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IC20115723 |
Pages: 270 |
Oct 2023 |
Next-generation Firewall Overview
A Next-generation Firewall, or NGFW, is a significant advancement in network security technology. NGFWs, as opposed to classic firewalls, integrate core capabilities such as packet-level filtering and port-based rules with advanced features like deep packet inspection, intrusion prevention, application awareness, and identity-based policies. This comprehensive strategy enables them to not only monitor and control network traffic at the granular level, but also to detect and mitigate sophisticated threats such as advanced malware and zero-day exploits. Furthermore, NGFWs frequently combine threat intelligence feeds and cloud-based services, improving their ability to adapt and respond to evolving threats in real time. In an era where cybersecurity threats are constantly evolving, the Next-generation Firewall has emerged as a critical tool for organizations seeking complete, proactive, and adaptive cybersecurity.
Global Next-generation Firewall Market Analysis
The global next-generation firewall market size was $4.4 billion in 2022 and is predicted to grow with a CAGR of 11.4%, by generating a revenue of $12.9 billion by 2032.
COVID-19 Impact on Global Next-generation Firewall Market
The COVID-19 pandemic had numerous negative effects on the next-generation firewall market. In the beginning, there was an increased demand for secure and scalable network solutions, driving the adoption of NGFWs to ensure the protection of sensitive data and maintain network integrity as organizations quickly shifted to remote work setups in response to lockdowns and social distancing measures. However, the pandemic also brought about economic uncertainty, which drove several companies to postpone or reduce their IT investments, momentarily slowing the expansion of the next-generation firewall industry. The implementation of these firewalls was further hampered by supply chain interruptions and restrictions on physical installations.
As the pandemic spread, the number of cyber threats increased as criminals sought to take advantage of the situation. This highlighted the need for strong cybersecurity and sparked renewed interest in NGFWs. The demand for flexible and remote-friendly security infrastructure expanded, and the market responded with innovations like cloud-based NGFW solutions. The NGFW market is anticipated to rebound as industries gradually recover and adjust to the new normal, driven by lessons learned during the pandemic about the crucial role of cybersecurity in preserving business continuity and resilience, with a stronger focus on advanced threat detection, cloud integration, and zero-trust network strategies.
Growing Demand for Sophisticated and All-encompassing Cybersecurity Solutions to Drive the Market Growth
The next-generation firewall market is expanding rapidly, and this growth is being supported by a number of important factors. The demand for sophisticated and all-encompassing cybersecurity solutions has increased as businesses increasingly adopt cloud computing, IoT, and digital transformation strategies. In order to protect networks from changing cyber threats, NGFWs, which combine classic firewall functionality with advanced threat detection, intrusion prevention, deep packet inspection, and application-aware filtering, are an attractive option. The rise in sophisticated and targeted cyberattacks as well as the amount of data breaches has forced businesses to improve their security architecture, which has increased demand for NGFWs. Additionally, organizations are investing in NGFW systems that may offer network visibility and threat mitigation capabilities because regulatory compliance standards in different industries call for strong security measures. In today's dynamic threat landscape, NGFW systems have become necessary due to the integration of artificial intelligence and machine learning, which has boosted their capacity to recognize and respond to previously unknown threats in real-time. The NGFW industry is expected to continue growing as more companies realize how important proactive cybersecurity is for protecting their operations and reputation.
Complexity and High Cost of NGFW Solutions to Restrain the Market Growth
Several factors are impeding the next-generation firewall market growth. To begin with, the complexity and high cost of NGFW solutions may discourage some organizations, particularly smaller ones, from implementing these sophisticated security measures. Furthermore, many firms face a dearth of skilled cybersecurity specialists capable of managing and configuring NGFWs. Furthermore, since encrypted traffic is increasingly used for legal purposes, NGFWs are finding it difficult to analyze and identify potential threats, thereby leaving security gaps. Regulatory compliance requirements and privacy concerns exacerbate the difficulties, as companies must balance security requirements with data protection standards. Finally, because the threat landscape is continuously changing, NGFWs must regularly update their capabilities, which might result in ongoing operational expenditures.
Advancements in Technology to Drive Excellent Opportunities
The next-generation firewall (NGFW) market has seen impressive technology developments that have changed the cybersecurity landscape. By incorporating cutting-edge technologies like deep packet inspection, intrusion prevention systems, application control, and threat intelligence, these creative solutions have advanced well beyond conventional firewalls. NGFWs can now dynamically analyze network traffic patterns, identify and neutralize sophisticated attacks in real-time, and modify their defense mechanisms as needed by utilizing machine learning and artificial intelligence. These firewalls can detect irregularities and zero-day assaults thanks to the use of behavioral analytics, improving defense against new threats. Additionally, scalable architectures and cloud integration have increased the range of NGFWs, offering reliable protection for distributed and hybrid networks. This system also emphasizes streamlining security processes through centralized dashboards for easy management.
