The global 5G security market size is projected to 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.
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Services segment to grow at the highest CAGR during the forecast period
Services play a vital role in the deployment and integration of 5G security solutions in an enterprise’s business environment. Services are considered an important component of the 5G security market, as they majorly focus on improving the business processes and optimizing the enterprise’s network. Services are considered as the backbone of the 5G security, as they are instrumental in fulfilling the clients’ requirements, such as network testing, planning and optimization, support and maintenance, and consulting.
Cloud deployment type is expected to grow at the highest CAGR during the forecast period
Cloud mode of deployment is expected to exhibit a higher CAGR during the forecast period. By deploying 5G security solutions and services on the cloud, organizations can avoid spending on hardware, software, storage, and technical staff. The cloud deployment type is often used for both private and public clouds and may vary from case to case, depending on the requirement of the client. Additionally, organizations can scale up or down, depending on their use of cloud-based 5G security services. The cloud deployment segment has witnessed strong demand in the early phase of the 5G standalone network. It offers a wide range of benefits, such as scalability, accessibility, flexibility, and cost-effectiveness.
The major vendors covered 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). These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, partnerships, agreements, and collaborations, new product launches to expand their presence in the 5G security market. Partnerships and new product launches have been the most adopted strategies by major players from 2018 to 202, which helped them innovate their offerings and broaden their customer base.
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Ericsson (Sweden) is one of the leading vendors of the 5G security market. The company is working toward enhancing its market share and presence with the help of the organic and inorganic growth strategies. In line with its organic growth strategies, in September 2020, Ericsson launched an integrated Packet Core Firewall to boost 5G core security. The all-in-one cloud-native solution combines user plane security and advanced security functions seamlessly integrated with Ericsson Packet Core Gateway. Packet Core Firewall provides proactive protection to manage internet, roaming and access threats, addressing security in mobile broadband and IoT-to-the-edge use cases. In line with its inorganic growth strategies, in April 2020, Ericsson partnered with Erillisverkot Finland for the next 10 years, to provide its 5G Core for next-generation public safety network. Finland’s Erillisverkot added Ericsson Security Manager to its 5G public safety network, in November 2020. Ericsson Security Manager would enhance the control and visibility of network security for Erillisverkot’s 4G and 5G networks. The solution provides security automation, compliance monitoring, and security analytics.
Palo Alto Networks (US) is another top player in the 5G security market and has majorly adopted organic and inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its organic growth strategies, in November 2020, Palo Alto Networks introduced the 5G-Native Security offering, bringing its expertise in securing networks, clouds, and devices to the 5G world. This new offering enables service providers and enterprises to turn 5G networks into highly secure networks. In line with its inorganic growth strategies, in September 2019, Palo Alto Networks acquired Zingbox, an IoT cybersecurity corporation. With this acquisition, Palo Alto Networks leverages Zingbox’s IoT security capabilities to provide subscriptions of its NGFW and Cortex platforms to help users secure their connected devices.
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