A new study conducted by Knowledge Sourcing Intelligence has shown that the market for 5G network security is expected to experience significant growth in the coming years. The forecasted compound annual growth rate (CAGR) will be 41.82%, with the market value estimated to reach $16.159 billion by 2028, compared to $1.986 billion in 2022. This growth is driven by the increasing number of cyber threats, which are becoming more sophisticated with the development of 5G networks.
Cyberattacks pose a massive global threat capable of causing trillions of dollars in economic losses. According to the World Bank, cyber threats have jeopardized values worth $5.2 trillion internationally. Every month, 10.5 million files are lost or stolen, with 438,000 files disappearing every hour. A large-scale attack can result in staggering financial losses amounting to $53 billion.
To combat these threats, robust security measures and protocols are necessary for fifth-generation (5G) wireless networks. 5G network security encompasses various types of security measures such as firewalls, Secure Service Edge (SSE), Secure Web Gateways (SWG), and Web Application Firewalls (WAF) that cater to the diverse needs of different industries.
The 5G network security market is witnessing an increasing number of product launches and collaborations. For example, Atos, a global leader in managed services, recently announced the introduction of a new security service called 5Guard. This service aims to provide integrated, automated, and organized security for organizations implementing private 5G networks and telecommunications companies. Similarly, Palo Alto Networks introduced five new machine learning-powered next-generation firewalls (NGFW) designed to address highly evasive threats in 5G service networks.
The 5G network security market can be further segmented based on type, form, or industry. Currently, the physical form dominates. Amongst various types of security measures, Web Application Firewalls (WAFs) hold a significant share in the market due to their effectiveness in protecting web applications from specific threats. In terms of industry, the telecommunications sector is the major user of 5G network security solutions, constituting a significant portion of the market.
In terms of geography, North America is expected to contribute significantly to market growth. The region benefits from substantial investments in cybersecurity by various governments. For instance, the bipartisan US Infrastructure Investment and Jobs Act includes a $1 billion investment in cybersecurity for state, local, tribal, and territorial governments. Additionally, Canada has launched the Cyber Security Innovation Network program, allocating $80 million to support research and development in cybersecurity.
Key players in the 5G network security market, identified in the study, include Nokia Corporation, Palo Alto Networks, F5 Inc., Fortinet, Mobileum Inc., SecurityGen, and AT&T Inc.
In conclusion, the 5G network security market is experiencing rapid growth in the face of escalating cyber threats faced by organizations worldwide. With technological advancements and increasing investments in cybersecurity, the implementation of robust security measures for 5G networks is of paramount importance.
The source of the article is from the blog trebujena.net