Wireless Network Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted May 15, 2021 by statzyreports

The wireless network security market is expected to register a CAGR of over 12% over the forecast period from 2021 to 2026.

 
The increasing consumer propensity toward adopting wireless devices in both residential and commercial spaces is augmenting the demand for wireless network security. The growing number of enterprises opting for digital networks and mobile devices is further influencing the market. According to a report from the Wireless Broadband Alliance (WBA), 90% of the survey respondents already plan to roll out Wi-Fi6 and 66% plan to deploy the next generation by the end of 2020. Such developments are expected to influence enterprises to enhance their security as well.

- The global adoption of Wi-Fi is on the rise in both commercial and residential space, with a growing number of mobile devices that are connected to high-speed internet is on the rise. According to Cisco, the Wi-Fi hotspots are expected to grow to 628 million public Wi-Fi hotspots by 2023 from 169 million in 2018. The growing adoption of IoT augments growth. With the growth in the number of Wi-Fi hotspots, the number of security risks is increasing, and these enterprises are moving toward adopting robust encryption. WEP uses an old encryption method and holds prominence in old systems, whereas WPA is one of the widely used standards among network devices.

- WEP and TKIP protocols have been deemed insecure many years ago as Wi-Fi connections carried out via these protocols can be decrypted with relative ease, and various hardware vendors are increasingly avoiding these protocol usage. Starting with May 2019, Windows 10 showed a warning to its users if they attempt connecting to a Wi-Fi network that uses these protocols. Apart from this, WPA-enabled devices are prone to attacks. For instance, a new bug present on the chips made by Broadcom and Cypress has rendered about one billion devices vulnerable to the attack that can decrypt information in transit, and the bug is called 'Kr00k'. Using the flaw, attackers can exfiltrate information by intercepting and decrypting packets sent over the WPA2 network.

- Devices, such as Amazon Echo, Kindle, iPhone, iPad, MacBook, Google Nexus, Samsung Galaxy, Raspberry Pi 3, Xiaomi, and certain Asus and Huawei products, were tested positive for Kr00k vulnerability. Owing to such developments, the demand for wireless security is expected to become vital, especially in network-handling mission-critical workloads. With the increasing deployment of IoT and BYOD trends, the need for wireless network security is expected to be one of the enterprises' priorities. According to a study by Outpost24, 61% of security experts mentioned that BYOD offers a severe threat to their organization, and 21% feared attacks via office-based IoT devices, such as printers. The greatest wireless attack threats were password theft at 62%, followed by Botnet/Malware threats with 60%.

- The CISA (Cybersecurity and Infrastructure Security Agency) which is a part of the Department of Homeland Security warned of COVID-19 network-security issues with the most common including Phishing, Malware distribution, Registration of new domain names containing wording related to coronavirus or COVID-19 and attacks against newly and often rapidly deployed remote-access and teleworking infrastructure. In April 2020, CISA released new guidance on how remote government workers and potentially others should address network security. It included interim Trusted Internet Connections (TIC) 3.0 guidance to aid agencies in securing their network and cloud environments.

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Key Market Trends

Retail is Expected to Hold a Significant Share

- The retail industry is witnessing growth in the last two years, especially with the massive expansion of the e-commerce industry, across the globe. Hence, the retailers are not only utilizing IoT solutions to improve their operational efficiency but also to enhance the customer experience to gain competitive advantages. With the increasing use of IoT in retail space, the demand for wireless security is expected to augment over the forecasted period. Retail companies are facing a landscape filled with growing and increasingly sophisticated threats, and the financial impact of these breaches is soaring.

- Moreover, the number of IoT connected devices in the Retail sector is increasing exponentially. For instance, in the EU region alone, the number of connected devices used in the retail industry was 2.28 million units in 2019 and is expected to grow until 3.09 million units by 2025, as per ENTO reports. IoT is playing a significant role in process automation and enhancing the operational efficiency of retail stores. It is providing energy optimization, surveillance and security, supply chain optimization, inventory optimization, and workforce management. IoT is also gaining capabilities in cold chain monitoring for temperature-sensitive grocery and pharmaceutical goods.

