Wireless Network Security Market Trends

Growth Drivers:

• High adoption by the BFSI sector: To compete with the tech-driven world organizations are integrating advanced communication and networking solutions. These solutions make operations more easy, effective, and efficient leading to high earnings. The BFSI is one the prime sectors ahead in the utilization of networking technologies to manage the vast data securely and effectively. For instance, as per the Carnegie Endowment for International Peace Report, in April 2022 investors lost around USD 180 million in the Beanstalk Farms cryptocurrency heist. Hence, to battle these issues, BFSI organizations are making high use of advanced wireless network security technologies.

• Generative AI offering advanced protection: The integration of generative artificial intelligence (AI) enhances the performance and ability to identify ransomware, malware, and other cyber threats of wireless network security solutions. Many organizations are employing generative adversarial network solutions to analyze vast amounts of data and detect and cope with any cyber theft. In May 2024, Fortinet revealed new updates to its GenAI product base to enhance security as well as network operations.

Challenges

• Lack of standard norms: Cyber attackers are using various digital technologies to steal sensitive information from enterprises and organizations. The possibility that the cyber attacker can transfer a bug into a digital wireless network security solution is creating a trusted approach among end users, hampering the overall wireless network security market growth. Even though digital technologies offer advanced protection they can be also used against due to the non-presence of any reliable and authenticate standards.

• High investment cost & lack of knowledge: Companies running on tighter budgets are often deterred from adopting advanced wireless network security solutions owing to their high installation costs. Also, the integration of wireless network solutions with existing technologies is a complex process and requires the presence of skilled technicians, which increases labor costs. Apart from this, some companies resist adopting advanced security solutions due to a lack of knowledge and misconception, which hinders the wireless network security market growth to some extent.