Next-Generation Firewall Market Expected to Reach USD 14.3 Billion by 2032 at a CAGR of 10.68%, Driven by Data Protection Regulations and Cyber Threats

October 09 13:55 2024
Next-Generation Firewall Market Expected to Reach USD 14.3 Billion by 2032 at a CAGR of 10.68%, Driven by Data Protection Regulations and Cyber Threats
Next-Generation Firewall Market Report
Increasing use of cloud-based services and strict legal frameworks for data protection are reshaping the next-generation firewall market.

Next-Generation Firewall Industry Outlook 2024-2032

Summary:

  • The global next-generation firewall market size reached USD 5.7 Billion in 2023.
  • The market is expected to reach USD 14.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.68% during 2024-2032.
  • North America leads the market, accounting for the largest next-generation firewall market share.
  • Solutions account for the majority of the market share in the type segment due to their adaptability to cloud environments and scalability.
  • Cloud-based deployment holds the largest share in the next-generation firewall industry.
  • Firewall remains a dominant segment in the market due to its enhanced versatility.
  • Large enterprises account for the largest share in the market.
  • The banking, financial services, and insurance (BFSI) sector represents the leading vertical segment.
  • The rise in risks to cybersecurity is a primary driver of the next-generation firewall market.
  • Increasing use of cloud-based services and strict legal frameworks for data protection are reshaping the next-generation firewall market.

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Industry Trends and Drivers:

  • Increasing cybersecurity threats:

The next-generation firewall market is primarily driven by the growing number of sophisticated cyber threats. As organizations become more reliant on digital infrastructure, they face an increasing risk of attacks such as ransomware, phishing, and advanced persistent threats (APTs). Traditional firewalls struggle to keep pace with these evolving threats, which has led to a rising demand for next-generation firewalls that offer enhanced security capabilities. Next-generation firewalls are designed to provide more advanced protection by integrating features such as deep packet inspection, intrusion prevention, and application awareness. This allows businesses to better detect and prevent malicious activities in real time, securing their networks against potential breaches.

  • Rising adoption of cloud-based technologies:

The widespread adoption of cloud computing and remote work solutions is contributing substantially to the growth of the next-generation firewall market. As more businesses migrate their operations to cloud platforms, they need robust security solutions to protect their cloud environments and prevent unauthorized access. Traditional firewalls are often inadequate for securing cloud-based networks due to their lack of scalability and advanced protection features. Next-generation firewalls offer the flexibility and security required to safeguard cloud infrastructure by providing capabilities such as virtual firewalls, encrypted traffic inspection, and secure access management. The shift toward hybrid work environments and the growing dependence on cloud services are propelling demand for next-generation firewalls that can seamlessly protect both on-premises and cloud networks.

  • Stringent regulatory requirements for data protection:

The increasing number of data protection regulations, such as the General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and California Consumer Privacy Act (CCPA), are significantly influencing the next-generation firewall market. These regulations require businesses to implement strong security measures to protect sensitive data from breaches and ensure compliance. Next-generation firewalls offer enhanced visibility and control over network traffic, allowing organizations to monitor data flow, identify potential risks, and ensure compliance with regulatory requirements. As businesses face more complex compliance challenges, the demand for next-generation firewalls is rising, helping organizations safeguard their data and avoid legal consequences.

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Next-Generation Firewall Market Report Segmentation:

Breakup By Type:

  • Solutions
    • Hardware Solutions
    • Software Solutions
  • Services
    • System Integration Services
    • Consulting Services
    • Support and Maintenance Services
    • Training and Education Services
    • Managed Services

Solutions account for the majority of shares as they offer comprehensive security features, including threat detection, traffic control, and real-time monitoring, all in one package.

Breakup By Deployment Type:

  • Cloud-based
  • On-premises

Cloud-based deployment dominates the market as it offers unmatched flexibility and enables organizations to rapidly deploy and scale their security infrastructure according to changing needs.

Breakup By Security Type:

  • Firewall
  • Unified Threat Management
  • Network Security
  • Identity Based Security
  • Others

Firewall represents the majority of shares as it can effectively block unauthorized access to networks.

Breakup By Organization Size:

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

Large enterprises hold the majority of shares as they require advanced security measures to protect vast amounts of sensitive data and complex network infrastructures.

Breakup By Vertical:

  • Banking, Financial Services and Insurance (BFSI)
  • IT and Telecom
  • Government and Public Utilities
  • Retail
  • Education
  • Healthcare
  • Energy and Utilities
  • Others

The banking, financial services, and insurance (BFSI) sector exhibits a clear dominance due to its need for robust security solutions to protect highly sensitive financial data and prevent cyberattacks.

Breakup By Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America holds the leading position owing to a large market for next-generation firewall driven by its advanced IT infrastructure and the high prevalence of cyberattacks targeting enterprises.

Top Next-Generation Firewall Market Leaders:

The next-generation firewall market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

  • Barracuda Networks Inc.
  • Check Point Software Technologies
  • Cisco Systems
  • Forcepoint LLC
  • Fortinet Inc.
  • Gajshield Infotech Pvt Ltd.
  • Hillstone Networks Co.
  • Juniper Networks Inc.
  • Palo Alto Networks Inc.
  • Sonicwall Inc.
  • Sophos Ltd.
  • Zscaler Inc.

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