Report Linker forecasts that the global 5G security market will grow from USD 580 million in 2020 to USD 5,226 million by 2026, at a Compound Annual Growth Rate (CAGR) of 44.3% during the forecast period.
The 5G security market is gaining traction due to rising security concerns in the 5G networks, increasing ransomware attacks on IoT devices, rising attacks on critical infrastructure, and increasing IoT connections paved way for mMTC with enhanced security requirement. However, high cost of 5G security solutions will restrain the adoption by SMEs.
The implied negative flipside for operators and enterprises, of course, is that more money will have to be spent on tackling 5G vulnerabilities. The report pointedly notes that the high cost of 5G security solutions will limit adoption by SMEs.
Based on solution type, the DDoS protection solution segment is expected to grow with the fastest growth rate during the forecast period
The DDoS protection segment is projected to grow with the most rapid growth rate in 2020 to 2026.Enterprises use DDoS protection and mitigation solutions and services for adaptive defense against DDoS attacks.
These attacks further affect the confidentiality, integrity, and availability of resources, which may result in billion-dollar losses for enterprises.
Enterprises segment to grow at the highest CAGR during the forecast period
Enterprises are undergoing digital transformation across different industries. Businesses are in various stages of implementing new technologies to develop new solutions, improve service delivery, increase operational efficiency, reduce cost, gain competitive advantage, and meet rising customer expectations. 5G will soon make it into the list of technologies enterprise will consider, with standalone 5G solutions that will enable various new industrial applications, such as robotics, big data analytics, IIoT and AR/VR in engineering and design, as well as new ways to provide remote support and training. As a result, enterprises will need 5G security mechanism to secure the entire network, applications, and devices.
Asia Pacific (APAC) region to record the highest growth and also account for largest markety share in the 5G security market
APAC region is set to dominate 5G, edge computing, blockchain, and 5G security technology, due to its size, diversity, and the strategic lead taken by countries, including Singapore, South Korea, China, Australia, and Japan.These countries have always supported and promoted industrial and technological growth.
Also, they possess a developed technological infrastructure, which is promoting the adoption of 5G security solutions across all industry verticals. Moreover, the region has become the center of attraction for major investments and business expansion opportunities.
While Reportlinker.com praises APAC for leading in 5G security, Europe is way behind if a recent report according to a report from the European Court of Auditors (ECA).
A year-long ECA probe into how European Union (EU) member states are dealing with 5G security found that while “member states have started to develop and implement necessary security measures to mitigate risks, they seem to be progressing at a different pace.”
More worryingly, Annemie Turtelboom, the ECA member leading the audit, indicated that some EU countries were bypassing supplier security checks in order to speed up 5G rollout.
Companies such as ZTE (China), Samsung (South Korea), and Huawei (China) are heavily investing in the upcoming 5G technology and are initiating field trials together with some of the leading mobile service carriers, such as China Telecom (China), KT (South Korea), SK Telecom (South Korea), China Mobile (China), SoftBank (Japan), and China Unicom (China).
• By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
• By Designation: C-level – 38%, Directors – 30%, and Others – 32%
• By Region: North America – 40%, Europe – 15%, APAC – 35%, and Rest of the World (RoW)– 10%
This research study outlines the market potential, market dynamics, and major vendors operating in the 5G security market. Key and innovative vendors in the 5G security market include A10 Networks (US), Akamai (US), Allot (Israel), AT&T (US), Avast (Czech Republic), Check Point (US), Cisco (US), Clavister (Sweden), Colt Technology (UK), Ericsson (Sweden), F5 Networks (US), ForgeRock (US), Fortinet (US), G+D Mobile Security (Germany), Huawei (China), Juniper Networks (US), Mobileum (US), Nokia (Finland), Palo Alto Networks (US), Positive Technologies (UK), Radware (Israel), Riscure (The Netherlands), Spirent (US), Trend Micro (Japan), and ZTE (China).
The market study covers the 5G security market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component (solutions and services), network component security, architecture, end user, deployment type, vertical, and region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.