The latest publication from Report Ocean, titled “Next-generation Firewall Market”: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024 to 2032,” delivers a thorough evaluation of the industry, providing valuable insights into market trends. This report encompasses competitor and regional analyses, along with the latest market developments, serving as a valuable resource for investors, researchers, consultants, marketing strategists, and individuals looking to enter the markets.
Revitalized Insights into the Next-Generation Firewall Market:
Market Overview:
The global next-generation firewall market, valued at $2,570.49 million in 2017, is poised to reach $6,719.56 million by 2025, reflecting a robust CAGR of 12.9% from 2018 to 2025. The market dynamics indicate a surge in adoption of advanced security measures, with next-generation firewall solutions contributing significantly to revenue in 2017.
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Key Drivers:
- Enhanced Security Features: Next-generation firewalls offer advanced features, such as active directory integration, malware filtering, and SSH & SSL inspection, driving market growth.
- Cloud Migration Trends: The ongoing shift of IT workloads to cloud platforms like Microsoft Azure and Google Cloud intensifies the demand for next-generation firewall solutions.
- Complex Hybrid Network Architectures: The rise in hybrid network architectures complexity further propels the market as organizations seek comprehensive security solutions.
Challenges and Opportunities:
- Cybersecurity Skills Gap: The lack of cybersecurity professionals poses a challenge to market growth.
- Cloud Protection Performance Issues: Concerns related to the performance of firewalls associated with cloud protection hinder growth.
- Increasing Complexity of IT Workloads: The migration of IT workloads to cloud platforms contributes to the demand for advanced security measures.
Market Segmentation:
- By Component:
- Solution
- Services
The solution segment led the market in terms of revenue in 2017.
- By Type:
- Hardware-based Firewalls
- Cloud-based Firewalls
Hardware-based firewalls dominated the market share in 2017, with cloud-based firewalls expected to witness significant growth.
- By Industry Vertical:
- BFSI
- Healthcare
- Others
The BFSI industry led the market in 2017, while the healthcare segment is anticipated to exhibit substantial growth.
- By Region:
- North America
- Asia-Pacific
- Others
North America generated the highest revenue in 2017, with Asia-Pacific expected to witness substantial growth.
Key Findings:
- Solution Dominance: The solution segment led the market in terms of revenue in 2017.
- Hardware-Based Firewall Leadership: Hardware-based firewalls accounted for the highest market share in 2017.
- Regional Revenue Generation: North America generated the highest revenue in 2017.
- Growing Healthcare Segment: The healthcare segment is anticipated to exhibit substantial growth.
Key Market Players: Barracuda Networks, Check Point, Cisco, Forcepoint, Fortinet, Huawei, Juniper Networks, Palo Alto Networks, SonicWall, and Sophos are prominent market players contributing to the global next-generation firewall market. The study encompasses trends, analysis, and future estimations to identify promising investment opportunities.
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Who Should Buy? Or Key Stakeholders
- Investors
- Environment, Health and Safety Professionals
- Research Organizations
- Electrical & electronics industry
- Marine industry
- Shipping industry
- Manufacturing industry
- Regulatory Authorities
- Others
COVID-19 Impact on the Market:
The pandemic led to significant disruptions in global supply chains and trade flows. Lockdowns, restrictions, and factory closures in various countries affected the production and movement of goods. This initially resulted in reduced demand for dry van containers, as many businesses scaled back operations.
As consumer demand shifted during the pandemic, certain types of cargo saw increased demand. Dry van containers were used to transport essential goods such as medical supplies, personal protective equipment (PPE), pharmaceuticals, and groceries. At the same time, containerized shipments of non-essential items declined.
The pandemic exposed imbalances in the availability of dry van containers. Shipping disruptions, port congestion, and uneven trade flows led to shortages of containers in some regions while causing surpluses in others. This imbalance affected container pricing and availability.
The disruptions in global trade, coupled with increased demand for essential goods, resulted in rising shipping costs. Freight rates soared, affecting the overall cost of containerized shipping and logistics.
The pandemic affected the maintenance and repair schedules for dry van containers. Lockdowns and travel restrictions hindered maintenance activities and inspections, potentially leading to longer-term maintenance challenges.
Companies and industries recognized the need for greater supply chain resilience in the face of future disruptions. This led to discussions and investments in strategies that may involve more robust container logistics, redundancy in supply chains, and digital solutions for better supply chain visibility.
The pandemic accelerated the adoption of digital solutions in logistics and supply chain management, including the use of digital platforms for container booking and tracking. E-commerce also surged, driving demand for containerized shipments of goods ordered online.
Governments implemented various regulations and safety measures in response to the pandemic, impacting shipping practices and container handling. This included health and safety protocols at ports and terminals, affecting container operations.
As COVID-19 vaccines were developed and distributed, dry van containers played a vital role in the transportation of vaccine doses and related supplies, highlighting their importance in global health crises.
The pandemic prompted businesses to reevaluate their supply chain strategies, prioritize risk mitigation, and explore alternatives to ensure resilience against future disruptions. This may influence decisions related to container procurement, storage, and redundancy.
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Note from the Analysts:
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