Network Security Firewall Market Analysis and Forecast to 2031: By Component (Solution, Services), Deployment Type (On-Premise, Cloud-Based) and Region

Network Security Firewall Market Analysis and Forecast to 2031: By Component (Solution, Services), Deployment Type (On-Premise, Cloud-Based) and Region

The global network security firewall market was valued at US$ 38.9 billion in 2021 and it is anticipated to grow up to US$ 101.3 billion by 2031, at a CAGR of 9.8% during the forecast period.

The network security firewall is configured so that any data entering or exiting the network must pass through it. Network security firewall accomplishes this by examining individual incoming messages and rejecting those that fail to meet the defined security criteria. When properly configured, a firewall allows users to access any needed resources while keeping out hackers, unwanted users, worms, viruses, or other malicious programs trying to access the protected network. Additionally, to limit access to a protected computer network, a firewall can log all traffic coming into or leaving a network manage remote access to a private network through secure authentication certificates and logins.

Market Drivers and Trends

The increasing deployment of IoT in industries results in network security threats like the IoT Botnets. The botnets enable hackers to get access to devices that plug into IoT. For instance, in 2016, the leaked Mirai code had created a highly effective horde of bots resulting in an array of DDoS attacks. The development of such bots puts immense pressure on technology companies to implement network security measures. Such implementations are positively influencing the network security firewall market across the world.

Secondly, the SMS landscape is transforming quickly, where SMS firewall has captured a prominent position in establishing good A2P SMS monetization strategies and equipping them with network analysis and protection competencies. Over time, the demand for SMS security firewalls has spawned various providers, offering mobile operators a variety of value propositions and vendors to choose solutions. As SMS prevails to be a critical factor for revenue generation, operators worldwide focus on technological modifications to deal with threats like spam/spoofs and fraudulent activities. Therefore, the rising security and privacy concerns among the industry players are expected to drive the demand for SMS firewalls and contribute to the network security firewall market.

Market Restraints and Challenges

The increasing count of IoT Deployment Types and cloud computing has increased the organization's vulnerability to cyber-attack, leading to difficulties in identifying malicious activities. Thus, industries worldwide have raised the demand for a skilled workforce to mitigate and protect organizations against cyber threats.

Advanced network security demands advanced skills at work, and it becomes difficult or almost impossible for companies to hire additional staff. The shortage of skilled workforce is also affecting the organization's budgets, which are growing impeccably but unable to maintain the cyber security ecosystem. This factor has created an alarming situation among the organizations, owing to which various leading enterprises are training their employees with advanced skills.

Global Network Security Firewall Market Segmental Overview

The report analyses the global network security firewall market based on component, deployment type, and region.

Global Network Security Firewall Market by Component

Based on component, it is bifurcated into solution and services. The solution segment is likely to dominate the market during the forecast period. This is attributed to increased deployment of SMS (short message service) firewalls for network security, anti-spam fraud prevention, and increased adoption of A2P (Deployment Type-to-person messaging) messaging for monetization purposes. Mobile network operators can secure their networks and generate revenues from legitimate A2P use cases by deploying next-generation firewalls. Thus, numerous benefits of the solution segment boost the market's growth.

Global Network Security Firewall Market by Deployment Type

Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is likely to hold the major share of the market. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based network security firewall software offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based network security firewall software is expected to receive the main market attraction resulting in a principle growth rate.

Geographical Analysis of Global Network Security Firewall Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share during the forecast period. The surging numbers of cyber threats have given rise to essential requirements for implementing network security firewall solutions for enterprises, multiple industries, and governments. Due to the threat of losing data and the impact of potential cyber threats, the network security firewall market is expected to foresee considerable growth in the coming year. Most large enterprises and other industries in North America are already working towards implementing security solutions to protect critical data and infrastructures from unauthorized access. This, in turn, boosts the demand for network security firewall in the North America region.

Major Players in the Global Network Security Firewall MarketCOVID-19 Impact

In 2020, due to the COVID-19 pandemic, several governments and regulatory authorities mandated both public and private organizations to adopt new practices for working remotely and maintaining social distancing. Since then, the digital ways of doing business have become several organizations' new Business Continuity Plan (BCP). Organizations are enacting multiple concepts such as bring-your-own-device (BYOD) and work from home (WFH) to modernize their work cultures. Further, organizations are facing increased attacks on corporate emails, trying to trick people into sharing their account access credentials, and opening malicious email attachments. Hence, a well-bound combination of network firewalls, email security, and best practices among the workforce is vital to restrict cyber attackers on enterprise networks. Also, with employees connecting remotely to enterprise networks through virtual private networks (VPNs), it is important that load balancing is appropriately implemented and network functions are configured properly to avoid network failures and congestions. Misconfigured firewalls and load balancers could expose the network to potential phishing and Distributed Denial of Service (DDoS) attacks, which could lead to a major breach resulting in business losses. Therefore, the adoption of network security firewall solutions/services has increased during the COVID-19 pandemic, which results in a positive impact.

Recent Developments

• June 2021, Sinch had partnered with Jazz (Pakistan) to ensure messages received by Jazz subscribers are safer, more secure, free of spam and only sent to the intended recipient.
• January 2020, ANAM Technologies had announced managed services business which deals with detection as well as filtration of grey-route traffic necessary for subscriber protection and full A2P monetization against SPAM fraud.
• March 2019, Cisco Systems, Inc. had introduced patches for holes in software for Nexus 3000, 3500, 9000 switches and for Firepower 4100 Series next-generation firewall and Firepower 9300 security appliance.

Frequently Asked Questions

Q1. How big is the network security firewall market?Ans. The global network security firewall market size was US$ 38.9 billion in 2021 and is anticipated to reach US$ 101.3 billion in 2031, growing at a rate of 9.8% from 2022 to 2031.Q2. What is the network security firewall market growth rate?Ans. The growth rate of the network security firewall market is 9.8% from 2022 to 2031.Q3. Which region holds a major market share for the network security firewall market?Ans. North America holds a major market share of the network security firewall market in 2021.Q4. Which segment accounted for the largest network security firewall market share?Ans. Based on component, it is bifurcated into solutions and services. The solution segment is likely to hold the major share of the market.Q5. Who are the key players in the network security firewall market?Q6. What are the factors driving the network security firewall market growth?Ans. The major factors driving the growth of the market are network threat caused by widespread adoption of IoT and substantial growth in SMS firewall demand would drive the market.Q7. What are the key growth strategies of network security firewall market players?Ans. The key growth strategies of network security firewall market players are product launch, partnerships, and government policies.Q8. Which region will provide more business opportunities for the network security firewall market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the network security firewall market during the forecast period.

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