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.
Market Overview:
Next generation firewall provides advance cyber security against advanced threats and breaches. It offers enhanced security through application awareness and control, user identification, intrusion prevention, web filtering and more. These firewall offer broad, deep and integrated security capabilities to protect enterprises from advanced cyber attacks. Features like application intelligence help stop unwanted apps and files from accessing the network. With growing dependence on internet and digital technologies, need for advanced security solutions has increased rapidly.
Market Dynamics:
The next generation firewall market is expected to grow at a significant rate owing to rising instances of cyber threats and data breaches. Cyber attacks rose exponentially during the pandemic as more employees worked remotely. Phishing attacks increased by 667% in 2021 according toreports. Growing digitization and mobility has increased security risks for enterprises. Advanced techniques used by hackers has made conventional firewalls ineffective. This is prompting organizations to adopt next generation firewall solutions for robust protection against zero-day attacks and invisible threats. Another factor fueling market growth is increased compliance requirements around data privacy and security. Stringent regulations like GDPR have pushed companies to strengthen their security posture using innovative firewalls. Growing investments by both private and public sectors in cyber security also supports the demand for next generation firewalls.
SWOT Analysis
Strength:
- Next generation firewalls provide deep packet inspection and granular controls over users and applications which strengthen network security. They offer advanced threat protection against zero-day and unknown threats with sandboxing and machine learning capabilities. Further, they offer a consolidated security platform combining features of existing firewall, IPS, antivirus, web filtering and sandboxing solutions.
Weakness:
- Adoption of next generation firewalls requires significant upfront investment and operational expertise. Integrating it with existing security tools could be challenging for some organizations. Further, initial configuration and rule-making requires specialized skills.
Opportunity:
- Growing frequency of cyber-attacks and increasing reliance on internet-facing applications is driving demand for stronger network security controls. Also, the transition from on-premise to cloud-based systems is opening up opportunities for next generation firewall vendors.
Threats:
- Stiff price competition from open source and niche vendors offering select next generation firewall features. Further, virtual private networks and shift to zero-trust models could reduce reliance on network-level perimeter security controls.
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 cyber threats from advanced persistent threats, ransomware and malware. Transition to hybrid work models is driving demand for firewall solutions with robust networking and security features to safeguard productivity.
Regional analysis
North America dominates the next generation firewall market holding around 40% share, led by large demand from US enterprises. Asia Pacific region is expected to grow at fastest pace due to growing digitalization and increasing cyberattacks risks in large developing countries like China and India.
Key players
Key players operating in the 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 market is concentrated in nature with top players accounting for more than 50% share.
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