Global Next-Generation Firewall Market Size By Component, By Organization Size, By Application, By Geographic Scope And Forecast

Next-Generation Firewall Market Size And Forecast

Next-Generation Firewall Market size was valued at USD 3.19 Billion in 2019 and is projected to reach USD 7.74 Billion by 2027, growing at a CAGR of 12.65% from 2020 to 2027.

Enactment of NGFW platform in BFSI, government and public utilities, and IT & Telecom industry verticals drive the growth of the Next-Generation Firewall Market. The Global Next-Generation Firewall Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Next-Generation Firewall Market Definition

The next-generation firewall is the culmination of the existing firewall technologies with other filtering technologies, for example, IPS (intrusion prevention system) and DPI (in-line deep packet inspection). The advantages of having a Next-Generation Firewall Market include streamlined infrastructure, application awareness, threat protection as well as high-speed network. The increasing IoT trends are the crucial aspect of the rise in the market revenue of Next-Generation Firewall as well as increasing internal & external threats and high functionalities of the NGFW solutions will foster market growth.

Global Next-Generation Firewall Market Overview

Enactment of NGFW platform in BFSI, government and public utilities, and IT & Telecom industry verticals drive the growth of the Next-Generation Firewall Market. Attacks such as DDoS, ransomware, advanced APTs, and other complicated attacks have been encountered in the BFSI vertical. To face the evolving security demands of the BFSI vertical, network security industry players are arising with innovative solutions to revive traditional solutions and supply additional features.

Additionally, Government agencies are subjected to stringent security policies and regulations, owing to the critical nature of the data. Therefore, the deployment of NGFW solutions and services can lessen the risks affiliated with potential attacks on the government and public utilities vertical.

However, there are certain restraints and challenges faced which will hinder the market growth. The high price of systems is anticipated to restrict the market growth in the coming few years. Besides, the high adoption of UTM solutions in SMEs and SOHO’s is also a major limiting factor for the market.

Global Next-Generation Firewall Market Segmentation Analysis

The Global Next-Generation Firewall Market is Segmented on the basis of Component, Organization Size, Application, and Geography.

Next-Generation Firewall Market, By Component

• Solutiono Virtualo Hardwareo Cloud• Serviceo Managed Serviceo Professional Serviceo System Integrationo Training and Educationo Consulting Serviceo Support and Maintenance

Based on Component, the market is segmented into Solution and Service. The market for cloud-based solutions is anticipated to grow at the highest CAGR in the forecasted period. The marketplace for cloud-based solutions is expanding as more and more companies are adopting NGFW solutions and services to secure their business infrastructure from advanced intimidations such as ransomware, APTs, zero-day attacks, malware, and unauthorized accesses.

Next-Generation Firewall Market, By Organization Size

• Small and Medium-Sized Businesses (SMBs)• Large Enterprises

Based on Organization Size, the market is segmented into Small and Medium-Sized Businesses (SMBs) and Large Enterprises. The small and Medium-Sized Businesses (SMEs) segment is anticipated to grow at the highest CAGR during the forecast period, owing to the escalating incidences of cyber-attacks on these enterprises as well as to extend advanced security solutions by reducing the traditional ones. Despite this, the large enterprise segment accounts for the largest share of the Next-Generation Firewall Market in the predicted period.

Next-Generation Firewall Market, By Application

• Banking, Financial Services, and Insurance (BFSI)• Telecommunications and IT• Government• Retail and eCommerce• Others

Based on Application, the market is segmented into Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Government, Retail and eCommerce, and Others. The Banking, Financial Services, and Insurance (BFSI) vertical is anticipated to grow at the highest CAGR during the forecast period. Nevertheless, the government and public utilities vertical are predicted to have the largest market size in the forecasted period.

Next-Generation Firewall Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Next-Generation Firewall Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North American region, followed by Europe, is anticipated to become the largest revenue-generating region for NGFW service vendors in the coming years. This is mainly owing to the developed economies of the US and Canada, there is a high focus on innovations acquired from R&D and security technologies. The APAC region is forecasted to be the fastest-growing region in the market. The growth in this region is fundamentally driven by the growing adoption of IoT devices and BYOD technologies within organizations.

Key Players

The “Global Next-Generation Firewall Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Cisco Systems, Inc., Sonicwall Inc., Palo Alto Networks, Inc., Zscaler, Inc., Barracuda Networks, Inc, Forcepoint LLC, Check Point Software Technologies Ltd., Juniper Networks, Inc., Fortinet, Inc., Hillstone Networks, Gajshield Infotech (I) Pvt. Ltd., Sophos, Ltd.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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