The revenue of the network security market in 2023 reached $22.5 billion with a deceleration to a single-digit growth rate, largely due to the decline of hardware-based solutions, according to a recent Dell’Oro Group report.
The report also named Palo Alto Networks and Zscaler as “notable 2023 victors” in this market.
The analysis firm found the revenue of hardware-based solutions saw a 1% decrease, while the software-as-a-service (SaaS) and virtual network security segments surged 26% to $9.6 billion. Nearly $5 billion of this growth is attributed to the secure service edge (SSE) market, which ballooned by 30%. This rise reflects the widespread adoption of remote work and cloud applications, necessitating a SaaS-based approach like SSE.
This post was originally published on 3rd party site mentioned in the title of this site
