Next-Generation Firewall Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Next-Generation Firewall Market by region.
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The global next-generation firewall market size was US$ 2.80 billion in 2020. The global next-generation firewall market is forecast to reach the value of US$ 5.52 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12% over the forecast period from 2021 – 2030.
NGFW or next-generation firewall is a combination of traditional firewall protections and other advanced features. These features include intrusion detection, website filtering, and in-line deep packet inspection.
Factors Influencing
- The growing cases of cyberattacks, including application-layer attacks, malware, web-based exploit kits, ransomware, and targeted threats, are forecast to surge the demand for the next-generation firewall solutions.
- Growing advancements in cloud-based technology are forecast to fuel market growth. Moreover, increasing launches of web-based applications are surging the complexity in the network. Thus, the demand for advanced threat detection technologies would increase in the coming years.
- The increasing demand from organizations for advanced technology may provide lucrative opportunities to the market players in the global next-generation firewall market during the forecast timeframe.
- Rapidly increasing use of electronic devices and the evolution of smart technologies, such as smart TVs, mobile devices, are forecast to contribute to the market growth. The study by Cisco indicates that around 500 billion electronic devices are forecast to connect to the internet by 2030.
- Due to the high cost of the data center, enterprises are shifting towards adopting the public cloud. Thus, it would benefit the market players in the coming years.
- The rising adoption of Bring Your Own Device (BYOD) has mandated the demand for advanced network security features. Thus, it would propel the growth of the global next-generation firewall market.
- High costs associated with the implementation of next-generation firewalls may hamper the growth of the overall market.
Geographic Analysis
Regionally, North America is forecast to hold the highest share in the global next-generation firewall market. Apart from that, Europe would emerge as the second-highest shareholder in the global next-generation firewall market in terms of revenue. The regions are home to several developed economies. Moreover, rapidly growing advancements in these regions are forecast to benefit the global market.
The Asia Pacific region would witness rapid digitalization and IoT adoption. Moreover, the region is home to several prominent BFSI (Banking, Financial Services, and Insurance), telecommunication, and IT (Internet Technology) companies. As a result, it is creating a positive impact on the global market.
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COVID-19 Impact Analysis
The COVID-19 pandemic has had a positive impact on the global next-generation firewall market because of rising fraudulent activities. Moreover, the increasing adoption of cloud technology surged the demand for next-generation firewalls. In addition, the demand for safety measures increased in the healthcare sector and banking sector. Thus, the pandemic has altered the entire working outlook of industries and it would further contribute to the growth of the market during the forecast period.
Competitors in the Market
- Cisco Systems.
- Check Point Software Technologies Ltd.
- Palo Alto Networks.
- Barracuda Networks.
- Fortinet.
- Sonicwall Inc.
- Zscaler.
- Forcepoint LLC
- Juniper Networks.
- Hillstone Networks.
- Sophos Ltd.
- Gajshield Infotech (I) Pvt. Ltd.
- Other prominent players
Market Segmentation
Insight by Component
- Solution
- Service
Insight by Delivery Type
- Hardware
- Virtual
- Cloud
Insight by Service
- Professional
- Managed
Insight by Organization Size
- Large Enterprise
- Small Enterprise
- Medium Enterprise
Insight by Industry Vertical
- Banking
- Financial Services, And Insurance (BFSI)
- Retail
- It and Telecommunications
- Government and Public Utilities
- Healthcare
- Energy and Utilities
- Others
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Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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