Wireless Network Security Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment (Cloud, On-premise), By Enterprise Size (Large Enterprises, SMEs), By End Use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global wireless network security market size was evaluated at USD 23.45 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030. The wireless network security s market growth can be attributed to a significant rise in security adoption leading to the adoption of cybersecurity solutions, rising demand for professional and managed security services, and technological advancements in digital security solutions such as integration of Artificial Intelligence (AI), & big data analytics. For instance, in July 2022, security platform provider company, HiddenLayer, Inc., launched a security product, Machine Learning Detection & Response (MLDR) solution to detect and prevent cyberattacks in AI-powered products. The MLDR solution analyzes billions of model interactions per unit to detect any suspicious activity and ensures the safety of the intellectual property. The implementation of such security measures in wireless networking solutions can mitigate the risk of wireless devices exposure to cyberattacks. These factors would further supplement the growth of the wireless network security market during the forecast period.

The proliferation of digital infrastructure in various end-use sectors, such as BFSI, retail & healthcare, creates the need for advanced wireless network security solutions to protect this infrastructure from digital threats. The government of various countries, such as India, Canada, Brazil, South Africa, and Australia, are taking supportive initiatives to strengthen their cybersecurity, creating robust opportunities for the wireless network security market. For instance, in May 2021, the Government of Canada invested around USD 67 million in its new Cyber Security Innovation Network Program to support cybersecurity research and development nationwide. The fund will be utilized to create a network of cybersecurity expertise centers, municipal/provincial/territorial governments, and stakeholders from the private sector to develop skilled cybersecurity talent across Canada and enhance the commercialization of the cybersecurity sector in the region.

Emerging technologies such as AI, ML, big data analytics, cloud, Blockchain, the Internet of Things (IoT), and Robotic Process Automation (RPA) and their integration in wireless network solutions are assisting market players to provide better protection to their clients from cyber-attacks. Blockchain's ability to enhance the transparency, security, & traceability of data shared across various networks is accelerating its adoption in wireless network solutions. For instance, in May 2023, Blockchain security company Certik collaborated with Alibaba Group's subsidiary and digital technology company Alibaba Cloud to provide Blockchain-based security services to Web3 projects. With this partnership, enterprises & developers can assess the associated risks with their wireless networks, conduct code reviews, background checks, and team identity verification, supporting the growth of the wireless network security market growth.

The rising mobile workforce by various enterprises, and growing adoption of Bring Your Own Devices (BYOD) policies to enhance the employees’ productivity is creating a positive outlook for wireless network security market. These wireless network security solutions assist enterprises in securing their sensitive data over mobile devices and enhance secure wireless collaboration between employees. Further, end-user organizations focus on adopting various wireless network security solutions such as firewall, Identity and Access Management (IAM), Intrusion Prevention System (IPS)/Intrusion Detection System (IDS), Data Loss Prevention (DLP), encryption, and Unified Threat Solutions, among others, to strengthen the security of their digital infrastructure is creating a favorable environment for wireless network security market.

The rising adoption of Wi-Fi in both the residential and commercial sectors is driving the growth of the wireless network security market. However, high initial costs, complexity, and compatibility issues with different wireless networks are expected to restrict the adoption of wireless network security solutions in the forecast period. Wireless networking solutions need more expertise for solution implementation in different environments. Small & medium size enterprises may need more resources to manage this solution, incurring more financial requirements. To tackle these issues, market players are focusing on developing user-friendly and easy to deploy and manage wireless network security solutions. 

Component Insights

The solution segment accounted for the largest market share of 65.8% in 2022 in wireless network security market. The significant market share of the segment can be attributed to the rising adoption of various wireless networks solutions such as unified threat solutions, IAM, IPS/IDS, encryption, firewall, and authentication, among others, to boost connectivity without compromising security. These solutions primarily protect from malicious and unauthorized access attempts through the network of wireless devices. Further, this solution encrypts and secures wireless communication and offers intrusion detection and prevention, supporting the growth of the wireless network security market. 

The services segment is anticipated to expand at a CAGR of 13.8% during the forecast period. The considerable growth of the segment can be attributed to rising demand for professional and managed services by end-user organizations to deploy, maintain, and upgrade wireless network security solutions at minimum cost. The service's key area includes advanced troubleshooting, consulting, daily maintenance, cloud migration, network administration, and unified communications, among others. The main benefit of the services is that they offer 24*7 monitoring of the wireless network security solutions and provide real-time reports, which helps network administrators in managing the wireless network security solutions, supporting the segment growth.

Deployment Insights

The on-premise segment accounted for the largest market share of 54.6% in 2022. The on-premise wireless networking solutions are mostly used by large organizations that prefer total control over wireless network security solutions as they possess sensitive data, supporting the industry trend. Further, on-premise wireless network solutions help end-user organizations keep the optimum level of security and comply with government regulations. These solutions minimize the dependency on third-party vendors for professional services and provide robust control to the end-user organizations over data. However, the rising adoption of cloud-based wireless network security solutions owing to its low operating costs and diverse services portfolio is expected to affect the growth of the on-premise segment over the forecast period.

The cloud segment is anticipated to expand at a CAGR of 13.8% during the forecast period. The cloud-based wireless network security solutions are experiencing considerable growth owing to their several benefits, such as minimum maintenance costs, enhanced flexibility, centralized data security, and quick application deployment. The cloud-based solutions eliminate excess software or hardware requirement to manage the wireless network security solutions, creating a positive outlook for the segment growth. The notable cost savings associated with cloud-based wireless network security solutions is encouraging various end-user organizations to migrate towards cloud-based solutions, supporting the growth of the wireless network security market.

