Adoption of next-generation firewalls to drive growth in APAC network security market through 2024
Security companies in Asia-Pacific need to foster strong integration and collaboration with third-party vendors, says Frost & Sullivan
SANTA CLARA, Calif. — Frost & Sullivan’s recent analysis, Integration of Capabilities Transforming the Asia-Pacific Network Security Market, 2020, finds that enterprises’ heightened threats from criminal entities and state-sponsored actors are strongly encouraging them to adopt network security solutions. Driven largely by the firewall segment and integrated security appliances (ISA) segment, the Asia-Pacific (APAC) network security market is expected to reach $6.94 billion by 2024 from US$4.75 billion in 2019, up at a compound annual growth rate (CAGR) of 7.9%.
However, the fallout of the COVID-19 pandemic has adversely impacted the network security market, and its future growth will also be affected over the next one to two years as the market grapples to recover.
“Going forward, security vendors need to continue fostering strong integration and collaboration with third-party vendors, to fortify and strengthen their in-house offerings and provide a holistic solutions portfolio,” said Vivien Pua, information & communication technologies industry analyst at Frost & Sullivan, in a prepared statement. “From a market segment perspective, the firewall segment is the largest and fastest-growing market due to rapid adoption of next-generation firewalls (NGFWs) across the region. Similarly, intrusion detection systems/intrusion prevention systems (IDS/IPS) is seeing an emergence of next-generation technology in the form of Next-Generation IPS (NGIPS) as it (NGIPS) provides greater granularity in security data, which allows for better network security management.”
Pua added: “In addition, the secure sockets layer virtual private network (SSL VPN) segment is also expected to grow steadily over the next 5 years, as remote working becomes more prevalent in the region.”
To tap into the growth prospects presented by the network security market, Frost & Sullivan advises vendors to focus on the following: