Next-Generation Firewall Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global next-generation firewall (NGFW) market reached a value of US$ 4.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2027, exhibiting a CAGR of 13.83% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
The NGFW refers to the third generation of network firewalls that manages and secures data transmitted from routers, servers and switches. It is often integrated with intrusion prevention and cloud-delivered threat intelligence and utilizes whitelists or signature-based intrusion detection systems (IDS) to distinguish between safe and unwanted applications. In comparison to the previously used firewalls, NGFW can use both dynamic and static packet filtering that ensures the advanced security of the connections in the network. Owing to this, these solutions find extensive applications across the banking, financial services and insurance (BFSI), government and public sector, retail, healthcare, education, information technology (IT), energy and manufacturing industries.
Next-Generation Firewall Market Trends:
The rising threat of cyberattacks, along with the rapid adoption of the internet of things (IoT) technology across various industries, is one of the key factors driving the growth of the market. Owing to the increasing usage of bring your own device (BYOD), smartphones, social media, and cloud services, there is a significant rise in the instances of data thefts. This is encouraging organizations to adopt advanced security measures, such as NGFW, for data protection. Furthermore, increasing product adoption by the BFSI sector is acting as another growth-inducing factor. Resulting from an increasing need to protect high volumes of sensitive data, along with the widespread adoption of digital currency across the globe, banking institutions are adopting NGFW to secure payment gateways and transaction portals. Additionally, various technological advancements, such as the development of highly configurable and scalable NGFW systems, are also creating a positive outlook for the market. Other factors, including increasing governmental spending on improving cybersecurity systems and extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global next-generation firewall market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, deployment type, security type, organization size and vertical.
Breakup by Type:
System Integration Services
Support and Maintenance Services
Training and Education Services
Breakup by Deployment Type:
Breakup by Security Type:
Unified Threat Management
Identity Based Security
Breakup by Organization Size:
Small and Medium Enterprises (SMEs)
Breakup by Vertical:
Banking, Financial Services and Insurance (BFSI)
IT and Telecom
Government and Public Utilities
Energy and Utilities
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Barracuda Networks Inc., Check Point Software Technologies, Cisco Systems, Forcepoint LLC, Fortinet Inc., Gajshield Infotech Pvt Ltd., Hillstone Networks Co., Juniper Networks Inc., Palo Alto Networks Inc., Sonicwall Inc., Sophos Ltd. and Zscaler Inc., etc.
Key Questions Answered in This Report:
How has the global next-generation firewall market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global next-generation firewall market?
What is the breakup of the market based on the type?
What is the breakup of the market based on the deployment type?
What is the breakup of the market based on the security type?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global next-generation firewall market and who are the key players?
What is the degree of competition in the industry?
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