Next-Generation Firewall Market Research Report 2024, Industry Trends, Share, Size, Demand and Future Scope 2032

The latest report by IMARC Group, titled "Next-Generation Firewall Market Report by Type (Solutions, Services), Deployment Type (Cloud-based, On-premises), Security Type (Firewall, Unified Threat Management, Network Security, Identity Based Security, and Others), Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), Vertical (Banking, Financial Services and Insurance (BFSI), IT and Telecom, Government and Public Utilities, Retail, Education, Healthcare, Energy and Utilities, and Others), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the market. The global next-generation firewall (NGFW) market size reached US$ 5.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.68% during 2024-2032.

Factors Affecting the Growth of Next-Generation Firewall Industry:

• Rising Cybersecurity Threats and Sophisticated Attacks:

With the proliferation of digital technologies and the increasing interconnectedness of devices and networks, cybersecurity threats have become more sophisticated and prevalent. Traditional firewalls are no longer sufficient to combat advanced threats such as zero-day attacks, ransomware, and advanced persistent threats (APTs). Next-generation firewalls offer enhanced capabilities, including deep packet inspection, intrusion prevention systems (IPS), application awareness, and threat intelligence integration. These advanced features enable NGFWs to detect and mitigate complex threats more effectively, providing organizations with better protection against cyber-attacks.

• Regulatory Compliance Requirements and Data Privacy Concerns:

Heightened regulatory scrutiny and stringent compliance requirements have compelled organizations to bolster their cybersecurity posture and adopt advanced security solutions such as next-generation firewalls. Regulations such as the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), Health Insurance Portability and Accountability Act (HIPAA), and Payment Card Industry Data Security Standard (PCI DSS) mandate the implementation of robust security measures to protect sensitive data and ensure data privacy and confidentiality. Next-generation firewalls play a crucial role in helping organizations achieve compliance with regulatory mandates by providing features such as data loss prevention (DLP), encryption, access control, and audit trails.

• Demand for Integrated Security Solutions and Convergence of Technologies:

The complexity and diversity of cybersecurity threats have led organizations to seek integrated security solutions that offer comprehensive protection across multiple layers of the IT infrastructure. Next-generation firewalls are part of a broader trend toward integrated security platforms that combine various security functionalities, such as firewalling, intrusion detection and prevention, secure web gateways, endpoint security, and security orchestration and automation. Next-generation firewalls are evolving into unified threat management (UTM) platforms that integrate multiple security features into a single, cohesive solution. By consolidating disparate security tools and functionalities, NGFWs simplify security management, reduce complexity, and enhance operational efficiency. Organizations benefit from streamlined workflows, centralized policy management, and unified visibility into security events and incidents across the network.

For an in-depth analysis, you can request the sample copy of the report: https://www.imarcgroup.com/next-generation-firewall-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Barracuda Networks Inc.
• Check Point Software Technologies
• Cisco Systems
• Forcepoint LLC
• Fortinet Inc.
• Gajshield Infotech Pvt Ltd.
• Hillstone Networks Co.
• Juniper Networks Inc.
• Palo Alto Networks Inc.
• Sonicwall Inc.
• Sophos Ltd.
• Zscaler Inc.

Next-Generation Firewall Market Report Segmentation:

By Type:

• Solutions
o Hardware Solutions
o Software Solutions
• Services
o System Integration Services
o Consulting Services
o Support and Maintenance Services
o Training and Education Services
o Managed Services

Solutions dominate the market due to its comprehensive offerings, encompassing a wide range of integrated security solutions tailored to address diverse cybersecurity needs effectively.

By Deployment Type:

• Cloud-based
• On-premises

Cloud-based deployment holds maximum number of shares due to its scalability, flexibility, and cost-efficiency, catering to the growing demand for agile and scalable security solutions in dynamic IT environments.

By Security Type:

• Firewall
• Unified Threat Management
• Network Security
• Identity-Based Security
• Others

Firewall represents the largest segment due to its foundational role in network security, providing essential protection against unauthorized access and malicious threats.

By Organization Size:

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Large enterprises dominate the market due to their expansive networks, complex IT infrastructures, and heightened security requirements, necessitating robust and scalable cybersecurity solutions such as next-generation firewalls.

By Vertical:

• Banking, Financial Services and Insurance (BFSI)
• IT and Telecom
• Government and Public Utilities
• Retail
• Education
• Healthcare
• Energy and Utilities
• Others

Banking, financial services and insurance (BFSI) sector represents the largest segment due to its high reliance on robust cybersecurity solutions to protect sensitive financial data and transactions from cyber threats.

Regional Insights:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America's dominance in the next-generation firewall market is attributed to its robust technological infrastructure, high adoption of advanced cybersecurity solutions, and stringent regulatory environment driving demand for sophisticated security

Global Next-Generation Firewall Market Trends:

The proliferation of cloud computing services and the widespread adoption of hybrid IT architectures have transformed the way organizations deploy and manage their IT infrastructure. Cloud-native applications, Software-as-a-Service (SaaS) solutions, and infrastructure-as-a-Service (IaaS) platforms have extended the boundaries of the traditional network perimeter, creating new security challenges for organizations. Next-generation firewalls are essential components of cloud security strategies, providing advanced threat detection, application visibility, and access control for cloud workloads and data. By integrating with cloud orchestration platforms and APIs, NGFWs enable organizations to enforce consistent security policies across hybrid environments, ensuring seamless protection for on-premises and cloud-based assets. Additionally, the growing adoption of Zero Trust security frameworks has reshaped the approach to network security, emphasizing the principle of "never trust, always verify" and shifting focus from perimeter-based security to identity-centric access controls. Next-generation firewalls play a crucial role in Zero Trust architectures by providing micro-segmentation, identity-based access control, and continuous monitoring capabilities. By authenticating and authorizing users, devices, and applications based on contextual factors such as user identity, device posture, and behavioral patterns, NGFWs help organizations enforce least privilege access and mitigate the risk of lateral movement by malicious actors.

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