Top Companies in Network Security Industry - Palo Alto Networks (US) and Fortinet (US)
The global network security market size is projected to grow from USD 78.2 billion in 2024 to USD 111.0 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The growth of remote work and the expanded use of cloud services are the factors contributing to network security market growth. When companies move towards remote work and cloud-based applications, they distribute their network perimeters more widely which increases the vulnerabilities. To deal with these extensive attack surfaces and to make remote access safe, large enterprises and SMEs are buying to-and-fro advanced network security solutions to protect data and user access and improve the connectivity of diverse network environments.
What is network security?
According to MnM, “Network security encompasses the technologies, policies, and procedures designed to protect digital infrastructures from cyberattacks, unauthorized access, and data loss. It involves safeguarding computer networks and systems against internal and external threats, ensuring the integrity, confidentiality, and availability of data through a combination of hardware and software solutions."
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Competitive overview:
The network security market is led by some of the globally established players, such as Cisco (US), Palo Alto Networks (US), Fortinet (US), Check Point (US), Trend Micro (Japan), Verizon (US), IBM (US), Broadcom (US), Juniper Networks (US), Akamai (US), Netskope (US), Microsoft (US), CrowdStrike (US), Zscaler (US), Cloudflare (US), AWS (US), OpenText (Canada), Hillstone Networks (US), Barracuda Networks (US), Huawei (China), Trellix (US), SonicWALL (US), Forcepoint (US), Sophos (UK), Zyxel Networks (Taiwan), Cato Networks (Israel), NordLayer (US), Versa Networks (US), WiJungle (India), Cynet (US), SECNAP Network Security (US), Nomios (Netherlands), Easi (Belgium), GajShield (India). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players use to increase their market presence.
Palo Alto Networks (US) is a prominent global cybersecurity company, pioneering transformative technologies for a cloud-centric future. Committed to being the cybersecurity partner of choice, the company employs AI and automation to secure enterprise users, networks, clouds, and endpoints. Focused on network security, cloud security, security operations, and threat intelligence, Palo Alto Networks delivers complete zero-trust solutions and cloud-native security through Prisma Cloud. Its Cortex portfolio provides security automation, analytics, and endpoint security. The company caters to diverse industries, including education, energy, financial services, government, healthcare, Internet and media, manufacturing, public sector, and telecommunications, selling products and services directly to enterprises, service providers, and government entities globally. Palo Alto Networks operates across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region
Fortinet (US) Fortinet is a leading provider of next-generation firewalls and network security solutions, designed to protect against security threats and simplify IT infrastructure. Through its Fortinet Security Fabric platform, it offers a comprehensive solution that includes secure networking, unified Secure Access Service Edge (SASE), and AI-driven security operations. The company offers a range of products for network security, data centers, enterprise networking, network access, application security, and security management. Fortinet's product portfolio includes FortiManager, FortiConverter, FortiGate NGFW, and FortiAI. Its solutions serve various sectors, including communication service providers, enterprises, government organizations, security service providers, and small businesses. Fortinet operates across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region.
According to MnM's approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with network security solutions and services, which would assist businesses in boosting market revenue.
Related Reports:
Network Security Market by Solution (VPN, Data Loss Prevention, Firewall, Secure Web Gateway, DDOS Mitigation, UTM), Network Environment (Branch Campus Network Security, Data Center Network Security) - Global Forecast to 2029
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