September 13, 2024 at 02:05PM
Dell’Oro Group’s 2Q 2024 Network Security Report shows a 6% Y/Y growth in the Network Security market, reaching $5.9 billion. Cloud-native security solutions and virtual firewalls drove the growth, but hardware-based solutions declined. Infrastructure Security reached $5 billion, with SSE revenue growing to nearly $1.5 billion. WAF revenue rose 18%, and high-end physical firewalls stabilized. Contact [email protected] for the full report.
Key takeaways from the meeting notes:
– The Network Security market showed signs of recovery in 2Q 2024, growing 6 percent year-over-year to reach $5.9 billion after six consecutive quarters of deceleration.
– Growth was primarily driven by solid demand for cloud-native security solutions and virtual firewalls, which saw a 17 percent increase.
– The Infrastructure Security market achieved nearly $5 billion, marking a mid-single-digit growth.
– The Application Security and Delivery market experienced high single-digit growth, reaching $1.2 billion, primarily driven by robust WAF sales.
– SSE revenue increased to nearly $1.5 billion, with the top three vendors – Zscaler, Palo Alto Networks, and Broadcom – controlling almost 60 percent of the market.
– WAF revenue rose 18 percent, driven by a 25 percent growth in SaaS-based WAF solutions.
These points highlight the shift towards cloud-centric architectures, the growth of specific market segments, and the dominance of certain vendors in the Network Security market. For more details or to purchase the full report, individuals can contact Dell’Oro Group at [email protected] or visit their website at https://www.delloro.com.