Artificial Intelligence
Network Security market is projected to grow at a CAGR of 16.9% by 2033: Visiongain
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As per the report by Visiongain, the global Network Security Market was valued at US$26.7 billion in 2022 and is projected to grow at a CAGR of 16.9% during the forecast period 2023-2033.
Visiongain has published a new report entitled Network Security 2023-2033. It includes profiles of Network Security and Forecasts Market Segment by Deployment (On-Premises, Cloud) Market Segment by Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs), Micro Enterprises) Market Segment by Offering (Product, Service, Managed Security Service Provider (MSSP), Reseller) Market Segment by Solution (Firewall, Intrusion Detection and Prevention System (IDPS), Virtual Private Network (VPN), Security Information and Event Management (SIEM), Other Solutions) Market Segment by Vertical (Aerospace and Defence, Government Institutions, BFSI, IT & Telecom, Healthcare, Other Vertical) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
Regulatory Compliance Requirements
Stringent regulations and compliance requirements in various industries, such as finance, healthcare, and government, are driving the demand for network security solutions. Organizations need to adhere to data protection laws and industry-specific regulations, which necessitate robust network security measures.
Growing Adoption of Cloud Computing
The rapid adoption of cloud computing and the migration of data and applications to the cloud have increased the need for network security. Organizations require secure network architectures, encryption, access controls, and threat detection mechanisms to safeguard their cloud-based assets.
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https://www.visiongain.com/report/network-security-market-2023/#download_sampe_div
How has COVID-19 had a significant negative impact on the Network Security Market?
The COVID-19 pandemic has had a mixed impact on the network security market. On one hand, the increased reliance on remote work has created new security challenges for organizations, leading to increased demand for network security solutions. On the other hand, the economic slowdown and budget constraints caused by the pandemic have led some organizations to delay or cancel their investments in network security solutions.
One positive impact of the pandemic on the network security market has been the increased demand for cloud-based security solutions. With more employees working remotely, organizations are increasingly relying on cloud-based applications and services, which has led to increased demand for cloud-based security solutions. For example, cloud-based security solutions provider Zscaler reported a 46% year-over-year increase in revenue in Q3 2020.
However, the pandemic has also led to some negative impacts on the network security market. Many organizations have had to cut back on their IT budgets due to the economic slowdown caused by the pandemic. This has led to delays or cancellations of investments in network security solutions. For example, cybersecurity firm Fortinet reported lower-than-expected revenue growth in Q2 2020 due to delays in customer purchasing decisions caused by the pandemic.
How will this Report Benefit you?
Visiongain’s 418-page report provides 130 tables and 188 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global network security market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Network Security. Get financial analysis of the overall market and different segments including deployment, organization size, offering, solutions, and vertical and capture higher market share. We believe that there are strong opportunities in this fast-growing network security market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increased Adoption of Zero-Trust Architecture
In today’s era of distributed work and cloud computing, the traditional “trust but verify” approach is no longer sufficient as networks extend beyond physical office boundaries. Instead, the concept of “zero trust” is gaining prominence. Zero trust involves thoroughly authenticating, authorizing, and continually validating network users before granting them access to applications and data.
To establish a zero-trust environment, organizations need to focus on robust identity management, endpoint protection, encryption, and continuous monitoring. The COVID-19 pandemic has created new opportunities for cybercriminals to breach networks, especially with the sudden shift to remote work. Therefore, it is essential for organizations to adopt a zero-trust framework and implement access control policies, authentication, and least-privileged environments to safeguard valuable data assets. While there is no one-size-fits-all solution for zero trust, organizations need to act promptly and embark on the journey towards its implementation.
The Network Security Market Driven by Increasing Cyber Threats and Attacks Worldwide
One of the primary drivers of the network security market is the escalating number of cyber threats and attacks worldwide. With the proliferation of digital technologies and the growing reliance on the internet for business operations, organizations are becoming increasingly vulnerable to cyber threats and attacks.
Cyber threats and attacks manifest in various forms, including malware, phishing, ransomware, and denial-of-service attacks. These threats can inflict significant financial and reputational damage on organizations, underscoring the criticality of implementing advanced network security solutions.
