April 17, 2024
Ict

Network Access Control Market is Estimated to Witness High Growth Owing to Increasing Cyber Crimes

The network access control market involves products and services that allow or deny access to devices connecting to a private network. NAC solutions authenticate devices, assess vulnerabilities, ensure compliance with security policies, and take appropriate actions. They help prevent unauthorized access and data breaches. The growing instances of cyber attacks and vulnerabilities have compelled organizations across industries to adopt robust network security controls using NAC.

The global Network Access Control Market is estimated to be valued at US$ 9,397.7 Mn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the network access control are Auconet, Inc., Avaya, Inc., Bradford Networks, Cisco Systems, Inc., Extreme Networks, Inc., Forescout Technologies, Inc., Hewlett Packard Enterprise Development LP, Impulse Point, Key Innovator, Portnox, and Pulse Secure, LLC.

The key opportunities in the network access control market include the growing bring your own device (BYOD) trend, rapid transition to cloud-based NAC offerings, and integration of NAC with automated IT service management tools for simplified operations. Many organizations are also deploying NAC across their globally distributed branches and remote workforce to centrally govern device access.

The global expansion of the network access control market is driven by factors such as increasing government regulations on data privacy and security compliance. Various countries have framed cybersecurity laws like GDPR compelling enterprises to tightly monitor and control all devices and users on their networks. Furthermore, the market is witnessing growth in developing economies of Asia Pacific and Middle East & Africa attributed to digitization and adoption of cloud-based business models.

Market drivers
The key driver for the network access control market is the rising cyber crimes across industries. As per a report, 3.5 billion records were exposed through data breaches in 2021, amounting to a cost of over $4 trillion for businesses worldwide. NAC solutions play a vital role in preventing unauthorized access and vulnerabilities that threat actors commonly exploit. They help enterprises strengthen network perimeter security and compliance with policies. This is anticipated to propel the demand for NAC solutions over the forecast period.

PEST Analysis:

Political: Government regulations on data security and privacy are driving the adoption of network access control solutions. Strict data protection acts enforced across regions are encouraging organizations to implement centralized network access management.
Economic: The growing global GDP and increasing spending on network infrastructure by enterprises is fueling market growth. Demand from industries such as BFSI, healthcare, and government is boosting revenue opportunities.
Social: BYOD and work from anywhere trends are prompting companies to safeguard network access through identity and access management. Rising cyber threats and security breaches are making organizations implement robust identity verification systems.
Technological: Integration of advanced technologies like AI, blockchain, and biometrics is enabling enhanced network access management. Cloud-based network access control is gaining popularity due to benefits like scalability, flexibility, and easy deployment.

North America holds the largest market share currently due to stringent data privacy regulations and increasing cyber attacks. Organizations in industries like IT & telecom, BFSI are actively investing in network security upgrades. Asia Pacific is emerging as the fastest growing regional market driven by the rapidly developing economies of China, India and growing digitalization. Rapid infrastructure development and rising internet penetration across industries are fueling NAC adoption.

The Network Access Control Market Middle East and Africa region is witnessing significant growth due to government initiatives for smart city projects and investments in network infrastructure. Enterprises are implementing centralized security controls to safeguard decentralized networks and address user access issues. Latin America is also registering healthy growth supported by technology adoption across sectors and efforts to curb cybercrime.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it