GRC Viewpoint

FMI predicts Edge security market to reach $174 billion by 2034

According to a recent report by Future Market Insights, the global edge security market is primed for a remarkable surge, skyrocketing from $24.0 billion in 2024 to a staggering $174.0 billion by 2034. This substantial growth is fueled by a robust compound annual growth rate (CAGR) of 21.9%.

One of the driving forces behind this expansion is the escalating demand for partnerships and collaborations within the sector, paving the way for fresh market opportunities. Organisations are increasingly recognizing the need to implement centralized management and orchestration capabilities to uphold consistent security policies across diverse environments.

The advent of Edge Security as a Service (SECaaS) models is further propelling this growth, empowering organisations to leverage cloud-based security services tailored for edge computing environments. These offerings provide scalable and subscription-based security solutions, catering to the evolving needs of modern businesses.

Additionally, stringent data privacy regulations and compliance requirements are compelling organisations to invest in edge security solutions equipped with robust security measures like data encryption and access control. This becomes especially pertinent as industries such as manufacturing, energy, retail, and telecommunications embrace edge computing to facilitate real-time data processing and decision-making.

The burgeoning complexity of securing the edge ecosystem, attributed to the proliferation of edge devices, is another factor driving market growth. Solutions offering device identity management, authentication, and integrity verification are witnessing high demand as they help mitigate security risks effectively.

In 2023, the global edge security market was estimated at $19.2 billion, indicating a robust expansion with a CAGR of 25.9% between 2019 and 2023. Looking ahead, Japan’s market is poised for significant growth, expected to soar at a CAGR of 23.1% up to 2034. Notably, the solution component within the market is anticipated to witness a CAGR of 21.6% through 2034.

However, while the absolute dollar growth of the edge security market is forecasted to skyrocket by $150 billion during the projection period, the market in the United Kingdom presents a contrasting picture with a predicted stagnant growth rate or a CAGR of 0% through 2034.

Sudip Saha, managing director at Future Market Insights (FMI) analyst, highlights the importance of integrating threat intelligence feeds and security analytics platforms. These integrations enable organisations to correlate and analyze security events across edge and cloud environments, proactively identifying and mitigating security threats in real-time, thereby enhancing security posture and incident response capabilities.

Among notable developments in the field, Fortinet’s release of FortiOS 7.2 in 2022 stands out, introducing over 300 new capabilities aimed at bolstering security across every network edge.

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