At 10.8% CAGR, Next-generation Firewall Market Size/Share Projected to Hit USD 11.78 Billion By 2032: Polaris Market Research

The global next-generation firewall market size and share is currently valued at USD 4.79 billion in 2023. It is anticipated to generate an estimated revenue of USD 11.78 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 10.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032. The global key market players include Palo Alto Networks, Cisco, Fortinet, Check Point, Juniper Networks, Barracuda Networks, SonicWall, Zscaler and others.

New York, NY, March 07, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “Next-generation Firewall Market Share, Size, Trends, Industry Analysis Report, By Vertical (Manufacturing, Healthcare, BFSI); By Deployment Mode; By Organization Size; By Offering; By Application; By Region; Segment Forecast, 2024- 2032″ published by Polaris Market.

The global next-generation firewall market size and share is currently valued at USD 4.79 billion in 2023. It is anticipated to generate an estimated revenue of USD 11.78 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 10.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.

Market Definition

  • What is the Next Generation Firewall? How Big is Next-generation Firewall Market Size & Share?

A next-generation firewall, also known as NGFW, is a network security appliance developed to handle advanced security hazards at the application level via intelligent, context-aware security attributes. An NGFW integrates traditional firewall abilities like packet filtering and stateful inspection with others to make better conclusions about what traffic to permit.

Moreover, hardware-based appliances and software-based virtual machines that may be installed on regular servers are the two main types of NGFWs available. Regulatory compliance is becoming increasingly important in the quickly changing cybersecurity scene, which is propelling next-generation firewall market growth. Also, to help enterprises comply with regulations and defend against advanced threats, industry players are implementing capabilities like application control and intrusion prevention into their NGFWs.

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Next-generation Firewall Market Key Companies

  • Barracuda Networks
  • Cato Networks
  • Check Point
  • Cisco
  • CrowdStrike
  • Forcepoint
  • Fortinet
  • Hillstone Networks
  • Juniper Networks
  • NordLayer
  • Palo Alto Networks
  • SonicWall
  • Trend Micro  
  • Versa Networks
  • Zscaler

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Key Highlights

  • The market is mostly driven by the rise of cyber threats and enterprises’ changing requirements for efficient digital asset protection.
  • The next-generation firewall market analysis is mainly based on the organization, deployment mode, vertical, application, offering, and region.
  • North America dominated the market with the largest market share in 2023.

Market Developments

Growth Drivers:

  • The Rise in Cyberattacks: The next-generation firewall market size is rising due to an increase in cyberattacks and data breaches in enterprises. Since they regularly result in the loss of important customer and business data, these instances expose flaws in the current network security architecture. NGFWs offer advanced threat protection features, including application control, malware analysis, and intrusion prevention, to reduce the possibility of such assaults. Their combined security features give more protection than traditional firewalls.
  • Government Rules: Businesses are compelled to use NGFWs because of worldwide regulations pertaining to data security and privacy imposed by multiple governments. The FBI’s Internet Crime Complaint Center, for example, recently published its 2020 Internet Crime Report. It found that there were 791,790 complaints about alleged online crimes in 2020, an increase of more than 300,000 complaints from 2019. Additionally, the total losses cited in these cases exceeded US$4.2 billion.

Industry Trends:

  • Rising Stringency of Data Protection Laws: Data protection standards like the CCPA and GDPR are becoming more stringent, driving up demand for compliance-focused solutions and positioning NGFWs as market leaders. These next-generation firewall market key players provide tailored solutions that shield businesses from ever-changing cyber threats and negotiate the complex regulatory landscape.
  • Increasing Remote Work: The demand for advanced security solutions, particularly next-generation firewalls, has surged due to the growth of remote work. This development underscores the significance of robust defense against dynamic cyber threats in a decentralized work environment. NGFWs are essential for safeguarding enterprises’ networks and data because of their innovative threat detection and prevention features. The need to put advanced security measures in place is more than ever, as phishing assaults directed towards remote workers keep getting worse.

Restraints:

  • Developments in Machine Learning and  AI: Due to artificial intelligence and machine learning, security systems can now scan enormous volumes of data in real-time and detect unknown risks and anomalies without the need for predetermined rules or signatures. They can gradually improve through experience and reflection. Unlike traditional next-generation firewalls that rely on predetermined rules and patterns, AI-driven security is more predictive and preemptive against emerging cyber threats because of its self-learning feature.

