Strong network security revenue forecast through 2023

According to a recently published report from Dell’Oro Group, enterprise spend on network security technologies – which includes email security, firewall, security service edge (SSE), secure web gateway (SWG), web application firewall (WAF), and application delivery controller (ADC) products – has been on a rebound after the depths of the Covid-19 pandemic in 2020, with strong momentum that is expected through 2023.  However, the pace of revenue growth in the subsequent years, through 2027, is forecast to be slightly weaker.

“We have been pleasantly surprised by the ongoing revenue rebound of the network security market that is expected to hit nearly 15 per cent year-on-year growth in 2022, and is a testament to the high priority enterprises are placing on security,” said Mauricio Sanchez, research director, network security, SASE and SD-WAN at Dell’Oro Group.

“Nonetheless, we believe what goes up must come down. So while we don’t expect anything resembling a crash, we are forecasting spending to modulate downwards to historical norms starting in 2024 as enterprises digest what was already purchased and tighten budgets incrementally.”

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