The Global Next Generation Firewall Market is estimated to be valued at US$ 3.66 Bn in 2023 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Next generation firewall provides enhanced network security as compared to traditional firewalls. They come with threat detection and comprehensive security capabilities to protect contemporary complex network infrastructures from sophisticated cyber threats. The advanced firewall solutions offer application, user and context-based identification and control over network traffic.
Market key trends:
The increasing adoption of cloud-based security infrastructure across industries is expected to drive the growth of next generation firewall market during the forecast period. Cloud adoption is increasing rapidly as cloud computing offers easy deployment and scalability of network security solutions. The advanced firewall solutions provide dynamic security across on-premise as well as hybrid and multi-cloud environments. According to analytics firms, more than 30% of security solutions are expected to be cloud-delivered by 2025. Additionally, the emergence of technologies such as IoT, Industry 4.0 and 5G are expected to generate more data traffic over networks, increasing the need for strengthened network security which will support the market growth of next generation firewall.
Porter's Analysis
Threat of new entrants: Low capital requirements and established industry players make it difficult for new entrants to acquire significant market share.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less switching costs.
Bargaining power of suppliers: A few leading technology companies dominate the supply of hardware and software components, giving them strong bargaining power.
Threat of new substitutes: Virtual private networks and cloud-based web application firewalls pose a threat of substitution.
Competitive rivalry: Intense competition exists among established players to gain market share through new product launches and partnerships.
SWOT Analysis
Strengths: NGFWs offer advanced threat protection, integrated IPS, application visibility and control.
Weaknesses: High upfront costs and complex configuration requirements. Performance issues under heavy traffic loads.
Opportunities: Increasing instances of cyber attacks and rise in IoT and cloud adoption present growth opportunities.
Threats: Vulnerabilities in existing products, frequent emergence of new threats, and economic slowdowns pose major threats.
Key Takeaways
Global Next Generation Firewall Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing instances of cyber attacks. With the rise in mobile devices and Bring Your Own Device trends in organizations, the need for advanced firewalls has increased significantly.
Regionally, North America is expected to dominate the NGFW market during the forecast period. This is attributed to extensive reliance on digital modes of communication and presence of leading technology providers. Asia Pacific is projected to grow at fastest pace due to growing internet usage, robust economic conditions and increasing investments in cybersecurity solutions by enterprises across industries.
Key players operating in the Next Generation Firewall market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, and VMware. Major players are focusing on extending capabilities of existing firewalls and strengthening cloud and AI integration to maintain leadership.
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