Frost & Sullivan’s recent analysis, Global Network Access Control Market, Forecast to 2024, revealed that the proliferation of the Internet of Things (IoT), the convergence of information technology (IT) and operation technology (OT), and customers’ migration to the cloud at a faster pace are rapidly driving the NAC market.
Research reveals the sector is estimated to increase by two-thirds, reaching $2.21 billion by 2024 up from $1.35 billion in 2019, at a compound annual growth rate (CAGR) of 10.4 percent, with 60.2 percent market share, North America will continue to be the largest market for NAC until 2024; APAC is the fastest-growing region and its share of the global NAC market is estimated to increase from 9.9 percent in 2019 to 11.9 percent in 2024. The COVID-19 pandemic will cause a severe slowdown in 2020. Thereafter, the NAC market is expected to regain annual double-digit growth rates as organizations settle into what the company calls a “new normal.”
“Security vendors are working closely with their customers in order to support them in this unprecedented transition to work from home (WFH). They are focused on ensuring their clients’ business continuity, and the pandemic has underlined the value of cloud services in delivering and deploying security solutions to remote devices,” said Tony Massimini, Senior Industry Analyst at Frost & Sullivan. “However, the cloud environment needs security as well. Having a remote workforce highlights the need to leverage NAC. Large cybersecurity vendors with broad product portfolios will want to add this solution as well.”