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. Next generation firewalls integrate threat prevention techniques and offer a comprehensive set of features, including application awareness, strict inspection capabilities, user identification and traffic monitoring which grants users improved performance and visibility.
Market Overview:
Next generation firewalls are network security solutions that implements a more granular, application-layer level of inspection and security control. It inspects deeper layers of packet data to filter traffic based on applications, threats and users, unlike traditional firewalls that only filter based on ports and IP addresses. This allows organizations to introduce tighter yet flexible security with enhanced visibility across complex hybrid networks.
Market key trends:
The rising adoption of cloud computing across industries is one of the major trends shaping the next generation firewall market. As cloud deployment continues to grow exponentially, the need for securing multi-tenant environments and protecting highly distributed applications has increased. Next generation firewalls provide superior cloud security through powerful web and malware filtering, application identity controls, advanced cryptography and centralized management. They ensure the highest level of security for organizations migrating workloads to private, public or hybrid cloud environments. Other trends fueling the market include growing BYOD and mobile workforce, increasing sophistication of cyber-attacks and demand for integrated threat prevention solutions.
Segment Analysis
The global next generation firewall market is segmented on the basis of component, type, deployment mode, end use vertical and geography. Based on component, the market is segmented into solution and services. The solution segment dominated the market in 2020 owing to its high adoption for advanced networking and security capabilities such as network segmentation, application control, URL filtering and threat protection. Based on type, the market is categorized into hardware, virtual and cloud based. The virtual segment is expected to witness fastest growth during the forecast period due to cost efficiency and flexibility offered by virtual firewall solutions.
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 need for advanced networking and security solutions against evolving cyber threats.
Regional analysis
Regionally, North America dominated the market in 2020 attributed to presence of leading NGFW vendors and early adoption of advanced technologies. Asia Pacific is expected to witness fastest growth during the forecast period owing to rapid digitalization and growing cyber threats in developing economies of the region.
Key players
Key players operating in the global 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, and VMware. The dominating players focus on new product innovation and partnerships to strengthen their position in the market.
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