11.9% CAGR of "Next-Generation Firewall Market" Competitive Analysis by Barracuda Networks, Inc., Check Point Software Technologies Ltd., Forcepoint LLC

Delvens published an exclusive market intelligence report, titled "Next-Generation Firewall Market by Type (Solution, Services), deployment type (Cloud-based, On-premises), security type, organization size, vertical, and region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America)", the global Next-Generation Firewall Market size is projected to reach a CAGR of 11.9% from 2023-2030.

Top Players covered in Next-Generation Firewall Market report: Barracuda Networks, Inc., Check Point Software Technologies Ltd., Forcepoint LLC, Fortinet, Inc., GajShield Infotech (India) Pvt. Ltd., Hillstone Networks, Juniper Networks, Inc., Palo Alto Networks, Inc., SonicWall, Inc., Sophos Ltd., Zscaler, Inc.

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There are some major drivers in the next-generation firewall market that drive the growth of the next-generation firewall market size, and one of the major drivers in the market is the increasing number of loT devices. With an increasing number of Internet of things (loT) and access to the Internet, the need for data security is also increasing in the world, and it is driving the growth of the next-generation firewall industry. Another driver in the global market is increasing internal and external threats. With the advancement of technology, the threats to data are increasing, and now business is improving their security to protect their important data. Organizations are taking the help of security solutions in order to provide protection, and this is driving the growth of the next-generation firewall business globally. Next-generation firewall solutions provide high security. As a result, businesses are preferring the next-generation firewall solution.

On the other hand, a next-generation firewall is highly effective, but it is costly, so it is getting difficult for the medium business to afford it. The high-cost systems are one of the major restraints in the next-generation firewall. Due to the high-cost systems, only big companies are able to use them. Another restraint in the market is that small and medium businesses are using traditional methods and old technology, and they don't want to update their technology, so it becomes a restraint for the market.

The covid-19 pandemic had a huge impact on businesses all over the world. For some businesses, it had a positive impact, and for some, it had a negative impact. But, the covid-19 had a good impact on the next-generation firewall market. Due to the lockdown, the use of loT devices and access to the internet increased, and as a result, the cyber-attack cases also increased, and it was a threat to valuable and important data. To provide maximum security, the organizations used next-generation firewalls to protect their data. And this became the reason for next-generation firewall growth.

Recent Developments

May 17, 2022 - Barracuda Cloud Application Protection strengthens web application and API security, adds account takeover protection, boosts client-side supply chain attack protection, and includes new technology integration with Venafi.

February 25, 2022 - Barracuda Networks, Inc. announced its new regional Cloud-to-Cloud Backup data centre in India to meet growing demand for data protection services in the country and better serve local customers. The addition also includes two new regional data centres in France and United Arab Emirates (U.A.E). This makes a total of 10 regions for the solution, and customers' Office 365 backup data will be stored locally within each region, a key requirement for customers operating in regulated industries or in countries with data protection laws.

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Scope of the Report:

The NGFW refers to the third generation of network firewalls that manages and secures data transmitted from routers, servers, and switches. It is often integrated with intrusion prevention and cloud-delivered threat intelligence and utilizes whitelists or signature-based intrusion detection systems (IDS) to distinguish between safe and unwanted applications. In comparison to the previously used firewalls, NGFW can use both dynamic and static packet filtering that ensures the advanced security of the connections in the network. Owing to this, these solutions find extensive applications across the banking, financial services and insurance (BFSI), government and public sector, retail, healthcare, education, information technology (IT), energy, and manufacturing industries.

There are some major drivers in the next-generation firewall market that drive the growth of the next-generation firewall market size, and one of the major drivers in the market is the increasing number of loT devices. With an increasing number of Internet of Things (loT) and access to the Internet, the need for data security is also increasing in the world, and it is driving the growth of the next-generation firewall industry.

The deployment type segment is further divided into cloud-based and on-premise. The cloud-based segment is expected to dominate all other segments in terms of revenue generation over the forecast period. Since it has the ability to provide real-time threat detection and prevention capabilities, which is critical in cloud environments where threats can arise from anywhere at any time. Further, it can be easily deployed and managed in the cloud leading to driving demand for this segment.

The organization size segment is segregated into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to reach the highest revenue share over the forecast period. Increasing adoption of digital technologies, growing awareness about the risks associated with cyber-attacks, and the need for effective security measures to protect the business have driven the demand for this segment.

The covid-19 pandemic had a huge impact on businesses all over the world. For some businesses, it had a positive impact, and for some, it had a negative impact. But, the covid-19 had a good impact on the next-generation firewall market. Due to the lockdown, the use of loT devices and access to the internet increased, and as a result, the cyber-attack cases also increased, and it was a threat to valuable and important data. To provide maximum security, the organizations used next-generation firewalls to protect their data. And this became the reason for next-generation firewall growth.

The market is also divided into various regions North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America dominates the next-generation firewall market due to the developed economies of the US and Canada, and the high focus on innovations obtained from research and development, and security technologies within the region.

North America to Dominate the Market

North America dominates the next-generation firewall market due to the developed economies of the US and Canada, and high focus on innovations obtained from research and development, and security technologies within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2028 because of the rise in adoption of IoT devices and BYOD technologies in the region.

Delvens Industry Expert's Standpoint

The rising in cyber threats and security breaches increased the demand for advanced security solutions. At the same time, the organization facing security threats with the adoption of cloud-based services and an increase in the use of mobile devices. Hence, increased utilization among various organizations of next-generation firewall network security devices contributes to addressing the issues related to security systems. Further, the rising trend of adopting Bring Your Own Device (BYOD) policies, which have made network security more complex and challenging generated the need for more specialized network systems. All these issues are prone to network security, risk related to cyber-attacks and the industry's requirement to comply with the highest security standards continues to drive the growth of the next-generation firewall market in the next coming years.

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