In a report published by Coherent Market Insights, the global market for next generation firewalls was valued at US$ 4,561.0 Million in 2023 and is expected to reach a value of US$ 8,233.2 Million by 2030 at a CAGR of 8.8% between 2023 and 2030.
Cyber threats are on the rise, and the need for advanced cybersecurity solutions is one of the key factors fueling the growth of the next generation firewall market.. Due to the increasing sophistication of cyber-attacks as well as the increasing number of data breaches, organizations are increasingly investing in robust security solutions that can protect their critical assets from cyber-attacks. It is important to note that next generation firewalls provide advanced features, such as intrusion prevention, deep packet inspection, and application awareness, that provide enhanced protection against emerging threats.
It is important to note that next generation firewalls provide advanced features, such as intrusion prevention, deep packet inspection, and application awareness, that provide enhanced protection against emerging threats.
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Furthermore, the growing adoption of cloud-based applications and the shift towards digital transformation are also driving the global market for next generation firewalls. More and more businesses are moving their operations into the cloud, making the need for secure networking and connectivity even more pressing. A firewall of the next generation enables secure access to cloud-based applications and ensures that sensitive data is protected.
Trends in the market:
A growing demand for integrated security solutions is a result of the increasing complexity of cyber threats, which is causing organizations to seek comprehensive security solutions which provide seamless protection across their networks.. It is becoming more and more commonplace for multiple security functions, such as firewalls, antivirus programs, and intrusion detection systems, to be integrated into a single platform. As a result of this integrated approach, management is simplified, costs are reduced, and the demand for advanced security features in firewalls is growing
As a result of this integrated approach, management is simplified, costs are reduced, and the demand for advanced security features in firewalls is growing
It is important to adopt artificial intelligence and machine learning technologies as cyber-attacks become more sophisticated, making traditional rule-based security systems not sufficient to combat these threats. In order to detect and respond to advanced threats in real time, next-generation firewalls incorporate artificial intelligence and machine learning algorithms. As a result of these technologies, organizations are able to identify threats, detect anomalies, and respond to them in real-time, enhancing their overall security posture.
Opportunities in the market include:
A growing demand for advanced cybersecurity solutions is driving the growth of the Next Generation Firewall Market.
During the forecast period 2023-2030, the Next Generation Firewall (NGFW) market is predicted to grow significantly at a CAGR of 12.5% and reach a value of USD 3.66 billion by the year 2023. As a result of the growing demand for advanced cybersecurity solutions to protect organizations from evolving cyber threats, this growth is attributed to the increasing demand for advanced cybersecurity solutions.
With the addition of deep packet inspection, application-level control, and threat intelligence capabilities, NGFW solutions offer enhanced security capabilities as compared to traditional firewall solutions. In order to strengthen network security and protect sensitive data, organizations are prioritizing the implementation of NGFW solutions as cyber threats become more sophisticated.
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The most recent development is as follows:
The FortiGate 4400 is a cutting-edge firewall that was introduced by Fortinet in March 2022. It is a firewall that uses artificial intelligence (AI) to defend big businesses and service providers from threats.
Palo Alto Network unveiled Okyo Grade in January 2021, a service-based enterprise-grade firewall that is designed to protect network traffic moving via multi-cloud and hybrid environments as it travels through the internet.
Market growth is being driven by the growing adoption of cloud-based NGFW solutions.
As a result of the growth forecasted for cloud-based NGFW solutions, the market is expected to grow significantly during the forecast period. In today's world of cloud computing and remote working, organizations are increasingly relying on flexible and scalable security solutions to protect their cloud-based infrastructures in order to protect themselves from threats.
Compared to traditional on-premises NGFW solutions, cloud-based NGFW solutions have several advantages, including scalability, cost-effectiveness, and centralized management, among others. By implementing these solutions, organizations can provide consistent protection across multiple locations while extending their network security policies to cloud environments.
There are a few key takeaways from the market:
The Next Generation Firewall Market is expected to witness a CAGR of 12.5% during the forecast period 2023-2030, due to the increasing demand for advanced cybersecurity solutions in order to protect organizational networks from evolving cyber threats.
As far as the NGFW market is concerned, the solution segment is expected to hold a dominant position based on component types. This can be attributed to the increasing need for robust security solutions that offer advanced features such as deep packet inspection, application-level control, and threat intelligence capabilities that are more advanced than ever before.
On-premises deployments, as far as deployments are concerned, are expected to dominate the market over the next few years. Many organizations still prefer on-premises deployments as they give them full control over their network security infrastructure as well as ensuring compliance with regulatory requirements.
The BFSI industry vertical is expected to dominate the NGFW market, followed by IT and Telecom, Government and Defense, Healthcare, Retail & E-commerce, and others. Financial institutions are exposed to a high level of sensitive customer data, which makes them a prime target for cyber-attacks. It is therefore imperative that NGFW solutions be adopted by financial institutions in order to protect them from cyber-attacks.
Among the key players in the NGFW market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, and many more. It is these players' strategy to strengthen their market position through product innovation, strategic partnerships, and mergers and acquisitions. There is fierce competition in the market, with key players continuously striving to meet the changing needs of their customers by offering advanced solutions.
The report "Next Generation Firewall Market, By Component, By Deployment, By Organization Size, By Industry Vertical, By Region, and Segment Forecast 2023-2030", published by Coherent Market Insights, is a comprehensive market research study.
The detailed segmentation of the market is as follows:
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