Network Access Control Market to Reach $16.2 Billion by 2032 at 20.6% CAGR: Allied Market Research

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Mar 06, 2024, 10:01 ET

NEW CASTLE, Del., March 6, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Network Access Control Market by Component (Hardware, Software, and Service), Deployment Mode (On-premise, and Cloud), Organization Size (Large Enterprises and Small & medium-sized Enterprises), and Industry Vertical (IT and Telecom, BFSI, Healthcare, Retail, and E-commerce, Manufacturing, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global network access control market was valued at $2.6 billion in 2022, and is projected to reach $16.2 billion by 2032, growing at a CAGR of 20.6% from 2023 to 2032.

Prime determinants of growth

The growth of the network access control market is predominantly fueled by several key determinants. As cyberattacks become more sophisticated and frequent, organizations prioritize robust network security. In addition, information privacy policies such as GDPR and HIPAA require organizations to enforce robust protection controls to defend sensitive records. Furthermore, the growing use of cloud computing and rise of remote work bring your own device (BYOD) policies blurs traditional network boundaries. Moreover, increased awareness of network security risks, growing adoption of mobile devices and wireless networks, and the need for improved network visibility and control, are expected to provide lucrative opportunities for the network access control market during the forecast period. However, lack of skilled security professionals and high implementation cost, hamper the growth of the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$2.6 Billion
Market Size in 2032	$16.2 Billion
CAGR	20.6 %
No. of Pages in Report	363
Segments Covered	Component, Organization Size, Deployment mode, Industry Vertical, and Region.
Drivers	The growing use of cloud computing Rise in remote work and BYOD policies Organizations prioritize robust network security due to security concern
Opportunities	Increased awareness of network security risks Growing adoption of mobile devices & wireless networks The need for improved network visibility and control
Restraints	Lack of skilled security professionals High implementation cost

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The hardware segment to maintain its leadership status during the forecast period

By component, the hardware segment held the highest market share in 2022, accounting for nearly half of the global network access control market revenue, as hardware components in network access control are responsible for implementing and enforcing security policies across the network. This prevents unauthorized access and ensures compliance with security protocols. However, the service segment is projected to attain the highest CAGR of 23.4% from 2023 to 2032, owing to increase in the adoption of digital technologies across various industries and the availability of desired manufacturing facilities from anywhere at any time are the major driving factors for market growth.

The on-premise segment to maintain its leadership status during the forecast period

Based on deployment mode, the cloud segment held the highest market share in 2022, accounting for more than half of the global network access control market revenue as the cloud-based network access control facilitates flexible access control, especially for remote or mobile users. As a result, with cloud infrastructure, users can securely access the network from anywhere, anytime, using various devices. This is particularly essential in today's distributed work environments. However, the on-premise segment is projected to attain the highest CAGR of 21.8% from 2022 to 2032, owing to high level of security and safety offered by on-premise based network access control technologies.

The large enterprise segment to maintain its leadership status during the forecast period

Based on organization size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the global network access control market revenue as network access control solutions help large enterprises to manage and control access across the diverse network environments, and ensure authorized, and complies with security policies. However, the small enterprises and medium-sized enterprises is projected to attain the highest CAGR of 22.4% from 2023 to 2032, owing to adoption of cloud-based network access control solutions in SMEs due to their scalability and ease of management. As cloud-based network access control offer feasible option for SMEs within limited resources for infrastructure management.

The BFSI segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for less than one-fourth of the global network access control market revenue. Rise in adoption of secure networks and network access control in BFSI sector enables the shift towards digital services, specifically mobile banking, where customers can conduct diverse financial transactions using mobile applications. However, the retail and e-commerce segment is projected to attain the highest CAGR of 26.0% from 2022 to 2032. As network access control helps to identify potential threats and restrict access for suspicious devices or users, and safeguarding the system from potential breaches in the industry.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the global network access control market revenue, owing to the increasing activities of data breaches in various sectors are the key driving demand for the network access control market in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 23.9% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is due to the adoption of smart technologies such as AI and ML escalates the demand for network access control.

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Leading Market Players: -

Broadcom
Cisco Systems, Inc
Extreme Networks
Fortinet, Inc.
Hewlett Packard Enterprise Development LP
Huawei Technologies Co.
IBM Corporation
Juniper Networks, Inc.
Microsoft Corporation
VMware, Inc.

The report provides a detailed analysis of these key players in the global network access control market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

The report provides a detailed analysis of the key players of the global food safety monitoring system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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