Global Next Generation Firewall Market, By Component (Solution & Service), By Enterprise Size (Small & Medium Enterprise (SME) & Large Enterprise), By End Use Industry (BFSI; IT & Telecom; Retail; Defense; Healthcare; Education & Others), By Region, Competition, Forecast & Opportunities, 2024
Global next generation firewall market is expected to grow at a formidable CAGR of around 12% during the forecast period. Next-Generation Firewall (NGFW) is a process of collecting, archiving, managing, and reporting the logs, which are generated from various devices, such as firewalls, routers, servers, and switches. NGFW is commonly referred as the third generation of network firewall technology that integrates additional capabilities such as in-line deep packet inspection (DPI), application-level traffic inspection, and intrusion prevention (IPS).
Increase in digital security spending coupled with the emergence of firewall as a service are the major factors driving the growth of global next generation firewall market. Additionally, increasing IoT trends, growing internal and external threats and high functionalities of the NGFW solutions are further propelling the market. Moreover, the advantages such as improved performance, increased efficiency, among others associated with next generation firewall are making them a popular choice.
The global next generation firewall market is segmented based on component, enterprise size, end user industry, company and region. Based on enterprise size, the market can be divided into small & medium enterprise (SME) and large enterprise. The SMEs segment is expected to witness significant growth during the forecast period. This can be accredited to the growth in the need to implement advanced firewall technology, which can perform multiple functions and rise in IT security spending among these. Based on end user industry, the market can be fragmented into BFSI, IT & Telecom, retail, defense, healthcare, education and others. The BFSI segment dominates the market owing to the increase in need to protect customer data with the increase in data volume and the large number of endpoints and mobile devices, that are vulnerable to brand-damaging threats.
Regionally, the next generation firewall market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, Asia-Pacific region is the fastest growing region in the overall next generation firewall market owing to the significant adoption of advanced cyber security solutions, supported by factors such as rise in cases of cyberattacks, significant adoption of BYOD and IoT-based devices in the region.
The major players operating in the next generation firewall market are Dell Technologies Inc., Palo Alto Networks Inc., Huawei Technologies Co. Ltd., Cisco Systems, Inc., Check Point Software Technologies Ltd., Juniper Networks Inc., Fortinet, Inc., Barracuda Networks, Inc, Forcepoint LLC, WatchGuard Technologies, Inc. and others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. For instance, in 2017, Cisco launched Cisco Firepower 2100 Series Next-Generation Firewall which provides threat defense and protects the critical data of banks and retail sector which have a huge volumes of business data.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
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