ID: MRFR/ICT/2364-HCR | 100 Pages | Published By Aarti Dhapte on April 2023
With the growing use of technologies and internet, cyber-attack has also increased. With the advancement of cloud technology, the security of data is now in danger. Malware, ransomware, application-layer attacks, and targeted threats, have added complexity to the network. The traditional threat detective technologies methods are not good enough to avoid these problems effectively. To successfully protest their business, the organizations need advanced technologies and trusted intelligence provided by the next-generation firewall.
The next-generation firewall gives advanced security options such as firewall, application control, intrusion prevention. Many organizations are using the next-generation firewall to make their security system strong. The next-generation firewall market is growing as security threats are increasing every day.
An increasing number of devices are connected to the internet, including mobile phones, smart TV, and other devices. According to a study, by the year, 2030 more than 5000 billion electronic devices are expected. And with it, cyber threats will also increase. With the proper security solution, cyber-attacks can be avoided.
The covid-19 pandemic had a huge impact on businesses all over the world. For some businesses, it had a positive impact, and for some, it had a negative impact. But, the covid-19 had a good impact on the next-generation firewall market. Due to the lockdown, the use of loT devices and access to the internet increased, and as a result, the cyber-attack cases also increased, and it was a threat to the valuable and important data. To provide maximum security, the organizations used next-generation firewalls to protect their data. And this became the reason for next-generation firewall growth.
Many factors drive the growth of the next-generation firewall market, and there are so many challenges faced by the next-generation firewall market on a daily basis, and there are some market restraints that affect next-generation firewall growth.
There are some major drivers in the next-generation firewall market that drive the growth of next-generation firewall market size, and one of the major drivers in the market is the increasing number of loT devices. With an increasing number of internet of things (loT) and access to the internet, the need for data security is also increasing in the world, and it is driving the growth of the next-generation firewall industry. Another driver in the global market is increasing internal and external threats. With the advancement of technology, the threats to data are increasing, and now business is improving their security to protect their important data. Organizations are taking the help of security solutions in order to provide protection, and this is driving the growth of next-generation firewall business globally. Next-generation firewall solutions provide high security. As a result, businesses are preferring the next-generation firewall solution.
There are some restraints in the next-generation firewall that are stopping the growth of the next-generation firewall market. A next-generation firewall is highly effective, but it is costly, so it is getting difficult for the medium business to afford it. The high-cost systems are one of the major restraints in the next-generation firewall. Due to the high-cost systems, only big companies are able to use them. Another restraint in the market is the small and medium businesses are using traditional methods and old technology, and they don’t want to update their technology, so it becomes a restraint for the market.
The business is adopting a UTM solution for security because it is costs less than the next-generation firewall solution. UTM solution is much easier to organize and has less complexity in comparison to the next-generation firewall, and it is becoming a restraint in the next-generation firewall market.
The next-generation firewall market faces many challenges every day. The presence of traditional firewalls is a big challenge for the market. Businesses and many organization are using the same traditional solution to provide security, and they prefer these solutions because it is less complex. Businesses are not used to the technically advanced new solutions, so they are using the old firewalls. It is a big challenge to make people understand these new solutions that are more effective than the traditional firewalls. And another thing is people are not aware of the advanced cyber threats, so they don’t use advanced security solutions for their businesses. A low level of awareness about advanced cyber threats becomes a challenge for the next-generation firewall market.
With the growth of the internet, the next-generation firewall market is facing so many opportunities over the years. The opportunities for the market are Single vendor firewall deployment and High growth opportunities in virtual NGFW.
The key players of the next-generation firewall market are the reason behind the market growth, and these key players have understood the value of the next-generation firewall market, and they are contributing to the market in a big way. It is expected the market will grow more in the upcoming years, and key players will play a vital role in it.
The global next generation firewall market is expected to grow at 12.50% CAGR between 2021-2030, and it is expected to grow $7.4 billion as more electronic devices are connected, and the trend of loT is increasing. The market will grow in order to provide protection to the network infrastructure.
The next-generation firewall market segments are following
By Security Types:
By Organization Size:
The regional analysis of the next-generation firewall market is a part of studies in so many regions across the globe, such as North America, Asia-Pacific, Europe, and other regions. North America now dominates the global next-generation firewall market. North America has a high preference of business for security for sensitive data used by them as well as the adoption of advanced technology solutions by organizations is driving the market sales in that region. In recent times so many firms in the USA suffered from a cyber-attack when data was encrypted in the form of cryptocurrency. This attack took place because so many users are unsecured, so they took the help of advanced privacy solutions, and it increased the demand of the market in the region. Now the North American region holds the highest share in the market.
The next-generation firewall market in Europe is growing with a high CAGR due to the increasing use of data centers, small businesses, and home offices in this region. Asia-pacific countries are also showing growth in the market.
The key players play a vital role in the growth of the next-generation firewall industry. Some of the key players are
Some of the key players are the main reason behind the growth of next-generation firewall market business such as Cisco Systems, Inc. (US), Juniper Networks, Inc. (US), Fortinet, Inc. (US), Barracuda Networks, Inc. (US), WatchGuard Technologies, Inc. (US),Palo Alto Networks, Inc.,(US), Forcepoint LLC (US) but among these key players, Cisco Systems contribute the most in the market.
The next-generation firewall market trends are going upward in few years. Let’s see some of the recent developments in the market.
|Market Size||Significant USD|
|Forecast Units||Significant value|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Solution|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||Cisco Systems, Inc. (US) Juniper Networks, Inc. (US) Fortinet, Inc. (US) Barracuda Networks, Inc. (US) WatchGuard Technologies, Inc. (US) Palo Alto Networks, Inc. (US) Forcepoint LLC (US) Zscaler, Inc. (U.S) Sophos Group Plc. (UK) Check Point Software Technologies Ltd. (US)|
|Key Market Opportunities||With the growth of the internet, the next-generation firewall market is facing so many opportunities over the years.|
|Key Market Drivers||Organizations are taking the help of security solutions in order to provide protection, and this is driving the growth of next-generation firewall business globally.|
The advantages of next-gen firewall are intrusion prevention, application control, etc.
The next-generation firewall market is expected to mark 12.50% CAGR.
The next-generation firewall market size is expected to reach USD 7.4 Bn mark by 2030.
The segments of the next-generation firewall market, by security type, are firewall, network security, unified threat management, identity-based security, and others.
North America is supposed to lead the next-generation firewall market.