher CAGR during the forecast period.
Based on components, the market is segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. The services segment has been broadly classified into professional and managed services. Professional services have been further classified into implementation & integration, training & consulting, and support & maintenance. The training & consulting services segment enables enterprises to choose the best possible solutions and services depending on the company size, requirement, usage, and many more. Support & maintenance services provide enterprises with technical, customer, and backup support to ensure uninterrupted operational activities. With the higher adoption of edge security solutions across the industry verticals, organizations' demand for supporting services is also increasing. On the other hand, managed services are offered by the third-party provider to manage the additional and operational challenges of the enterprise.
Large enterprises segment to hold significant market share in 2022.
Enterprises with more than 1,000 employees are considered large enterprises. Large enterprises are the early adopters of edge security solutions, as they use a large number of business applications that are susceptible to fraudulent attacks. As these enterprises are large, with different types of IT infrastructure, they face the difficult task of effectively managing the security of their several applications. Unlike SMEs, large enterprises are well-equipped with technical skills, have higher investment capabilities, and are more exposed to cyberattacks. This has led to higher awareness levels among large enterprises. Hackers try to hack into the networks and systems of enterprises for either financial interests or to access unauthorized data and information. These factors encourage large enterprises to adopt edge security solutions early.
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North America held the largest market size in 2022.
North America comprises the US and Canada. The region leads global technological innovation. According to the World Economic Forum's 2018 Global Competitive Index, the region's competitiveness is mainly due to its business dynamism, strong institutional pillars, financing mechanisms, and vibrant innovation ecosystem. The growth in IoT and 5G services in the region is driving the demand for edge security solutions with the growing use cases of edge computing. According to SmartAmerica Challenge, local administrations will invest USD 41 trillion over the next twenty years to prepare their infrastructure for the IoT to implement smart city projects. Further, the region is the hub for various edge security solution providers investing in R&D to develop innovative products and services. For instance, in August 2022, Lumen Technologies launched Lumen SASE Solutions to provide secure, high-performing access to any user, on any device, in virtually any location. Similarly, in June 2020, Veeva announced the availability of its Virtual Trusted Private Network (vTPN) Security as a Service (SaaS) solution. vTPN integrates Privafy's carrier-grade data-in-motion security software with VeeaHub Smart Edge Nodes (SENs) to offer a full spectrum of protection against cyberattacks, unauthorized access and intrusion, malware, DOS/DDOS attacks, malicious service interruption, ransomware, and botnets.
Key players
The major players operating in the Edge Security Market are Palo Alto Networks (US), Check Point (Israel), Broadcom (US), Fortinet (US), Cisco (US), Zscaler (US), Cloudflare (US), Forcepoint (US), VMware (US), Citrix (US), Akamai (US), Juniper Networks (US), Netskope (US), Trend Micro (Japan), Proofpoint (US), Barracuda (US), Sophos (UK), SonicWall (US), Infoblox (US), Open Systems (US), F5 (US), Lookout (US), and iboss (US).
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