- Retailers are also utilizing IoT to avoid security pitfalls, and are deploying IoT-enabled systems that can withstand jamming in their warehouses and stores. Recently, in 2020, UK-based RELX launched its first flagship store in China equipped with facial recognition cameras that can alert staff when a suspected person enters the store. IoT devices are connected over a private store network, and many of these devices operate over this network. Owing to such growing adoption of connected devices in the retail space, vendors are increasingly offering wireless network solutions specific to the industry.

- For instance, Aruba is in the process of reshaping its edge networking with a more user-friendly configuration for its SDBranch, enabling more secure, simplified deployment and management of large distributed retail networks. IoT is also helping retailers to offer better customer experience, hence helping in gaining profit margins. For instance, US-based retailer Walgreens has been experimenting with IoT-enabled displays on refrigerator doors that utilize face detection technology to show ads based on approximate age and gender. Many retailers in Europe are installing small, customizable, IoT-connected dashboards, or buttons to gather customer feedback and then use those insights to enhance customer experiences.

North America is Expected to Hold a Major Share

- North America is expected to be a significant contributor to the growth of the market. The United States plays a crucial role in generating demand from the region when compared to Canada. The region is a pioneer in the adoption of advanced technology. Additionally, the presence of large enterprises, the increasing frequency of network attacks, and the growing number of hosted servers in the United States are driving the growth of the market. Moreover, the region has a significant foothold of key vendors of the market. Some of them include Cisco Systems, Inc., Juniper Networks, Inc., Fortinet, Inc., and Symantec Corporation.

- Moreover, cyberattacks in the North American region, especially in the United States, are rising rapidly. They have reached an all-time high, primarily owing to the rapidly increasing number of connected devices in the region. In the United States, consumers are using public clouds, and many of their mobile applications are preloaded with personal information for the convenience of banking, shopping, communication, etc. With the increasing smart home environment in the United States, the possibility of security and privacy hazards through exploiting malicious hackers is also rising.

- The United States has the highest adoption of wireless devices. The growth in wireless devices is fueling robust security solutions to protect the misuse and unauthorized access of data. For instance, according to Cisco Systems Inc., among the countries with the highest average per capita devices and connections by 2023 United States would be leading with 13.6%. Cloud and digital transformation increased the overall cost of a data breach. Increasing cloud migration, mobile platforms usage, and IoT devices were drivers in the region. Organizations in the United States had the highest cost at USD 8.19 million, which is the average cost of a lost or stolen record.

- In 2019, many municipalities in the United States had recorded ransomware attacks, which have cost these companies a substantial recovery. For instance, Baltimore spent over USD 18.2 million in regaining its access to its connected systems. Also, 23 towns in Texas and two towns in Florida faced system lockdown due to ransomware. Most of the private companies’ and consumers’ data are at the risk of a security breach anytime. Moreover, the incremental rise in the number of portable smart devices has augmented the number of security breaches. All these factors have been instrumental in driving the growth of the wireless network security market in North America.

Competitive Landscape

The wireless network security market is fragmented as many players such as Cisco Systems, Inc., Juniper Networks, Symantec Corporation, Fortinet, Inc., Aruba Networks, among others, occupy a smaller share of the market. The players are pursuing mergers and acquisitions strategy to strengthen their product portfolio. Also, companies in the market are continually updating their existing product portfolio with the latest technologies.

- February 2020 - Juniper Networks updated its connected security portfolio with encrypted traffic analysis for Juniper Advanced Threat Prevention (ATP) and SecIntel for the Mist platform wireless access. With these additions to the company's Connected Security solution portfolio, Juniper delivers an offering to secure all traffic within an organization, whether encrypted or unencrypted, throughout all parts of the network, whether access, campus, WAN or data center.

- April 2020 - To meet the growing demand for wireless connectivity in the most challenging environments, Cisco Systems announced its intent to acquire Fluidmesh Networks, a privately-held, US-based security company renowned for providing wireless backhaul systems. Fluidmesh's technology will complement Cisco's robust industrial wireless network security portfolio, providing reliable and resilient wireless solutions for mission-critical applications.

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Issued By Statzy Market Research
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Categories Technology
Tags wireless network security market , wireless network security market forecast , wireless network security market share , wireless network security market size
Last Updated May 15, 2021