Next-generation firewalls are advanced network security solutions that offer enhanced capabilities compared to traditional stateful firewalls. They allow packet inspection and take threat detection and response to the next level by incorporating features like application visibility and control, intrusion prevention, firewall capabilities, and virtual private network tunneling. The increasing instances of cyber-attacks and data breaches have driven organizations across all industries to adopt next-generation firewall solutions as part of their cybersecurity strategy. These advanced firewalls can provide protection from sophisticated threats while optimizing network performance. The global Next Generation Firewall Market is estimated to be valued at US$ 5,399.0 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The aggressive adoption of next-generation firewall solutions across enterprises has been a major trend over the recent past. With networked devices and endpoints continuing to proliferate rapidly, traditional security defenses have grown largely inadequate. Organizations are recognizing the need for network security to accommodate digital transformation initiatives and meet modern threats. Advanced NGFW solutions equipped with machine learning and AI capabilities allow automated responses, enhancing protection dramatically. This is expected to drive further market growth over the forecast period.
SWOT Analysis
Strength: Next generation firewall solutions provides features like application control, intrusion prevention system, antivirus, content filtering and advanced threat protection which enhance network security.
Weakness: Higher costs associated with deployment and management of next generation firewall solutions compared to traditional firewalls.
Opportunity: Growing demand for cloud based next generation firewall solutions due to increased adoption of cloud services. Growing need to secure complex network infrastructures from advanced cyber threats.
Threats: Availability of open source and low-cost firewall alternatives limiting the growth potential.
Key Takeaways
The global next generation firewall market is expected to witness high growth.
Regional analysis: North America is expected to continue dominating the market during the forecast period due to increasing volume of cyberattacks. Asia Pacific region is expected to grow at the fastest pace due to rapid digitalization and rising threat of cybercrimes in various industries in countries like China, India.
Key players operating in the next generation firewall market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, VMware. Next generation firewall solutions from these players offer features like application and user identity awareness, cloud delivered solutions and threat intelligence sharing capabilities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