For instance, in 2021, the Colonial Pipeline, a major US fuel pipeline operator, fell victim to a ransomware attack that disrupted its operations and resulted in fuel shortages in several states. Similarly, in 2020, a cyber-attack on SolarWinds, a leading IT software provider, compromised the networks of multiple US government agencies and private organizations, highlighting the increasing sophistication of cyber threats.
To combat the growing threat of cyber-attacks, organizations are increasingly investing in advanced network security solutions such as firewalls, intrusion detection and prevention systems, and endpoint security solutions. These solutions provide advanced threat detection and prevention capabilities, enabling organizations to proactively identify and mitigate cyber threats.
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https://www.visiongain.com/report/network-security-market-2023/#download_sampe_div
Where are the Market Opportunities?
The Emergence of IoT Creates an Opportunity for Network Security Providers to Develop Tailored IoT Security Solutions
The increasing prevalence of Internet of Things (IoT) devices offers network security providers a chance to create solutions specifically designed to secure these devices and the data they generate. IoT devices are increasingly being used in critical sectors like healthcare, energy, and transportation, underscoring the significance of their security.
The growth of IoT devices poses unique challenges for network security. These devices are often deployed in remote or inaccessible locations and typically have limited processing power and memory. Moreover, they may be susceptible to cyber-attacks due to outdated or weak security protocols. This situation presents a favourable environment for network security providers to develop solutions that effectively safeguard IoT devices and their associated data.
IoT security solutions can deliver real-time monitoring, threat detection, and automated response capabilities for IoT devices. They can leverage machine learning and artificial intelligence to identify anomalous behaviour and potential security threats. Furthermore, these solutions enable centralized management and control of IoT devices, simplifying the task of managing and securing an organization’s IoT infrastructure.
The Surge in Managed Security Services as Organizations Entrust Network Security Operations to External Providers
Managed Security Services (MSS) is a rapidly expanding segment within the network security market. MSS involves outsourcing security functions to third-party providers who handle the management and monitoring of an organization’s security infrastructure. This allows organizations to focus on their core business activities while ensuring their network security is handled by experts.
MSS providers offer an array of services, including threat detection and response, vulnerability management, security information and event management (SIEM), and compliance management. They can also provide round-the-clock monitoring and incident response capabilities, which are critical in today’s ever-evolving threat landscape.
The demand for MSS is driven by several factors, including the increasing complexity of network security, the shortage of skilled security professionals, and the need for organizations to comply with industry regulations. Additionally, MSS can often be a more cost-effective solution compared to hiring and training an in-house security team.
Competitive Landscape
The major players operating in the network security market are Akamai Technologies, Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., F5 Networks, Inc., Forcepoint LLC, Fortinet, Inc., IBM Security Services, Imperva Inc., Juniper Networks, Inc., McAfee Corp., Palo Alto Networks, Inc., Proofpoint, Inc., Sophos, Trellix, Trend Micro Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 13 April 2023, Leonardo, and Cisco Systems, have signed a Memorandum of Understanding (MoU) to expand their mutual business relationships and launch a structured collaboration in the civil and defence industry domains.
- 25 April 2023, Accenture and Palo Alto Networks has entered into collaboration to deliver joint secure access service edge (SASE) solutions powered by Palo Alto Networks® AI-powered Prisma® SASE, allowing organisations to improve cyber resilience and accelerate business transformation efforts.
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About Visiongain
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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Artificial Intelligence
CUBE acquires global regulatory intelligence businesses from Thomson Reuters
LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.
View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html
Artificial Intelligence
Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan
The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cayman-enterprise-city-publishes-socio-economic-impact-assessment-by-economist-and-leading-advisor-on-the-caribbean-marla-dukharan-302148206.html
Artificial Intelligence
Strava Unveils New Chapter of Accelerated Product Development at Brand’s Flagship Event
The Company introduces increased product velocity, leveraging advancements in Artificial Intelligence, in service of its vision of a world connected through movement
LOS ANGELES, May 16, 2024 /PRNewswire/ — Strava, the leading digital community for active people with more than 125 million athletes, today showcased its latest initiatives and product developments at its annual event, Camp Strava. With the theme of Progress, Together company leaders announced how the platform will empower its global community to make progress in the way they explore, move, and connect on Strava.
