Network access control market predict strong growth by 2032

DataHorizzon Research recently published a report on the Network Access Control Market, forecasting substantial growth from USD $2.9 billion in 2023 to USD $14.5 billion by 2032 at a Compound Annual Growth Rate (CAGR) of 19.5%. Network Access Control (NAC) is a security technology that enables the regulation and monitoring of device access to a network. NAC ensures that only authorised and compliant devices can connect to the network, thus reducing the risk of data breaches. With the growing incidence of cybercrimes worldwide, demand for NAC solutions is expected to rise.

The report highlights an uptick in the NAC market, driven by increased security concerns over network infrastructure. Companies are moving towards the 'consumerisation of IT', allowing employees to use personal devices to access corporate networks and data in an effort to reduce capital expenditure. While this approach can improve productivity, it raises concerns over network access and security. In particular, verifying user authenticity within an enterprise poses a challenge.

Data breaches are not only expensive but also have the potential to compromise a company's and its client's information. Verizon's 2023 DBIR states that around 19% of data breaches originate from internal actors such as full-time employees, contractors, and interns. The 2023 IBM Data Breach Report indicated that the global average cost of a data breach was around USD $4.5 million.

NAC solutions can offer dynamic endpoint intelligence, allowing IT teams to make informed decisions and take appropriate action. The application of NAC policies can verify the authorisation of users and devices attempting to access or already connected to the network. Because of this, the NAC market is predicted to experience substantial growth in the coming years.

Further analysis by DataHorizzon Research segmented the global NAC market by product, deployment, enterprise size, end-user and region. In terms of product, the software segment accounted for a significant market share in 2023. This growth is attributed to the rising adoption of cloud-based solutions. The BFSI (Banking, Financial Services, and Insurance) sector dominated the end-use category, with its need for advanced security in banking transactions. Geographically, North America held a significant share of the market due to major NAC providers and an increase in malware attacks and data security threats in the region.

However, the report also suggests that deployment and interoperability issues and high implementation costs could hinder market growth. Prominent players in the NAC market landscape include Hewlett Packard Enterprise, Auconet, Cisco Systems, Juniper Networks, Extreme Networks, Fortinet, IBM Corporation, Broadcom, Macmon Secure GmbH, Microsoft Corporation, VMware, and Huawei Technologies Co, amongst others.

DataHorizzon Research's report underscores the significant growth potential of the Network Access Control (NAC) market driven by escalating security concerns and the increasing prevalence of data breaches. While challenges like deployment issues and high costs may temper this growth, the demand for NAC solutions remains robust, particularly in sectors like BFSI. With key players actively shaping the market landscape, the NAC sector is poised for substantial expansion in the years ahead.