Edge Security Market to be Worth $82.4 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 14, 2024 /PRNewswire/ -- According to a new market research report titled, 'Edge Security Market by Offering (Solution, Services), Deployment Mode, Organization Size, Sector (IT & Telecommunications, Healthcare, Retail & E-Commerce, BFSI, Government, Energy & Utilities), and Geography—Global Forecast to 2031,' the edge security market is projected to reach $82.4 billion by 2031, at a CAGR of 19.7% from 2024–2031.

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Edge security is the process of securing the network at the edge where the end user is both creating and storing data in a larger network. Edge security covers the resources needed to properly secure decentralized edge networks instead of traditional centralized or cloud environments. Enterprises need to have a secure and confidentiality-oriented network combined with highly accessible and low-latency data transmission. The various edge security solutions such as software-defined wide area network, secure web gateway, cloud access security broker, firewall as a service, and zero trust network access help to secure the edge network for several industries.

The growth of the global edge security market is mainly driven by the increasing adoption of secure access service edge (SASE) to reduce IT costs and complexities and rising security concerns and risk of cyberattacks. However, the complex and fragmented nature of edge environments are factors restraining the growth of this market. Furthermore, the increasing use of 5G technology to enhance communications infrastructure and the rising adoption of cloud-based services among SMEs are expected to generate growth opportunities for market stakeholders. However, misconceptions and lack of knowledge regarding edge security are major challenges to market growth. Additionally, the surging adoption of artificial intelligence (AI) across industries is a prominent trend in the global edge security market.

The global edge security market is segmented by offering (solutions [software-defined wide area network solutions, secure web gateway solutions, cloud access security broker solutions, firewall-as-a-service solutions, zero trust network access solutions, and other edge security solutions] and services [professional services {integration services, training, consulting, and advisory services, and support & maintenance services} and managed services]), deployment mode (on-premise deployment and cloud-based deployment), organization size (large enterprises and small & medium-sized enterprises), sector (BFSI, retail & E-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors). The study also evaluates industry competitors and analyzes the market at geographical levels.

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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 50.3% of the edge security market. The large market share of this segment is attributed to the growing need to secure data in transit and prevent unauthorized access and the increasing adoption of edge security solutions to monitor network activity for suspicious behavior and prevent cyberattacks. However, the services segment is projected to register a higher CAGR during the forecast period.

Based on deployment mode, in 2024, the cloud-based deployment segment is expected to account for the larger share of the global edge security market. The large market share of this segment is attributed to the growing utilization of edge security services to safeguard edge networks against cyberattacks and the increasing adoption of cloud-based solutions among small & medium-sized enterprises. Also, this segment is projected to register a higher CAGR during the forecast period.

Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the global edge security market. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of edge security solutions & services among small & medium-sized enterprises (SMEs) to track, monitor, and manage assets, the growing digital transformation across industries.

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Based on sector, in 2024, the IT & telecommunications segment is expected to account for the largest share of the 26.7% of edge security market. The large market share of this segment is attributed to the growing utilization of 5G networks, the rising need to reduce complexities and improve visibility across IT networks, and IT & telecom companies' increasing need to protect networks, data, and devices at the edge. However, the healthcare segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of telehealth services and the growing need to protect patient data, maintain regulatory compliance, and secure IoT devices.

Based on geography, in 2024, North America is expected to account for the largest share of 33.3% of the edge security market. The North America edge security market is estimated to be worth USD 8.02 billion in 2024. The growth of this market is attributed to the rising adoption of advanced technologies such as cloud computing, AI, and IoT, the growing adoption of edge security solutions to improve the security of data stored in the cloud, and the increasing investment in edge data centers.

However, the Asia-Pacific edge security market is expected to register the highest CAGR during the forecast period due to government initiatives to ensure the highest level of edge security for the region's industrial sector, the growing need to deploy edge security solutions to ensure data, network, and device security, and the surging demand for edge security solutions due to the increasing number of connected devices in the region.

The key players operating in the edge security market are Cisco Systems, Inc. (U.S.), Broadcom Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), Palo Alto Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Zscaler, Inc. (U.S.), Cloudflare, Inc. (U.S.), F5, Inc. (U.S.), Akamai Technologies, Inc. (U.S.), Barracuda Networks, Inc. (U.S.), Forcepoint LLC (U.S.), Versa Networks, Inc. (U.S.), Cato Networks Ltd. (Israel), and Skyhigh Security (U.S.). 

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Scope of the Report:

Global Edge Security Market Assessment—By Offering

• Solutions
  • Software-defined Wide Area Network Solutions
  • Secure Web Gateway Solutions
  • Firewall-as-a-Service Solutions
  • Cloud Access Security Broker Solutions
  • Zero Trust Network Access Solutions
  • Other Edge Security Solutions
• Services
  • Professional Services
    • Integration Services
    • Training, Consulting, and Advisory Services
    • Support & Maintenance Services
  • Managed Services

Global Edge Security Market Assessment—By Deployment Mode

• Cloud-based Deployment
• On-premise Deployment

Global Edge Security Market Assessment—By Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Global Edge Security Market Assessment—By Sector

• IT & Telecommunications
• BFSI
• Retail & E-commerce
• Healthcare
• Government
• Manufacturing
• Energy & Utilities
• Education
• Other Sectors

Global Edge Security Market Assessment—By Geography

• North America
  • U.S.
  • Canada
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Singapore
  • Rest of Asia-Pacific
• Europe
  • U.K.
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
• Latin America
• Middle East & Africa

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Edge Computing Market by Component (Hardware, Platform, Services), Application (Smart Cities, Industrial IoT, AR/VR, Others), End-use Industry (Energy & Utilities, Manufacturing, Retail, Others), and Geography - Global Forecast to 2030

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Related Blogs:

Top 10 Companies in Edge Security Market

Increasing Adoption of Secure Access Service Edge (SASE) to Reduce IT Costs and Complexities Accelerating Market Growth

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