Estimates indicate that the 5G network security market will experience significant growth, projected to reach $16.159 billion by 2028, compared to $1.986 billion in 2022. The main driver of this growth is the escalation of cybersecurity threats. With the introduction of 5G networks, cyber threats have become more advanced and sophisticated, resulting in a greater demand for robust cybersecurity measures to protect sensitive and confidential data.
A global study conducted by the World Bank reveals that cyber attacks pose a serious threat to approximately $5.2 trillion in value. It is shocking that an average of 10.5 million files are lost or stolen every month, which translates to 438,000 files per hour. Furthermore, a single large-scale cyber attack can result in financial losses of up to $53 billion.
To counter these threats, 5G network security encompasses various measures and protocols applied to protect the fifth generation of wireless networks from potential vulnerabilities. These security measures include firewalls, secure socket encryption (SSE), secure web gateways (SWG), and web application firewalls (WAF), which can be employed in various industries.
The growth of the 5G network security market is further stimulated by the introduction of new products and collaborations. For example, Atos introduced the 5Guard security service in February 2023, offering enhanced protection for companies implementing private 5G networks and for telecommunications companies. Additionally, Palo Alto Networks introduced five new next-generation firewalls (NGFWs) utilizing artificial intelligence in November 2023, specifically designed to combat highly elusive threats in 5G service networks.
This market can be divided into three main form-based categories: physical, virtual, and software as a service (SaaS). Currently, the physical form holds the largest market share. It is divided into five categories based on type, including firewalls, SSE, SWG, WAF, and others. Web application firewalls are particularly effective in securing web applications against specific threats. Industries such as banking, telecommunications, government, and manufacturing are heavily reliant on 5G network security, with the telecommunications sector being the largest user of these solutions.
In terms of geographical contribution, North America is expected to play a significant role in the development of the 5G network security market. Governments in the region are investing substantial funds in cybersecurity. For example, the bipartisan Infrastructure Investment and Jobs Act in the United States allocates $1 billion for cybersecurity in government institutions. Canada has also implemented the “Cyber Security Innovation Network” program, providing $80 million for research and development in cybersecurity.
Key players contributing to the development of the 5G network security market include Nokia Corporation, Palo Alto Networks, F5 Inc., Fortinet, Mobileum Inc., SecurityGen, and AT&T Inc. Their contribution to the development of innovative security solutions is essential in ensuring the protection of 5G networks from evolving cyber threats and safeguarding valuable data.
Source: example.com
FAQ
What is 5G?
5G is the fifth generation of wireless communication technology that offers faster speeds, lower latency, and greater device connectivity.
What are the threats to 5G network security?
Threats to 5G network security include cyber attacks, data breaches, malware, and other methods that can compromise the confidentiality and integrity of data.
Source: example.com
The source of the article is from the blog anexartiti.gr