The Global Next Generation Firewall Market is estimated to be valued at US$ 3.66 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Next generation firewalls are advanced network security systems that control network traffic and mitigate threats across all ports and protocols. These firewalls provide granular visibility into users, devices, applications, content, and threats which allows enterprises to develop contextual policies to prevent security threats. They use various techniques such as application awareness technology, packet analysis, intrusion prevention, virtualization, and cloud-based technologies to detect and prevent cyberattacks. The key advantages of next generation firewalls over conventional firewalls include higher security, improved visibility, ease of management and scalability. Growing cyber threats and increasing demand for network security across data centers, IT infrastructure, and cloud-based systems are major factors driving growth of the global next generation firewall market.
Market Dynamics:
The increasing adoption of Internet of Things (IoT) devices across industries is a major driver for the global next generation firewall market. IoT devices have become highly vulnerable targets for cybercriminals due to their ubiquitous connectivity and possibilities of remote access. As per Gartner report, the number of IoT connected devices is expected to reach over 25 billion globally by 2030. Next generation firewalls provide advanced cybersecurity solutions to protect IoT infrastructure and help enterprises securely harness the potential of IoT technologies. Additionally, rapid digital transformation of enterprises and transition of workloads to cloud-based systems is propelling the need for advanced network security. Next generation firewalls deliver robust security across cloud and data center networks and aid enterprises in securing their IT infrastructure. Federal mandates and regulatory initiatives requiring companies to strengthen their cyber defenses are also creating high demand for next generation firewall solutions.
Segment Analysis
The global next generation firewall market is dominated by the cloud-based sub-segment. Around 70% of enterprises are adopting cloud-based next generation firewalls as they provide numerous benefits like flexible scalability, easy deployment, centralized management and cost-effectiveness. The demand for cloud-based next generation firewalls is high due to the growing popularity of cloud computing and software-as-a-service models across various industries.
PEST Analysis
Political: Data privacy laws and cybersecurity regulations are becoming more stringent across major countries, driving organizations to strengthen their network security infrastructure with next generation firewall solutions.
Economic: The global economy is witnessing revival post-pandemic which is spurring IT investments in network security. The rising spending on cybersecurity will boost the next generation firewall market growth during the forecast period.
Social: With the increase in remote and hybrid working models, the need for enhanced network perimeter security and zero-trust architecture is growing. Next generation firewalls effectively address such rising security requirements of industries.
Technological: Technologies around AI, machine learning and advanced threat detection are being integrated into next generation firewalls to detect even unknown threats and stop attacks in real-time without relying on regular signature updates alone.
Key Takeaways
Global Next Generation Firewall Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing digital transformation initiatives of enterprises across industries.
The North American region dominates the next generation firewall market currently and is expected to continue its dominance during the forecast period. Increasing number of cyber-attacks targeting critical infrastructure and enterprises has compelled the regulatory bodies in the region to mandate stricter cybersecurity policies, driving the next generation firewall adoptions substantially.
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. Cisco and Palo Alto Networks dominate the market owing to their cutting-edge next generation firewall platforms that facilitate advanced threat prevention, cloud security and SD-WAN capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