Global Next-generation Firewall Market Share, by Component, 2022
The solution sub-segment accounted for the highest market share in 2022. Next-generation firewalls (NGFWs) have become a key line of defense against increasingly complex cyber threats in the fast-changing world of cybersecurity. By providing advanced and comprehensive security capabilities that go beyond the conventional role of traditional firewalls, the solution sector plays a vital role in this market. To give organizations a comprehensive and pro-active approach to threat detection and prevention, these systems include deep packet inspection, intrusion prevention, application-aware filtering, user identity awareness, and integrated threat intelligence. NGFW solutions are tasked with providing granular visibility and control over network traffic to ensure secure access to applications and data, independent of user location or device, as a result of the expansion of cloud computing, IoT devices, and complicated network topologies. As cyber threats continue to grow in complexity and scope, the NGFW market's solution segment plays a crucial role in fostering innovation, adjusting to new attack vectors, and providing the strong security measures necessary to protect digital assets and sensitive data in today's networked society.
Global Next-generation Firewall Market Share, by Enterprise, 2022
The large size enterprises sub-segment accounted for the highest market share in 2022. The large size enterprises segment is essential to the next-generation firewall market because it fuels demand and innovation in the sector. These businesses, which stand out for their size, intricate network architectures, and variety of digital assets, need cutting-edge cybersecurity solutions to properly protect their operations from emerging threats. In order to meet these particular needs, NGFWs combine classic firewall functionality with cutting-edge security features like intrusion prevention, application awareness and control, deep packet inspection, SSL/TLS decryption, and more. Large businesses benefit greatly from NGFWs' ability to give granular control over application access, user behavior, and data flow since they frequently have complex network ecosystems including numerous apps, users, and endpoints. Vendors consistently improve their NGFW products in response to the market's need for scalable and adaptable solutions, maintaining a competitive environment marked by technological advancement and feature augmentation.
Global Next-generation Firewall Market Share, by Industry Vertical, 2022
The BFSI sub-segment accounted for the highest market share in 2022. The Next-generation Firewall (NGFW) market is largely driven by the BFSI (Banking, Financial Services, and Insurance) industry segment. The demand for strong cybersecurity solutions like NGFWs has increased as the BFSI business increasingly depends on digital technology to expedite operations, improve client experiences, and monitor financial transactions. Through the integration of cutting-edge technologies like intrusion prevention, application control, deep packet inspection, and threat intelligence integration, NGFWs provide a complete approach to network security. NGFWs offer a crucial line of defense against complex cyberthreats, such as malware, ransomware, and data breaches, in the BFSI sector, where data safety, regulatory compliance, and trust are crucial. NGFWs are a crucial part of the security architecture for banks, financial institutions, and insurance firms since they are required for real-time threat detection, prevention, and response. Additionally, NGFWs play a critical role in securing distributed networks and guaranteeing the confidentiality, integrity, and availability of sensitive financial information as the BFSI industry increases its usage of cloud services and adopts remote work patterns.
Global Next-generation Firewall Market Share, by Region, 2022
The North America next-generation firewall market generated the highest revenue in 2022. The next-generation firewall market is largely influenced by the North American region, which has greatly aided in its expansion and growth. North America is a major force behind the development of NGFW solutions because of its highly developed technological landscape, significant cybersecurity concerns, and vibrant ecosystem of businesses spanning numerous industries. The region has seen a significant increase in demand for cutting-edge firewall solutions that go beyond conventional methods due to its emphasis on data protection, regulatory compliance, and protection against developing cyber threats. North America is home to many major cybersecurity companies, which promotes innovation and competitiveness in the NGFW market. The widespread use of IoT devices, large-scale cloud use, and trends towards remote work in the region all contribute to the demand for advanced firewalls that can effectively manage network traffic, offer granular controls, and interact with larger security ecosystems.
Competitive Scenario in the Global Next-generation Firewall Market
Investment and agreement are common strategies followed by major market players. Some of the leading next-generation firewall market players are Cisco Systems Inc., Barracuda Networks, Inc., Check Point Solution Technologies Ltd., Juniper Networks, Inc., Huawei Technologies Co., Ltd., Palo Alto Networks., Fortinet, Inc., Forcepoint LLC, and Sophos Ltd.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Product |
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| Segmentation by Enterprise |
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Segmentation by Industry Vertical
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| Key Companies Profiled |
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