Enterprise Size Insights

The large enterprise segment accounted for the largest market share of 74.9% in 2022. Large enterprises face various cyberattacks, data breaches, and other malicious activities over the wireless network. The data theft in these enterprises may incur a significant financial loss to the company. To avoid this, most of the large enterprises use wireless network security solutions to protect their sensitive data and manage data transmission over multiple devices, supporting the segment growth. Furthermore, implementing BYOD concepts and the rise in complexities in IT departments owing to large workforces create the need for robust security solutions in large enterprises.

The small & medium-sized enterprises (SMEs) segment is expected to expand at the highest CAGR of 15.6% during the forecast period. The low level of security due to budget constraints makes SMEs more vulnerable to cyberattacks. Moreover, the lack of employees’ skills and awareness about security policies contributes to frequent cyberattacks in SMEs. However, the availability of low-cost wireless network security solutions and the growing importance of cybersecurity is expected to accelerate the adoption of wireless network security solutions in SMEs in the forecast period.

End-use Insights

The BFSI segment accounted for the largest market share of 25.0% in 2022. The large market share can be attributed to the growing security awareness to protect sensitive financial data and secure payment transactions among banks, insurance companies, and financial institutions. This has propelled the demand for wireless network security solutions in the BFSI sector. The companies operating in the wireless network security market are partnering with end-user organizations to develop robust wireless network security solutions to meet the evolving market need. For instance, in June 2023, a cybersecurity software company, Journey.ai, Inc., partnered with community bank Traditional Capital Bank to develop cybersecurity solutions to defend against generative and deep fakes AI.

The IT & Telecom segment is anticipated to expand at a CAGR of 14.6% during the forecast period. The development in IT infrastructure and proliferation of 5G devices is expected to boost the adoption of wireless network security solutions in IT & telecom sector. The market players are adopting various business strategies to attract potential IT & telecom companies and improve their revenue stream. For instance, in April 2023, managed service provider, Logicalis, launched private network services in collaboration with Cisco Systems, Inc. to improve the connectivity and security of the 5G devices installed in hard-to-reach places.

Regional Insights

North America held the major share of 31.4% of the wireless network security market in 2022. The wireless network security market in North America is driven by the growing popularity of the BYOD concept, rising security breaches, and the presence of established market players such as Cisco Systems, Inc., Fortinet, Inc., Dell Technologies, Inc., and International Business Machines Corporation. Further, various end-user companies from multiple sectors, such as BFSI, retail, & healthcare, are investing in cybersecurity to protect their enterprise data from evolving digital; threats, thereby creating a favorable environment for the wireless network security market. For instance, in May 2022, investment banking company Goldman Sachs invested around USD 125 million to strengthen its supply chain cybersecurity by forming a strategic venture with Fortress Information Security, creating robust market opportunities.

Asia Pacific is anticipated to expand as the fastest-developing regional wireless network security market at a CAGR of 14.1%. The significant regional growth in the region can be attributed to development of 5G infrastructure, increasing number of smartphone users, and high emphasize of SMEs in the region on enriching the performance and security of their wireless infrastructure. Further, the government of various countries such as Singapore, India, japan, Australia, and South Korea are investing in smart city program which is expected to accelerate the demand for wireless network security solutions to protect their digital infrastructure.

Key Companies & Market Share Insights

The key players operating in the wireless network security market include Cisco Systems, Inc.; Broadcom, Inc.; ADT Inc.; Amazon Web Services, Inc.; and Fortinet, Inc. to broaden their product offering, companies utilize a variety of inorganic growth tactics, such as regular mergers acquisitions, and partnerships. In March 2023, Cisco Systems, Inc. showcased its latest developments in wireless security solutions and IoT products at Mobile World Congress, in Barcelona, Spain. The company also presented its ongoing projects with its various global partners such as KPN, Telstra, and Telenor to assist enterprises in managing their wireless networks. Some prominent players in the global wireless network security market include:

• ADT Inc.

• Amazon Web Services, Inc.

• Broadcom, Inc.

• Check Point Software Technologies Ltd.

• Cisco Systems Inc.

• Dell Technologies, Inc.

• Fortinet, Inc.

• Hewlett Packard Enterprise Development LP (Aruba Networks)

• Honeywell International Inc.

• Huawei Technologies Co., Ltd.

• International Business Machines Corporation

• Juniper Networks, Inc.

• Motorola Solutions, Inc.

• Palo Alto Networks, Inc.

• Sophos Ltd.

Wireless Network Security Market Report Scope

Global Wireless Network Security Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global wireless network security market based on component, deployment, enterprise size, end use, and region:

• Component Outlook (Revenue, USD Billion, 2018 - 2030)

  • Solution

    • Encryption

    • Firewall

    • Identity and Access Management

    • Intrusion Prevention System (IPS)/Intrusion Detection System (IDS)

    • United Threat Solutions

    • Others (Content Filtering, Authentication, Data Loss Prevention)

  • Services

    • Professional Services

    • Managed Services

• Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

  • Cloud

  • On-premise

• Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

  • Large Enterprises

  • Small and Medium-sized Enterprises

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • BFSI

  • Retail

  • IT & Telecom

  • Healthcare

  • Manufacturing

  • Government & Defense

  • Others (Entertainment, Education, Energy & Utilities, Transportation & Logistics)

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • U.A.E

    • Saudi Arabia

    • South Africa