Next-Generation Firewall Market on Track for Strong Growth, Estimated to Grow at 13.9% CAGR Through 2029

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What Is the Expected CAGR for the Next-Generation Firewall Market Through 2025?
The market size of next-generation firewalls has seen a notable increase in recent years. The market, which stands at $5 billion in 2024, is predicted to expand to $5.48 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.5%. This growth during the historical period can be credited to factors including the shift from conventional firewalls, the emergence of sophisticated threats, a heightened focus on application security, the necessity for mobile and remote access security, and the increasing intricacies of network structures.

What's the Projected Size of the Global Next-Generation Firewall Market by 2029?
The market size for next-generation firewalls is predicted to experience speedy growth in the upcoming years, increasing to $9.23 billion by 2029 with a compound annual growth rate (CAGR) of 13.9%. The anticipated growth in this period can be ascribed to the escalating complexity of cyber threats, security demands of a remote workforce, the transition to the cloud and hybrid environments, the application of zero trust architecture, and the security of IoT devices. Key trends anticipated during the forecasting period encompass a focus on IoT security, the incorporation of machine learning and AI, the capacity to perform SSL/TLS inspection, improved management of user identity, the adoption of zero trust architecture, and the emergence of cloud-based security systems.

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Top Growth Drivers in the Next-Generation Firewall Industry: What's Accelerating the Market?
Driven by the escalating need for sophisticated cybersecurity measures, the next-generation firewall market is set to experience substantial growth. Cybersecurity techniques encompass the utilization of technology, protocols, and protective measures to prevent cyberattacks on systems, networks, software, devices, and data. The third generation of firewall technology, known as next-generation firewall, counters complex security threats at the application level. The 2023 ASD Cyber Threat Report, published by the Australia-based federal agency Australian Signals Directorate, noted that ReportCyber received almost 94,000 cybercrime reports in the 2022-23 financial year, marking a 23% increase compared to the prior year. The financial impact of these cybercrimes on businesses increased by 14%, causing losses of an average of $46,000 for small businesses, $97,200 for medium-sized businesses, and $71,600 for large enterprises. Hence, as demand soars for advanced cybersecurity strategies, it fuels the growth of the next-generation firewall market.

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What Trends Will Shape the Next-Generation Firewall Market Through 2029 and Beyond?
Key players in the next-generation firewall market are focussed on the introduction of machine learning-fueled next-generation firewalls to enhance their ability to detect threats, bolster network security, and automate responses to emerging cyber threats. These forward-thinking firewalls feature machine learning (ML) technologies to bolster their capacity to identify and thwart cyber threats. They utilize the latest PAN-OS 11.0 Nova, designed to effectively tackle exceptionally elusive cyber threats. For example, in November 2022, Palo Alto Networks, Inc., a corporation based in the US, introduced its PA-5400 and PA-400 Series ML-Powered NGFWs. The PA-5400 Series is crafted for high-performance situations and comprises models capable of achieving up to 61.5 Gbps of threat prevention throughput. The PA-400 Series caters to small-scale enterprises and distributed businesses, offering diverse deployment options and a fanless design for noiseless operation. Both lines use advanced machine learning methodologies for proactive threat detection and boast the Single Pass Parallel Processing (SP3) architecture for stable performance.

What Are the Main Segments in the Next-Generation Firewall Market?
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

Subsegments:
1) By Solution: Hardware Appliances, Software-Based Firewalls, Cloud-Based Firewalls, Integrated Security Solutions
2) By Services: Consulting Services, Installation And Integration Services, Managed Security Services, Support And Maintenance Services

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Which Top Companies are Driving Growth in the Next-Generation Firewall Market?
Major companies operating in the next-generation firewall market include Cisco Systems Inc., Barracuda Networks Inc., Check Point Solution Technologies Ltd., Juniper Networks Inc., Huawei Technologies Co. Ltd., Palo Alto Networks Inc., Forcepoint LLC, WatchGuard Technologies Inc., SonicWall Inc., Hillstone Networks Co, Sangfor Technologies, Fortinet Inc., Sophos Technologies Pvt. Ltd., Untangle Inc., GajShield Infotech Pvt. Ltd., SEQRITE, Stormshield SAS, AhnLab Inc., Comodo Group Inc., Netgate Inc., OPNsense, pfSense, Smoothwall Ltd.

Which Regions Will Dominate the Next-Generation Firewall Market Through 2029?
North America was the largest region in the next-generation firewall market in 2024. Asia-Pacific is expected to be the fastest-growing region in the next-generation firewall market report during the forecast period. The regions covered in the next-generation firewall market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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