Next-Generation Firewall Market Outlook, Opportunities And Strategies 2024-2033

The next-generation firewall market size has grown rapidly in recent years. It will grow from $4.62 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to transition from traditional firewalls, rise of advanced threats, increased emphasis on application security, mobile and remote access security needs, evolving network complexity..

The next-generation firewall market size is expected to see rapid growth in the next few years. It will grow to $8.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to rise in cyber threats complexity, remote workforce security needs, cloud migration and hybrid environments, zero trust architecture implementation, iot device security.. Major trends in the forecast period include iot security focus, machine learning and ai integration, ssl/tls inspection capability, enhanced user identity management:, zero trust architecture adoption, cloud-based security solutions..

Market Overview -
Next-generation firewall refers to deep-packet inspection firewalls that go beyond simple port or protocol inspection and blocking to include application-level inspection, intrusion prevention and the use of external intelligence. Next-generation firewalls are used in Layer 7 application filtering available, along with deep packet filtering, which can even track and stop shady behavior.

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Surging Demand For Advanced Cybersecurity Fuels Next-Generation Firewall Market Growth
The rise in demand for advanced cybersecurity solutions is expected to propel the growth of the next-generation firewall market going forward. Cybersecurity solutions refer to the use of technologies, procedures and safeguards to defend against cyberattacks on systems, networks, programs, devices and data. A next-generation firewall belongs to the third generation of firewall technology and is used to address advanced security threats at the application level. For instance, in December 2022, according to a report shared by Tech Target, a US-based media source dedicated to serving business technology buyers, 3,932 publicly disclosed breach events were reported during the year. By the end of September 2021, there had already been 17% more breaches than there had been in all of 2020. Therefore, a rise in demand for advanced cybersecurity solutions is driving the growth of the next-generation firewall market.

Competitive Landscape -
Major companies operating in the next-generation firewall market report are Cisco Systems Inc., Barracuda Networks Inc., Check Point Solution Technologies Ltd., Juniper Networks Inc., Huawei Technologies Co. Ltd., Palo Alto Networks Inc., Forcepoint LLC, Zscaler Inc., WatchGuard Technologies Inc., SonicWall Inc.,, Cloudflare Inc., Hillstone Networks Co, Sangfor Technologies, Fortinet Inc., Sophos Technologies Pvt. Ltd., Dell Technologies Inc., Untangle Inc., FireEye Inc., McAfee LLC, Trend Micro Inc., F5 Networks Inc., GajShield Infotech Pvt. Ltd., SEQRITE, Stormshield SAS, AhnLab Inc., Comodo Group Inc., Darktrace Ltd., Netgate Inc., OPNsense, pfSense, Smoothwall Ltd. .

Product Innovation Spurs Growth In The Next-Generation Firewall Market
Product innovation is a key trend gaining popularity in the next-generation firewall market. Major companies operating in the next-generation firewall market are focused on developing a new product to strengthen their position in the market. For instance, in August 2021, Fortinet Cybersecurity Corporation, a US-based company that develops and sells cybersecurity solutions, launched FortiGate 3500F, its latest next-generation firewall for hybrid data centers. FortiGate 3500F is built with hybrid data centers in mind and provides automatic threat protection post-decryption, zero trust network access (ZTNA)and proxy capabilities. Along with adding further security measures such as anti-virus, mail security, anti-DDoS, IPSand anti-malware solutions, FortiGate 3500F is the first in the industry that natively interacts with FortiGuard Security Services.

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Key Segments -

The next-generation firewall market covered in this report is segmented -
1) By Component: Solution, Services
2) By Type: Hardware, Virtual, Cloud-Based
3) By Enterprise Size: Large Size Enterprises, Small And Medium Sized Enterprises (SMEs)
4) By Industry Vertical: BFSI, Retail, IT And Telecommunication, Healthcare, Energy And Utilities, Manufacturing, Government, Other Industry Verticals

Subsegment: Professional Service, Managed Service, Support And Maintenance, Training And Education, Consulting Service, System Integration, Other Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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