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Global Next-Generation Firewall Market Expected to Reach $6,719.56 Million by 2025

 
 

quote The next-generation firewall market was led by BFSI industry and is projected to maintain its dominance during the forecast period, owing to rise in number of online banking transactions, growth in data theft cases, data privacy protection norms, and increase in need of integrated risk management strategy. quote

Pramod Borasi
Research Analyst, ICT at Allied Market Research

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According to a recent report published by Allied Market Research, titled,"Next-Generation Firewall Market by Component, Type, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global next-generation firewall market size was valued at $2,570.49 million in 2017, and is projected to reach $6,719.56 million by 2025, registering a CAGR of 12.9% from 2018 to 2025. In 2017, next-generation firewall solutions accounted for the highest revenue in the market.

Next-generation firewalls are advanced firewalls, which offer additional features such as active directory integration support, malware filtering based on reputation, and SSH & SSL inspection. The technology possesses capabilities to detect and block complicated attacks through security measures at the port, protocol, and application level. These firewalls are implemented in various models, including software or hardware. Increase in preference of organizations toward online applications and SaaS services has raised the security concerns regarding the normal inspection of ports and protocols, as it is insufficient to provide effective network security. This ongoing migration of IT workloads to cloud such as Microsoft Azure, and Google Cloud Platform along with the increase in hybrid network architectures complexities are the next-generation firewall market trends that drive the growth of the market. However, lack of cyber-security professionals and performance issues of these firewalls associated with cloud protection are some factors that hinder the growth of the growth.

The hardware based next-generation firewalls segment dominated next-generation firewall market share in 2017 and is projected to maintain its dominance during the forecast period owing to its superior layer of protection because of its perimeter network position. Moreover, these firewalls are independent of the OS, browsers, and other software on the networked device. Furthermore, cloud-based NGFW are expected to grow at a significant CAGR during the forecast period, owing to capabilities possessed by these firewalls to eliminate the appliance form factor, reduce the operational and capital expenses associated with appliance upgrades and unmitigated vulnerabilities.

The global next-generation firewall industry was led by the BFSI industry in 2017 and is projected to maintain its dominance during the forecast period. However, the healthcare segment is expected to witness the highest growth rate. NGFW plays an essential in HIPAA compliance and helps defend malicious attacks and unauthorized access. In addition, increase in adoption of EHRs in the developing countries are expected to create opportunities for the next-generation firewall market as EHRs and its clinical data is highly vulnerable to several cyber-attacks.

In 2017, the global next-generation firewall market share was dominated by North America, and is expected to maintain this trend during the forecast period. The major factors driving the growth of the next-generation firewall market in this region include high cyber security spending among financial organizations and public sector supported by significant adoption of BYOD, cloud, and IoT based devices. However, the Asia-Pacific segment is expected to witness the highest growth, owing to rise in digital security spending among developing countries such as China, South Korea, India, and Taiwan in the region. In addition, development of smart cities in the region possess significant growth capabilities.

Key Findings of the Next-Generation Firewall Market:

  • Based on component, the solution segment led the next-generation firewall market size in terms of revenue in 2017.
  • Based on type, the hardware based firewalls accounted for the highest NGFW market share in 2017.
  • Based on region, North America generated the highest revenue in 2017.
  • Based on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the forecast period.
  • Based on region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.

The global next-generation firewall market analysis includes some of the key market players such as Barracuda Networks, Check Point, Cisco, Forcepoint, Fortinet, Huawei, Juniper Networks, Palo Alto Networks, SonicWall, and Sophos.

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quote Next-generation Firewall Market by Component (Solution and Services), Type (Hardware, Virtual, and Cloud-based), Organization Size (Large Enterprises and SMEs), and Industry Vertical (Aerospace & Defense, BFSI, Public Sector, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025 quote

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