What is the Impact of the COVID-19 Crisis on the Network Segmentation Solution Market?

Network segmentation is a process of splitting the computer networking into sub networks to boost network performance and improve security. Increasing cyber-attacks on connected devices is a major driving factor for the growth of the global network segmentation solution market. For instance, in 2014, cyber criminals attacked the Home Depot's network and stole information of more than 56 million payment cards. In 2017, WannaCry ransomware attack, a worldwide cyber-attack, affected more than 200,000 computers in 150 countries in which India, Russia, Taiwan, and Ukraine were majorly affected. Similarly, the 2016 Indian banks data breach and the 2017 Equifax data breach are some of the other major cyber-attacks through which personal data or information of millions of customers have been stolen. Hence, increasing cyber-attacks have driven the need for advance network security solutions which controls the unauthorized access of cyber criminals. This has accelerated the network segmentation solution market globally. In addition, the increasing numbers of network connected devices have raised the demand for advance network security solutions which accelerates the market. For instance, by 2022, global networked devices is expected to reach 28.5 billion units, up from 18.0 billion units in 2017.

On the basis of component, the network segmentation solution market is segmented into solution and services. The service segment is sub segmented into professional and managed services. Managed services is expected to expand at the highest CAGR during the forecast period. Managed service plays a key role in the development of network segmentation solutions according to client requirement. Managed services includes planning, designing, testing, and maintenance and support. Based on deployment model, the network segmentation solution market is segmented into on-premise and cloud. In terms of enterprise size, the market is segmented into large enterprises and small & mid-size enterprises. Based on verticals, the market is segmented into government and defense, BFSI, it and telecom, healthcare, retail, manufacturing, energy & utilities, and others.  

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In terms of region, the global network segmentation solution market can be categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a dominant position in the global network segmentation solution market and is expected to retain its dominance throughout the forecast period. The increasing incidence of cyber-attacks in countries of the North America region has accelerated the demand for network segmentation solutions. In 2016, 46 U.S. financial institutes were targeted by the Distributed Denial of Service (DDoS) attack in which data of more than 83 million bank customers were stolen. The network segment solution provides effective control to limit further movement of unauthorized access of cyber criminals across the network. Moreover, the presence of strong IT infrastructure and networking have accelerated the demand for networking security solutions for improving network security and performance in the region. In addition, the significant presence of network segment solution providers in North America has provided a dominant position to the region in the global market.

The market in Asia Pacific is expected to expand with the highest CAGR during the forecast period. India, China, Japan, and Australia are some of the major countries which drive the market in this region. The increasing adoption of networking devices is a key factor driving the network segmentation solution market in this region. By 2022, networked devices are expected to reach 13.1 billion units in Asia Pacific, up from 8.6 billion units in 2017. Hence, the increasing number of networking devices has raised the demand for advance network security solutions which consequential accelerates the network segmentation solution market in this region.

Key players operating in the global network segmentation solution market include Tufin, Citrix Systems, Inc., Rockwell Automation, Inc., Riverbed Technology, Palo Alto Networks, Inc., and AlgoSec. 

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