Emerging technologies such as the Internet of Things, bring your own device (BYOD), machine to machine networks, cloud-based services, and rise in web-based applications are driving the growth of the network access control market.
Rising cases of the data breach and cyber crimes
The key growth drivers for this market are the growing rate of cybercrimes, malware attacks, and the breach of data security around the globe. IBM Security in its 2019 Cost of a Data Breach Report reported that the average total cost of a data breach was USD 3.92 million and the cost of a data breach has risen 12% over the past years.
According to a report published by the World Economic Forum on April 1, 2020, cybercriminals are exploiting COVID 19 to launch cyberattacks, and passwords are one of the most vulnerable targets of attack.
Moreover, in enterprises, new devices, and new employees entering the network supports the growth of the market. Also, operating systems such as android, IoS, and windows are improving compatibility with network access control products contributing towards the growth of the market.
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Huge investment and deployment
The market growth is hampered by huge initial investment in cloud deployment and establishing appropriate policies for the network access control systems.
Furthermore, the lack of comprehensive control to identify user access and guest access may hamper the growth of the market.
The network access control market is expected to attain a notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, services, verticals, deployment, and region. Among product segmentation, the hardware solution segment is anticipated to hold the leading market share during the forecast period owing to greater endpoint visibility and compliance. The software segment is expected to grow significantly in the forecast period on account of increasing cybercrimes and malware attacks.
Our in-depth analysis of the network access control market includes the following segments:
Geographically, the network access control market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is predicted to dominate the global network access control market share followed by Europe and APAC in the forecast period owing to technological maturity, a growing rate of cybercrimes, data breaching, and the massive growth of the industrial sector in the region. North America houses the key players of the network access control market and the existing datacentre facilities are also observing expansion.
The Asia Pacific is anticipated to surface as a lucrative region for the network access control market in the forecast period on account of the high adaption of mobile, social, and cloud technologies.
Latin America and the Middle East & Africa regions also represent immense potential in terms of the adoption of network access control solutions.
The network access control market is further classified on the basis of region as follows:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• the Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
According to the World Economic Forum’s Global Risks Report which was published on January 15, 2020, Cyberattacks are among the top 10 risks, in terms of likelihood and severity of impact.
March 5, 2020: Forescout Technologies, Inc. announced that the company will be in a strategic partnership with Medigate to reduce the risk associated with medical IoT devices.
On November 6, 2019, Forescout Technologies, Inc. launched a cloud-based “eyeSegment” that will assist organizations to expedite network segment projects.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh