BURLINGAME, Calif., Dec. 6, 2023 /PRNewswire/ -- According to Coherent Market Insights, The global next generation firewall market was valued at US$ 4,561.0 Million in 2023 and is forecast to reach a value of US$ 8,233.2 Million by 2030 at a CAGR of 8.8% between 2023 and 2030.
The increasing cyber threats and the need for advanced security solutions are the two key drivers fueling the growth of the next generation firewall market. With the rising sophistication of cyber-attacks and the increasing number of data breaches, organizations are increasingly investing in robust security solutions to protect their critical assets. Next generation firewalls offer advanced features such as intrusion prevention, deep packet inspection, and application awareness, which provide enhanced protection against evolving threats.
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Additionally, the growing adoption of cloud-based applications and the shift towards digital transformation are also driving the demand for global next generation firewall market. As more businesses are moving their operations to the cloud, the need for secure connectivity and network protection becomes paramount. Next generation firewalls enable secure access to cloud-based applications and ensure the protection of sensitive data.
Rising demand for integrated security solutions: With the increasing complexity of cyber threats, organizations are seeking comprehensive security solutions that can provide seamless protection across their networks. Integration of multiple security functions, such as firewall, antivirus, and intrusion detection systems, into a single platform is gaining traction. This integrated approach simplifies management and reduces costs, driving the demand for next generation firewalls with advanced security features.
Adoption of artificial intelligence and machine learning technologies: As cyber-attacks become more sophisticated, traditional rule-based security systems are no longer sufficient. Next generation firewalls are incorporating artificial intelligence and machine learning algorithms to detect and respond to advanced threats in real-time. These technologies enable proactive threat hunting, anomaly detection, and automated response, enhancing the overall security posture of organizations.
Increasing demand for advanced cybersecurity solutions drives the growth of the Next Generation Firewall Market.
The Next Generation Firewall (NGFW) market is expected to witness significant growth during the forecast period 2023-2030. The market is projected to grow at a CAGR of 12.5% and reach a value of US$ 3.66 billion by 2023. This growth can be attributed to the increasing demand for advanced cybersecurity solutions to protect organizational networks from evolving cyber threats.
NGFW solutions offer enhanced security features compared to traditional firewalls. They provide deep packet inspection, application-level control, and threat intelligence capabilities, among others. As cyber threats become more sophisticated, organizations are prioritizing the implementation of NGFW solutions to strengthen their network security and protect sensitive data.
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In March 2022, Fortinet introduced FortiGate 4400, a cutting-edge firewall that uses artificial intelligence (AI) to defend big businesses and service providers from threats.
In January 2021, Palo Alto Network unveiled Okyo Grade, a service based enterprise- grade firewall designed to protect network traffic moving via multi-cloud and hybrid environments.
Rising adoption of cloud-based NGFW solutions fuels market growth.
The market for cloud-based NGFW solutions is expected to experience significant growth during the forecast period. With the increasing adoption of cloud computing and the shift towards remote work, organizations are seeking scalable and flexible security solutions to protect their cloud-based infrastructure.
Cloud-based NGFW solutions offer several advantages over on-premises deployments, including ease of scalability, cost-effectiveness, and centralized management. These solutions enable organizations to extend their network security policies to cloud environments and provide consistent protection across multiple locations.
Next Generation Firewall Market is anticipated to witness a CAGR of 12.5% during the forecast period 2023-2030, owing to the increasing demand for advanced cybersecurity solutions to protect organizational networks from evolving cyber threats.
On the basis of component, the solution segment is expected to hold a dominant position in the NGFW market. This can be attributed to the increasing need for robust security solutions that offer advanced features such as deep packet inspection, application-level control, and threat intelligence capabilities.
In terms of deployment, the on-premises segment is expected to dominate the market. Many organizations still prefer on-premises deployments to have full control over their network security infrastructure and ensure compliance with regulatory requirements.
The BFSI industry vertical is expected to dominate the NGFW market, followed by IT & Telecom, Government & Defense, Healthcare, Retail & E-commerce, and others. The BFSI sector deals with a vast amount of sensitive customer data, making it a prime target for cyber-attacks. Hence, the adoption of NGFW solutions is critical to safeguarding financial institutions.
Key players operating in the NGFW market include Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, and more. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market presence. The market is highly competitive, with key players continuously striving to offer advanced solutions to meet the evolving needs of customers.
Read complete market research report, "Next Generation Firewall Market, By Component, By Deployment, By Organization Size, By Industry Vertical, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
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