Retail Segment is Expected to Dominate the Global Wireless Network Security Market
Rapid Growth
in Wireless Connectivity and IoT (Internet of Things) Expansion are the factors
propelling the market growth.
According
to TechSci Research report, “Global Wireless Network Security Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Wireless Network
Security is anticipated to project robust growth in the forecast period with a
CAGR of 12.21% through 2028. The growing number of enterprises opting for
digital networks and mobile devices is further influencing the market. According
to a report from the Wireless Broadband Alliance (WBA), more than a third (33%)
of service providers, technology vendors, and enterprises already have plans to
deploy Wi-Fi 7 by the end of last year. Moreover, the report also revealed that
Wi-Fi 6E had become the de facto industry standard, with 53% having already
deployed the technology and a further 44% working on plans to adopt Wi-Fi 6E in
the next 12-18 months. Such developments are expected to influence enterprises
to enhance their security as well.
The
global adoption of Wi-Fi is on the rise in both commercial and residential
space, with a growing number of mobile devices that are connected to high-speed
internet is on the rise. According to Cisco, the Wi-Fi hotspots are expected to
grow to 628 million public Wi-Fi hotspots by this year from 169 million in
2018. The growing adoption of IoT augments growth. With the change in the
number of Wi-Fi hotspots, security risks are increasing, and these enterprises
are moving toward adopting robust encryption. WEP uses an old encryption method
and holds prominence in old systems, whereas WPA is one of the widely used
standards among network devices.
Browse
over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global
Wireless Network Security Market.”
Based
on End User Industry, Retail is expected to hold the largest share of Wireless
Network Security market for during the forecast period, The retail industry is
witnessing growth in the last two years, especially with the massive expansion
of the e-commerce industry across the globe. Hence, retailers are utilizing IoT
solutions to improve their operational efficiency and enhance the customer
experience to gain competitive advantages. With the increasing IoT use in
retail space, the wireless security demand is expected to augment over the
forecasted period. Retail companies are facing a landscape filled with growing
and increasingly sophisticated threats, and the financial impact of these
breaches is soaring.
Moreover,
the number of IoT-connected devices in retail is increasing exponentially. For
instance, in the EU alone, the number of connected devices used in the retail
industry was 2.28 million units in 2019 and is expected to grow to 3.09 million
units by 2025, as per ENTO reports. IoT plays a significant role in process
automation and enhancing retail stores' operational efficiency. It provides
energy optimization, surveillance and security, supply chain optimization,
inventory optimization, and workforce management. Also, IoT is gaining
capabilities in cold chain monitoring for temperature-sensitive grocery and
pharmaceutical goods.
Based
on Region, North America will dominate the market, North America is expected to
contribute to the market's growth significantly. The United States plays a
crucial role in generating demand from the region compared to Canada. The area
is a pioneer in advanced technology adoption. Additionally, the presence of
large enterprises, the increasing network attack frequency, and the growing
number of hosted servers in the United States are driving the market growth.
Moreover, the region includes a significant foothold of critical vendors in the
market. Some include Cisco Systems, Juniper Networks, Inc., Fortinet, Inc., and
Symantec Corporation.
Moreover,
cyberattacks in the North American region, especially in the United States, are
rising rapidly. They have reached an all-time high, primarily owing to the
rapidly increasing number of connected devices in the region. In the United
States, consumers use public clouds, and many mobile applications are preloaded
with personal information for the convenience of banking, shopping,
communication, etc. With the increasing smart home environment in the United
States, the possibility of security and privacy hazards through exploiting
malicious hackers is also rising.
Key
market players in the Global Wireless Network Security Market are following: -
- Cisco
Systems, Inc.
- Aruba
Networks (HPE)
- Juniper
Networks, Inc.
- Fortinet,
Inc
- Motorola
Solutions (Zebra Technologies Corporation)
- Sophos
Ltd.
- Broadcom
Inc. (Symantec Corporation)
- Aerohive
Networks, Inc.
- SonicWALL,
Inc.
- Pwnie
Express
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“The
global wireless network security market is driven by rapid wireless
connectivity expansion, the proliferation of IoT devices, the growth of remote
work and BYOD trends, evolving cybersecurity threats, and the need for
regulatory compliance. Additionally, the deployment of 5G networks, cloud
adoption, and increased awareness of wireless network security have contributed
to market growth. As technology advances and cyber threats evolve,
organizations prioritize protecting their wireless networks, making wireless
network security a crucial component of their digital infrastructure. These
drivers collectively fuel the market's growth as it adapts to the ever-changing
landscape of wireless communication and connectivity.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
Wireless
Network Security Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented solution
(firewall, encryption, identity, and access management, unified threat
management, Intrusion Prevention System (IPS)/Intrusion Detection System (IDS),
and other solutions), deployment (on-premise, cloud), end-user industry (BFSI,
healthcare, retail, manufacturing, IT & Telecom, government, aerospace, and
defense, and other end-user industries), By Region, By Competition 2018-2028 has evaluated the future growth
potential of Global Wireless Network Security Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Wireless Network Security Market.
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