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HomeNewsCyber SecurityEdge security market to hit $174 billion by 2034, FMI says

Edge security market to hit $174 billion by 2034, FMI says

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This growth is attributed to the increasing demand for partnerships and collaborations in the sector, which is expected to generate new market opportunities.

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The global is projected to surge from a valuation of $24.0 billion in 2024 to $174.0 billion by 2034, marking a significant compound annual growth rate (CAGR) of 21.9%, according to a report by .

This growth is attributed to the increasing demand for partnerships and collaborations in the sector, which is expected to generate new market opportunities. The expansion is driven by the necessity for organisations to implement centralised management and orchestration capabilities to maintain consistent security policies across various environments.

The adoption of (SECaaS) models is facilitating organisations to utilise cloud-based security services tailored for edge computing environments, offering scalable and subscription-based security services.

Moreover, the stringent data privacy regulations and the need for compliance are compelling organisations to adopt edge security solutions that incorporate robust security measures such as data encryption and access control.

This is particularly relevant as industries such as manufacturing, energy, retail, and telecommunications increasingly adopt edge computing to enable real-time data processing and decision-making, said the report.

The market's growth is also propelled by the increasing complexity of securing the edge ecosystem due to the proliferation of edge devices. Solutions that provide device identity management, authentication, and integrity verification are in high demand to mitigate security risks.

In 2023, the global edge security market was estimated at $19.2 billion. Between 2019 and 2023, the sector witnessed a robust expansion, with a compound annual growth rate (CAGR) of 25.9%.

Looking ahead, the market in Japan is poised for significant growth, expected to rise at a CAGR of 23.1% up to 2034. A notable trend within the market is the performance of the solution component, which is anticipated to see a CAGR of 21.6% through 2034.

Overall, the absolute dollar growth of the edge security market is projected to surge by $150 billion during the forecast period. However, the market in the United Kingdom presents a stark contrast, with predictions indicating a stagnant growth rate, or a CAGR of 0%, through 2034.

“Integration of threat intelligence feeds and security analytics platforms enables organisations to correlate and analyse security events across edge and cloud environments. These help proactively identify and mitigate security threats in real-time, enhancing security posture and incident response capabilities,” said Sudip Saha, managing director at Future Market Insights (FMI) analyst.

Among the key developments in the field, Fortinet's release of FortiOS 7.2 in 2022 stands out as a significant update that introduced over 300 new capabilities, aiming to enhance security across every network edge.

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Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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