Edge Security Market Size Worth $106 Billion By 2030 : IndustryARC

Global Edge Security Market size is predicted to reach $106 billion by 2030, growing at a CAGR of 23.3% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The growing adoption of IoT devices and 5G services and the rising incidence of cyber-attacks and security risks are expected to propel the market growth, finds IndustryARC in its recent report, titled “Edge Security Market – By Offering (Solutions and Services), By Deployment Mode (On-premise and Cloud), By Oganization Size (Large Enterprises and Small and Medium-sized Enterprises), By End-User (Government and Defense; Banking, Financial Services and Insurance; IT and Telecom; Healthcare; Retail; Manufacturing; Energy and Utilities and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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Asia-Pacific to Register Highest Growth:

Geographically, the Asia-Pacific Edge Security Market is estimated to grow at the highest CAGR of 23.9% during the forecast period 2023-2030. Companies in this region are investing heavily in trending technologies such as AI, ML, 5G, cloud, big data and many others, increasing the demand for security solutions. The digital transitions of organizations caused by the pandemic have also increased security risks in this area. These factors would drive the growth of the Asia-Pacific Edge Security Market during the forecast period.

Edge Security Market 2023-2030: Scope of the Report

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Edge Security Market Report – Key Takeaways:

• Growing Popularity of SASE

The Edge Security Market analysis estimates that the services segment would grow at the highest CAGR of 23.8% during the forecast period. Secure Access Service Edge (SASE) is a network architecture framework that combines cloud-native security technologies such as CASB, SWG, FWaaS, and ZTNA with SD-WAN capabilities. SASE helps you securely connect systems, users, and endpoints to your applications and services from anywhere. SASE has also enabled organizations to implement data protection policies quickly and save costs that could have been spent on purchasing different security solutions. Such advantages would drive the growth of the SASE framework as well as the services segment of the market during the forecast period.

• Cloud-based Segment to Register Highest Growth

According to the edge security market forecast, the cloud-based segment is expected to register the fastest CAGR of 23.7% during the forecast period. Increased adoption of cloud-based services increases the risk of cyberattacks, creating the need for security everywhere. Cloud-based edge security provides a solution for all types of cloud-based edge deployments, eliminating the challenges of managing traditional application-based solutions.

• North America is Leading the Market

The North America region accounted for the largest market share in the global Edge Security market in 2022. The rapid growth of IoT and 5G services in the region is increasing the demand for edge security solutions such as there are major use cases of edge computing. According to SmartAmerica.org, city governments will invest approximately $41 trillion over the next 20 years to improve their infrastructure to take advantage of the IoT.

• Growing Investments in Edge Computing

International Data Corporation estimated the global spending on edge computing in 2022 to be $176 billion. It further adds that enterprise and service provider spending on software, hardware and services for edge solutions is estimated to sustain this growth rate through 2025, when the estimated spending will reach around $274 billion. The edge investments are expected to grow massively through 2025, led by 5G initiatives. Organizations are deploying 5g and edge technologies to boost employee productivity. This creates a significant growth opportunity for the Edge Security Market.

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Key Opportunity Analysis:

Growing Adoption of IoT Devices and 5G Services

In recent years, the adoption of IoT devices and 5G services has increased significantly around the world. According to a Forbes report, the number of mobile IoT connections is estimated to reach 3.5 billion by 2023. International Data Corporation estimates that  5G connections will surpass 1 billion by the end of 2023. The introduction of such technology would pose serious security risks. These factors will increase the demand for edge security solutions during the forecast period.

Rising Cyber-attacks and Security Risks

According to IBM’s 2022 Data Breach Report, 83% of organizations experienced multiple data breaches in 2022. Another 2022 reports by Verizon states that 84% of all cybersecurity breaches in 2022 involved servers. Such cyberattacks and security risks will increase the demand for edge security solutions during the forecast period.

According to Gartner, by 2025, 75% of enterprise data will be generated by processing outside the traditional data center or cloud. New edge computing security threats such as account theft, DDoS attacks and lateral attacks can pose fundamental challenges to how security professionals deliver data at the edge. These factors are increasing the demand for effective edge security solutions and driving the growth of the Edge Security Market during the forecast period.

A Growing Trend of Shifting to Cloud

A majority of the enterprises are using multiple security solutions as a result of the ongoing trend of moving from data centers to the cloud. However, many businesses are unawares of the number of cloud resources used in the process and how they are configured. Several companies still lack key identity-related security safeguards. It becomes harder to protect cloud apps as the lack of visibility leads to misconfiguration which is likely to go unnoticed for long. These factors create a need for more effective edge security solutions for the organizations.

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The Report also Covers the Following Areas:

• Edge Security Market Size and Forecast
• Edge Security Market Trends
• Edge Security Market Analysis by Offerings

Edge Security Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Edge Security Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Edge Security Market

Covid and Ukrainian Crisis Impact:

Due to the COVID-19 pandemic, many organizations around the world started accelerating their digital transformation activities, enabling remote operations. During this time, network performance and security have been the biggest challenges for organizations. This has boosted the adoption of edge security solutions and fueled the growth of the Edge Security Market worldwide.

Ukraine used to be one of the top countries to provide IT outsourcing businesses. Ever since cloud computing has become the standard enterprise IT model, it has been a prime target for cyberattacks. Due to the ongoing conflict between Russia and Ukraine, cyber attackers could take advantage of the current situation to damage, disrupt or destroy critical IT infrastructure. Therefore, there is a great need for effective edge security solutions. According to VMware’s 2022 Global Incident Response Threat Report, 65% of organizations report an increase in cyberattacks following Russia’s invasion of Ukraine.

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List of Key Market Players in Edge Security Market:

The key Edge Security companies profiled in this report are listed below:

• Palo Alto Networks, Inc.
• Check Point Software Technologies Ltd.
• Broadcom Inc.
• Fortinet Inc.
• Cisco Systems, Inc.
• Zscaler, Inc.
• Cloudflare, Inc.
• Forcepoint LLC
• VMware, Inc.
• Citrix Systems, Inc.
• Akamai Technologies, Inc.
• Juniper Networks, Inc.
• Netskope Inc.
• Trend Micro Inc.
• Proofpoint, Inc.

Related Reports:

Edge-OPS Market – The Edge-OPS market is projected to grow at a CAGR of 8.4% from 2022 to 2027, owing to technological advancements, the introduction of 5G networks and the increased adoption of IoT in various technologies.

Cloud Identity Access Management Market – The Cloud Identity Access Management market is projected to grow at a CAGR of 23.9% during the forecast period from 2021 to 2026. The growth of the market is mainly attributed to the growing popularity of BYOD (Bring Your Own Device) which is adopted by different organisations and growing adoption of cloud services. The growth is mainly attributed to the increasing adoption of cloud IAM solutions in various industries.

IoT Analytics Market – The IoT Analytics Market size is growing at a CAGR of 23.7% during the forecast period. It is due to the increasing growth of IoT data as well as growing adoption from the medical sector a reacting as major drivers towards significant market growth of IoT analytics.

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