BFSI Sector Leads Adoption: Banking and Finance to Witness Fastest Growth in Global Next-Generation Firewall Market to 2030
DUBLIN, Sept. 21, 2023
DUBLIN, Sept. 21, 2023 /PRNewswire/ -- The "Next-generation Firewall Market Size, Share & Trends Analysis Report By Component, By Product Type, By Enterprise Size, By Industry Vertical, By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global next-generation firewall market is projected to achieve a valuation of USD 10.99 billion by 2030, with a robust compound annual growth rate (CAGR) of 11.1% from 2022 to 2030.
The market's expansion is primarily fueled by the escalating internal and external threats faced by devices and the widespread adoption of the Internet of Things (IoT), driving demand for next-generation firewall solutions and services across industries.
The outbreak of the COVID-19 pandemic has exerted a positive influence on the next-generation firewall market. Many organizations turned to online platforms to conduct business as a response to the work-from-home situation imposed by the pandemic. Consequently, several industry players, including Cisco Systems Inc., Barracuda Networks, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., Fortinet, Inc., and Palo Alto Networks, witnessed a surge in sales of next-generation firewall technology during the pandemic.
These market players offer solutions endowed with numerous capabilities, including the blocking of unwanted network traffic, intrusion detection and prevention, threat intelligence, and the ability to configure advanced filtering rules based on traffic content or URLs. These advanced features are key drivers of market demand.
In terms of segmentation, the solution component and hardware product type emerge as dominant segments. The high popularity of these next-generation firewall-based solutions is attributed to their superior performance in advanced threat prevention and the blocking of unwanted traffic. Enterprises favor these tangible benefits as they prioritize network and data security.
Furthermore, the increasing demand for cloud-based firewall solutions underscores the market's continuous growth. Large-scale enterprises, particularly those harnessing cloud platforms, are major drivers of market expansion. The financial sector, characterized by a growing need for network security and cyber fraud prevention, is another significant growth priority. Geographically, North America stands out as the largest market share holder, driven by numerous market players and technology-savvy organizations.
- Cisco Systems Inc.
- Barracuda Networks, Inc.
- Check Point Software Technologies Ltd.
- Juniper Networks, Inc.
- Huawei Technologies Co., Ltd.
- Palo Alto Networks
- Fortinet, Inc.
- Sophos Ltd.
- Zscaler, Inc.
- WatchGuard Technologies, Inc.
- Rapid Penetration of Internet of Things (IoT)
- Growing Internal and External Threats Across Devices
- High Installation Cost Across Network System
- High Growth Opportunities in Virtual Next-Generation Firewall (NGFW)
- The solution segment, accounting for 66.4% of revenue in 2021, is expected to retain its leadership position throughout the forecast period. The widespread adoption of next-generation firewall-based solutions, driven by their advanced threat prevention capabilities, the ability to block unwanted traffic, and enhanced performance, contributes to market growth.
- Among product types, the hardware segment dominated the market with a 46.9% share in 2021 and is projected to achieve a CAGR of 9.8% over the forecast period. This dominance is attributed to the global adoption of hardware-based next-generation firewall solutions, which focus on network and data security prevention. The cloud segment is poised to exhibit the fastest CAGR of 13.2% during the forecast period due to increasing enterprise demand for cloud-based next-generation firewall solutions and services to counter cyber threats.
- In February 2022, Juniper Networks announced the acquisition of WiteSand, a cloud-native zero-trust Network Access Control (NAC) solutions provider. This strategic acquisition aims to accelerate the delivery of Juniper Networks' next-generation NAC solution.
- Among enterprise sizes, large enterprises accounted for a significant market share of 70.2% in 2021. This segment's growth is driven by the increased adoption and awareness of next-generation firewall technology. Large enterprises leverage cloud platforms to enhance productivity, agility, flexibility, and cost reduction through the automation of routine tasks. Small and medium-sized enterprises (SMEs) are expected to register the highest CAGR of 12.3% during the forecast period.
- In terms of end-use, the Banking, Financial Services, and Insurance (BFSI) segment commanded the highest revenue share at 21.7% in 2021. This segment is expected to witness the fastest CAGR of 12.9% over the forecast period. The increasing adoption of next-generation firewall solutions by banks and other financial institutions contributes to enhanced network security, data protection, and the prevention of cyber fraud activities.
- North America led with a market share of 34.5% in 2021 and is projected to achieve a CAGR of 10.7% during the forecast period. This is attributed to the presence of numerous next-generation firewall market players in the region, along with a significant pool of technology experts and well-established technology organizations. Asia Pacific is anticipated to grow at the highest CAGR of over 12.4% during the forecast period.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Next-generation Firewall Industry Outlook
3.1 Market Lineage Outlook
3.1.1 Parent market outlook
3.2 Market Size, Penetration, and Growth Prospect Mapping
3.4 Regulatory Scenario
3.5 COVID-19 Impact on Next-generation Firewall Market
3.6 Next-generation Firewall Market - Porter's Five Forces Analysis
3.7 Next-generation Firewall Market - PEST Analysis
3.8 COVID-19 Impact on Next-generation Firewall Market
Chapter 4 Next-generation Firewall Component Outlook
Chapter 5 Next-generation Firewall Product type Outlook
Chapter 6 Next-generation Firewall Enterprise size Outlook
Chapter 7 Next-generation Firewall Industry Vertical Outlook
Chapter 8 Next-generation Firewall Regional Outlook
Chapter 9 Competitive Analysis
Chapter 10 Competitive Landscape
Chapter 11 KoL Commentary
For more information about this report visit https://www.researchandmarkets.com/r/g12wri
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