“Strava is gaining momentum to realize our vision of a world connected through movement,” said Michael Martin, chief executive officer of Strava. “We are focused on two fundamental shifts to accelerate how we deliver value to 125 million people globally– building for women and leveraging Artificial Intelligence – which will unlock new community-and-partner-powered experiences across the platform.”
A New Era of Product VelocityStrava, with new leaders at the helm, is ushering in its next era of product velocity. The company listened closely to feedback from its global community and announced three of the most requested features coming to the platform by the end of the year.
The first of these updates, AI-enabled Leaderboard Integrity, will harness machine learning to automatically flag irregular, improbable, or impossible activities recorded to the platform. Trained by millions of activities, this feature allows all users on Strava to play fair and have more fun.
Additionally, the company announced a new Family Plan Subscription, the sister of the company’s Student Plan. With Family Plan, it’s easier to make a fitness commitment with your community by sharing an annual subscription with up to three other people – friends, family, or fitness family. Launching in select countries this summer, with plans to roll out globally by the end of the year, Strava’s newest annual subscription option offers the best value for groups (up to four), with a discount off the regular subscription price for each member.
Strava also implemented an updated design system, an initiative that is integral in driving a heightened pace of product innovation at the company. Through this work, Strava announced the launch of one of the company’s most requested features, Dark mode. Dark mode will improve the in-app experience for all users, reducing eye strain and improving accessibility while they record activity or scroll through the feed. Athletes can expect a rollout later this summer with options to keep their mobile settings always dark, always light, or match their device settings.
Company leaders highlighted several other features and updates to current products like Flyover, with its next iteration offering an overlay with activity stats and off-platform sharing capabilities. The overlay is available today for Strava subscribers and an off-platform sharing option will be released later this year.
Build for Her, Build for ManyStudies show that women of all ages participate in sports at a far lower rate than men, and overall, despite wanting to be active, find less time to dedicate to an active lifestyle. As the company continues on its mission to motivate people to live their best active lives, building for women on the platform will ultimately serve everyone in the Strava community. Several new features and initiatives were announced as a part of this strategic focus, which includes:
Night Heatmaps: Night Heatmaps show only activities between sundown and sunrise – so athletes can get an idea of which roads, trails, and paths are well-trafficked after hours. Since Night Heatmaps filter for after-hours routes, it can be a helpful tool for female athletes training before sunrise and after sunset.Quick Edit: For active women, having control over what is shared with the Strava community that cheers them on – like what time a run is logged – is important. Quick Edit makes it easier to make the most common edits – like activity name, and privacy settings so you can hide your start time, your map, or other workout stats.Strive for More®: The company announced a new phase of its Strive for More® initiative, created in 2022 to promote and support women in movement and sport. Today, Strava unveiled an official partnership with media company TOGETHXR to encourage more women to watch – and play – women’s sports. As part of the partnership, Strava will also donate $100,000 to the Alex Morgan Foundation, started by co-founder of TOGETHXR, Alex Morgan, to support their mission to help girls and women find confident paths forward in sports and life.Athlete IntelligenceToday, Strava announced the start of an accelerated product roadmap, outlining how Strava will implement the latest technological enhancements in AI and machine learning, to transform the athlete experience.
One key advancement to the platform includes the company’s latest development, Athlete Intelligence. Strava is introducing its beta AI-powered feature which turns each subscriber’s training data into an easily digestible summary that contextualizes their accomplishments and fitness goals. Unlike other AI-powered training services, Strava connects with thousands of devices, wearables, and fitness apps, so an athlete’s insights can consider their entire fitness story across multiple sports and modalities.
The features shared at Camp Strava will be released on a rolling basis through the end of the year. To view the full list of product releases and further details, visit www.press.strava.com.
For more information on Strava, to create a free account, or to start a free subscription trial visit www.strava.com.
About Strava Strava is the leading digital community for active people with more than 125 million athletes, in more than 190 countries. The platform offers a holistic view of your active lifestyle, no matter where you live, which sport you love and/or what device you use. Everyone belongs on Strava when they are pursuing an active life. Join the community, find motivation and discover new experiences with a Strava subscription.
Visit www.strava.com for more information and connect with Strava on Instagram, Twitter, Facebook, YouTube and LinkedIn.
Media Contact: [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/strava-unveils-new-chapter-of-accelerated-product-development-at-brands-flagship-event-302147068.html
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