Network Security Firewall Market Set to Surpass $16.2 Billion by 2030

[Redding, California, February 23, 2024] - Meticulous Research®, a premier global market research company, has unveiled its latest comprehensive report titled, "Network Security Firewall Market by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Other Sectors) and Geography - Global Forecast to 2030."

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According to the latest publication from Meticulous Research®, the network security firewall market is projected to achieve a valuation of $16.2 billion by 2030, boasting a remarkable Compound Annual Growth Rate (CAGR) of 19.7% from 2023 to 2030. This robust growth trajectory is fueled by several factors including the escalating government regulations driving the demand for network security firewalls, the growing significance of these solutions within the BFSI sector, the increasing emphasis on network security and privacy, and the advancement of digital transformation initiatives within the telecommunications industry. However, challenges such as the lack of preventive firewall maintenance may hinder market growth. Nevertheless, opportunities abound with the growing need for network security firewall solutions among SMEs and the rising adoption of network function virtualization.

The network security firewall market is meticulously segmented based on Component (Solutions and Services), Type (Packet Filtering, Stateful Inspection Firewall, Next-generation Firewall, and Unified Threat Management), Deployment Mode (On-premise and Cloud-based Deployment), Organization Size (Large Enterprises and Small & Medium-sized Enterprises), and Sector (BFSI, Retail, IT & Telecommunications, Government, Healthcare, and Other Sectors). The report also conducts a comprehensive analysis of industry competitors and evaluates their market shares at both global and regional levels.

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Key Market Insights:
Based on component, the solutions segment is expected to dominate the market in 2023, driven by increased focus on solution-centric security capabilities and growing cybercrime incidents. However, the services segment is anticipated to witness higher growth due to wide adoption across various sectors, resulting in increased demand for consulting, training & support, and integration services.

Based on type, the unified threat management segment is projected to lead the market in 2023, supported by rising demand to counter increasing threats, growing adoption of advanced security methods, and increasing data security breaches.

Based on organization size, large enterprises are expected to hold the largest market share in 2023, attributed to their strong infrastructure and skilled IT personnel. However, small & medium enterprises are forecasted to exhibit higher growth rates during the forecast period.

Based on deployment mode, On-premise deployment is anticipated to account for the largest share in 2023 due to greater control offered by such solutions, while cloud-based deployment is expected to witness the highest growth rate driven by superior flexibility and increased adoption by SMEs.

Based on sector, the IT & telecommunication sector is forecasted to lead the market in 2023, driven by increasing demand for network security and privacy. However, the healthcare sector is projected to witness the highest growth rate due to rising concerns regarding patient data security & privacy.

Regional Analysis:
North America is expected to dominate the market in 2023, attributed to the presence of prominent market players and high adoption rates of network security firewall solutions. However, Asia-Pacific is forecasted to witness the highest growth rate during the forecast period, driven by rapid economic growth, increasing cybercrimes, and growing awareness among small and medium-scale organizations.

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Key Players:
Leading companies in the network security firewall market include Cisco Systems, Inc., Check Point Software Technologies Ltd., Mobileum Inc., Juniper Networks, Inc., Palo Alto Networks, Inc., Fortinet, Inc., Openmind Networks Limited, Anam Technologies Ltd., Cellusys Limited, Sophos Ltd., Mavenir Systems, Inc., Route Mobile Limited, SonicWall Inc., Enea AB, and Forcepoint LLC.

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This release was published on openPR.