|Status : Published
|Published On : Aug, 2022
|Report Code : VRICT5144
|Industry : ICT & Media
|Available Format :
|Page : 159
The global Next-Generation Firewall Market is expected to reach USD 7.6 billion by 2030, growing at a CAGR of 12.8% during the forecast period. The global next-generation firewall (NGFW) market is growing at a remarkable rate being the essential foundation component in any network security architecture. Firewalls have always been an essential requirement for any enterprise security. As a result, currently, due to the high-risk business landscape, third-generation device protection is required against progressively erudite attack tactics. An NGFW is defined as an integrated network platform combining a basic firewall with application-specific granular controls to spot application-specific attacks.
NGFW combines traditional firewall protections with more advanced features, including intrusion detection, in-line deep packet inspection, and website filtering. The prime reason behind the growth of NGFW is due to their capability to resolve web-based threats, malware, application-layer attacks, and other dangerous cyber threats.
Insight by Component
On the basis of components, the market is bifurcated into solutions and services. Among both components, the solution segment captures a larger market share in 2021 and is expected to grow at a faster rate, owing to its numerous applications.
Insight by Delivery Type
On the basis of delivery type, the market is subdivided into hardware, virtual, and cloud. Among these, the cloud-based firewall is the fastest-growing delivery type in the next-generation firewall market with large number of SMEs adopting the type.
Insight by Service
On the basis of service, the market is subdivided into professional and managed. The professional service is further segmented as consulting, support and maintenance, and system integration. Of all these applications, the professional service segment accounted for a larger share of the next-generation firewall market.
Insight by Organization Size
On the basis of organization size, the market is bifurcated into large enterprises and small and medium enterprises (SMEs). SMEs are expected to account for the larger market share in the current year and is expected to grow at the fastest rate with the rising cyber threat.
Insight by Industry Vertical
On the basis of industry vertical, the market is segmented into banking, financial services, and insurance (BFSI), retail, IT and telecommunications, government and public utilities, healthcare, energy and utilities, and others. Government and public utilities are expected to account for the largest market share by 2030. However, BFSI is expected to grow at the fastest rate during the forecast period.
Global Next-Generation Firewall (NGFW) Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. XX Billion
Revenue Forecast in 2030
U.S.D. 7.6 Billion
Segments Covered in the Report
By Component, By Delivery Type, By Service, By Organization Size, and By Industry Vertical
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
The rising complexity of virtualized networks and the adoption of cloud computing globally are two of the major trends prevailing in the next-generation firewall market currently.
The growing trend of employees using personal devices for work and the rise in remote work arrangements have expanded the attack surface, necessitating the use of NGFWs to secure network access and protect against unauthorized access.
The growing adoption of IoT devices with multiple connected devices requires a resource-friendly security solution precisely equipped to deliver defensive proficiencies against multiple types of Internet-based attacks. This will impact the next-generation firewall progression in the market in the near future.
Increasing cyber threats: The proliferation of sophisticated cyber threats, such as advanced persistent threats (APTs), malware, ransomware, and zero-day attacks, has necessitated the use of advanced security solutions like NGFWs.
Regulatory compliance: Stringent data protection regulations and compliance requirements imposed by governments and industry standards have prompted organizations to invest in robust security solutions like NGFWs to safeguard sensitive information.
Cloud adoption: The migration of applications and data to cloud environments has introduced new security challenges, requiring NGFWs with advanced capabilities to secure cloud-based infrastructure and applications.
Advancements in technology: NGFW vendors continuously innovate and enhance their offerings, incorporating machine learning, artificial intelligence, and automation to detect and mitigate evolving threats effectively.
High implementation cost restricts the next-generation firewalls adoption by small and medium enterprises and therefore, act as a challenge for the market at the current time.
Geographically, North America followed by Europe is the largest next-generation firewall market in terms of revenue. Being home to several large economies and financially and technologically advanced region, these regions capture a major market share of NGFW.
However, APAC with rapid digitalization and IoT adoption is the fastest-growing market during the forecast period. In addition, some of the well-recognized BFSI, IT and telecommunication companies also reside in the region, which requires advanced security features. This as a result is creating a positive impact on the next-generation firewall market growth globally.
Key players in the next-generation firewall market are adopting both organic as well as inorganic strategy to sustain and grow their share in the market. For instance, recently, two big names in the industry have make a major acquisition in the year 2021. In September 2021, Palo Alto Networks, the global NGFW provider entered into a definitive agreement with Zingbox, an IoT security company, to purchase the latter at a price of US$ 75 million by the first quarter of 2020. Further, in October 2021, Sophos, a of the leading NGFW company acquired Thoma Bravo, a US-based private equity firm, for a value of approx. US$ 3.9 billion.
Some of the key players operating in the next-generation firewall market are Cisco Systems, Inc., Check Point Software Technologies Ltd, Palo Alto Networks, Inc., Barracuda Networks, Inc., Fortinet, Inc., Sonicwall Inc., Zscaler, Inc., Forcepoint LLC, Juniper Networks, Hillstone Networks, Sophos Ltd., and GajShield Infotech (I) Pvt. Ltd.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
The Next-Generation Firewall (NGFW) Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research