Next-Generation Firewall Market Accelerated to $6.71 billion by 2026

Increase in sophisticated cyberattacks, development in IoT-based complex threat landscape, and enforcement of stringent government regulations for data safety & security fuel the growth of the global next-generation firewall market. On the other hand, the lack of skilled professionals and performance issues associated with cloud protection hamper the growth to a certain extent. Nevertheless, the rise in cybersecurity outlay and the emergence of a firewall as a service are expected to create multiple opportunities in the market.

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According to the report published by Allied Market Research, the global next-generation firewall market was estimated at $2.57 billion in 2017 and is expected to hit $6.71 billion by 2025, registering a CAGR of 12.9% from 2018 to 2025. The report provides an in-depth analysis of the market, including top winning strategies, industry drivers and restraints, market size & forecast, market classification, and competitive landscape.

Based on type, the hardware segment contributed the largest market share in 2017, with half of the total market, and is estimated to continue its lead during the forecast period. This is due to the increase in adoption of application control-specific security tools and the rise in adoption of endpoint protection. Contrarily, the cloud-based segment would grow at the fastest CAGR of 14.9% from 2018 to 2025, owing to low capital & maintenance costs and increase in adoption of cloud security solutions among SMEs and large enterprises.

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Based on industry vertical, the healthcare sector is estimated to grow at the largest growth rate, with a CAGR of 15.9%from 2018 to 2025, owing to a comprehensive adoption of electronic health records and continuous monitoring reforms along with rising in the number of security breaches for medical records. On the other hand, the BFSI sector accounted for the highest market share, with more than one-fifth of the total revenue in 2017. This is attributed to the upsurge in the number of complex attacks and the need to optimize cyber resilience and incident response systems for the protection of data and eliminate risks related to money laundering and frauds.

North America to continue its dominance by 2025

North America contributed more than one-third of the total market share in 2017, and will continue its dominance by 2025. This is attributed to the rise in cases of cyberattacks, significant adoption of IoT-based devices, trend of bring your own device (BYOD) and, surge in dependency on the internet & social media platforms. However, Asia-Pacific is estimated to grow at the highest CAGR of 14.6% during the forecast period, owing to the growth of the banking & finance sector and well-established telecommunication industry in the region.

Leading market players analyzed in the report include

o Barracuda Networks

o Cisco

o Check Point

o Fortinet

o Forcepoint

o Juniper Networks

o Huawei

o SonicWall

o Palo Alto Networks

o Sophos

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Key questions answered in the Next-generation Firewall Market research report:

o What is the growth rate of the Next-generation Firewall Market during the forecast period?

o What will be the global Next-generation Firewall Market size from 2019 to 2026?

o What are the leading manufacturing companies in the Next-generation Firewall Market?

o How the major current trends will shape the market in the future?

o What are the driving factors and opportunities in the Next-generation Firewall Market?

o Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?

o Why are some of the segments flourishing at the highest growth rate while others experience a steady growth?

o What are the conclusions of the Next-generation Firewall Market report?

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