The network engineering services market encompasses a broad spectrum of services and solutions that are tailored to meet the specific networking needs of businesses. These services can range from network design and architecture to the implementation, optimization, management, and security of both wired and wireless networks. With the explosion of data traffic, the adoption of cloud computing, and the increasing complexity of modern network infrastructure, companies are now more than ever reliant on proficient network engineers to ensure that their networks are both efficient and secure.
The mobile encryption market refers to the industry that focuses on providing security solutions for mobile devices such as smartphones, tablets, and other portable devices. Mobile encryption involves the use of various encryption algorithms and techniques to protect sensitive data stored on mobile devices, as well as data transmitted over networks. With the increasing reliance on mobile devices for personal and business purposes, the need for robust security measures has become crucial.
Globally, the industrial cyber security solutions and services market is expected to grow with a CAGR of 10.3% during the forecast period from 2024 to 2032 and had been estimated to register a market value of US$ 35.58 Bn by 2032. Rising digitalization, technological advancement, and urbanization have led industries to grow at a rapid pace.
Globally, the Industrial Internet of Things (IoT) market is expected to grow with a CAGR of over 29% during the forecast period from 2024 to 2032. The market growth is attributed to the increasing adoption of the Industry 4.0 revolution across the manufacturing sector. As the competition among market players is fueling, and the customers are becoming more empowered, the manufacturers are shifting towards advance manufacturing technologies to meet these requirements.
The encryption software market is a dynamic and rapidly evolving sector, characterized by robust growth and technological advancements. This market is driven by several key factors that have shaped its trajectory in recent years. The encryption software market is expected to grow at a CAGR of 16.5% during the forecast period of 2024 to 2032, influenced by strong drivers such as data security concerns, regulatory compliance, and the adoption of cloud services.
The global market for network automation is estimated to rise at a CAGR of 24% between 2023 and 2030. Automation includes the management, configuration, testing, operations, and deployment of virtual and physical network devices. It automates the network with software and provides management and security to optimize network operation and efficiency. In addition, it enables rapid operation units to configure and integrate application services and network infrastructure.
Employers in the public and private sectors, as well as government agencies, are requiring employees to work from home (WFH), putting an unanticipated strain on networking technologies and causing bandwidth and security issues due to increased internet traffic, which is driving the global Network Automation Market. Corporate networks are under stress as an increasing number of users, devices, and applications rely on the network for vital access to a wide variety of endpoints. New network architectures and enhanced management tools that employ machine learning and artificial intelligence to construct self-driving or autonomous networks are gaining increasing interest among organizations. These developments are also drastically altering how businesses rely on the services of their partners and suppliers.
One of the greatest advantages of network automation is reduced operational costs. By removing tiresome and manual operations through automated and orchestrated infrastructures, one not only increases the network's capabilities but also obtains a faster return on investment. Moreover, automation decreases errors and increases resilience. In addition to automating manual operations to minimize network faults, many systems automatically respond to network errors without human intervention, so boosting company resiliency and ensuring that employees always have access to the apps and data they require. Enhanced levels of network automation minimize complexity and are vital for businesses to remain competitive in the digital era.
One of the most significant reasons restraining the growth of the market is the fear of certain companies that automated solutions may ignore security risks or impose numerous network constraints. In addition, deploying automated systems or solutions necessitates the hiring of professionals or the training of an organization's existing network staff, thus increasing the business's expenses. During the COVID-19 pandemic, maintaining IT operations is dependent on automation. The aggregate data volume across Verizon's networks grew by 19% compared to pre-COVID levels, according to the Verizon Network Report dated April 22. While data consumption is elevated, network usage patterns have stabilized. Verizon anticipates that the user base will sustainably increase in the future.
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