The global Next Generation Firewall Market is estimated to be valued at US$ 3.66 Bn or billion 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.
A next-generation firewall (NGFW) is an evolved version of a traditional firewall that incorporates additional security layers such as application awareness and control, intrusion prevention, sandboxing, and threat intelligence. Growing cyber threats across various industries has fuelled the demand for advanced firewall solutions such as NGFW.
Market key trends:
The key trends in the global next generation firewall market include rising adoption of cloud-based network security solutions and growing need for advanced threat protection. The increasing connectivity due to growing digitization has exposed vulnerabilities in traditional firewalls. Hence, there is an increasing demand for new generation firewalls that provide deeper visibility and controls. In addition, adoption of multi-cloud strategy by enterprises is also driving the next generation firewall market as they provide consistent security across private, public and hybrid cloud environments.
Strength: Next generation firewalls offer enhanced network security by providing advanced threat protection capabilities like sandboxing, IPS, and SSL/TLS decryption. They can detect sophisticated threats like zero-day malware and network behavior anomalies.
Weakness: Implementation of next generation firewall solutions requires significant upfront investments and ongoing maintenance costs which are higher than traditional firewalls. The complexity of these solutions also demands specialized skilled resources for management and operations.
Opportunity: Growing cyber threats landscape and increasing frequency of cyber-attacks is prompting organizations across all verticals to adopt stronger network security measures. This Growing requirement of comprehensive network security is fueling the demand for next generation firewall solutions.
Threats: Availability of free and open-source firewall options poses pricing pressure on established vendors. Changing technologies and emergence of advanced threats continuously challenge the capabilities of existing firewall products requiring frequent upgrades.
Global Next Generation Firewall Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing requirements for all-inclusive network security systems capable of mitigating complex threats.
North America is expected to dominate the global next generation firewall market during the forecast period. This is attributed to large presence of multinational corporations susceptible to sophisticated cyber-attacks. Asia Pacific region is anticipated to exhibit the fastest growth rate owing to rapid digital transformation, increasing adoption of cloud-based applications and emergence of tech-startup ecosystem in developing economies like India and China.
Key players operating in the global 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, VMware. Vendors are focusing on expanding their product portfolios by integrating additional next-gen capabilities like SWG, CASB, and Zero Trust Network Access (ZTNA).
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it