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Segmentation Overview

  • The Healthcare Sector Grows at the Fastest CAGR

With the growing reliance on technology for transmitting and storing sensitive patient data, healthcare companies are more open to cyberattacks. To safeguard this data, the next-generation firewall market is developing advanced security capabilities, including application control, deep packet inspection, and intrusion detection.

Moreover, stricter legislation, such as the GDPR in Europe and HIPAA in the US, requires strong data security measures, emphasizing the necessity for NGFWs to achieve compliance. This industry is experiencing a notable boom as healthcare firms invest in cybersecurity solutions like NGFWs to fortify their defenses and safeguard patient data.

  • The Cloud/Virtual Sector is Growing at the Fastest Growth Rate

Cloud-based NGFWs are driving growth in the next-generation firewall market share over the forecast period because they meet essential business needs. Because of their scalability and agility, these systems can quickly adapt to shifting security needs and dynamic circumstances. Eliminating specialized hardware makes them more cost-effective for businesses as it reduces power consumption, maintenance expenses, and initial outlay.

Furthermore, cloud-based NGFWs enable secure remote access, which is beneficial for businesses with dispersed workforces. Cloud/virtual deployment is the NGFW market opportunity with the fastest pace of growth because of its quick updates, threat detection capabilities, and ease of interface with other cloud-based security solutions. These elements contribute to the development of a thorough cybersecurity posture.

Next-generation Firewall Market: Report Scope & Dynamics

Report Attribute Details
Revenue Forecast in 2032 USD 11.78 Billion
Market size value in 2024 USD 5.18 Billion
Expected CAGR Growth 10.8% from 2024 – 2032
Forecast Year 2024 – 2032
Top Market Players
  • Barracuda Networks
  • Cato Networks
  • Check Point
  • Cisco
  • CrowdStrike
  • Forcepoint
  • Fortinet
  • Hillstone Networks
  • Juniper Networks
  • NordLayer
  • Palo Alto Networks
  • SonicWall
  • Others
Segments Covered By Vertical, By Deployment Mode, By Organization, By Offering, By Application, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Regional Insights

North America: The existence of prominent NGFW companies like Palo Alto Networks, Check Point Software Technologies, and Fortinet fosters a vibrant environment for the growth and uptake of the NGFW industry. Furthermore, the demand for advanced technologies like NGFWs in this market is being driven by strict data security requirements, including CISA, GBLA, HIPAA, and GDPR.

Asia Pacific: The next-generation firewall market in Asia Pacific is expanding due to the growing adoption of cloud platforms and Internet of Things (IoT) devices as a result of government efforts. These technologies have advantages in terms of efficiency and scalability, but they also present new security risks. In order to safeguard its infrastructure and data, governments are also investing in more sophisticated security solutions like NGFWs as a result of stricter cybersecurity laws and regulations.

Browse the Detail Report “Next-generation Firewall Market Share, Size, Trends, Industry Analysis Report, By Vertical (Manufacturing, Healthcare, BFSI); By Deployment Mode; By Organization Size; By Offering; By Application; By Region; Segment Forecast, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/next-generation-firewall-market

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Key Questions Addressed in the Report:

  • What are the opportunities driving the next-generation firewall market demand?

Ans: The market demand is mostly driven by the rise of cyber threats and enterprises’ changing requirements for efficient digital asset protection.

  • How big is the next-generation firewall industry?

Ans: The market size and share is currently valued at USD 4.79 billion in 2023 and is anticipated to generate an estimated revenue of USD 11.78 billion by 2032.

  • Who are the key players in the market?

Ans: Some of the major players operating in the market are Barracuda Networks, Check Point, CrowdStrike, Cisco, Fortinet, SonicWall, and Cato Networks.

  • What is the expected growth rate of the market during the forecast period?

Ans: The report notes that the market exhibits a robust 10.8% CAGR over the forecasted timeframe, 2024-2032.

  • Which region is leading the market?

Ans: North America dominated the market with the largest market share in 2023.

Polaris Market Research has segmented the next-generation firewall market report based on vertical, deployment mode, organization, offering, application, and region:

By Vertical Outlook

  • Manufacturing
  • Healthcare
  • BFSI
  • Government
  • Energy & Utilities
  • Telecommunications
  • Retail & E-commerce
  • IT & ITeS
  • Others

By Deployment Mode Outlook

  • Cloud/Virtual
  • On-Premises

By Organization Outlook

  • Small & Medium Enterprises
  • Large Enterprises

By Offering Outlook

  • Hardware
  • Software
  • Services

By Application Outlook

  • Advanced Threat Protection
  • Application Visibility & Control
  • Intrusion Detection & Prevention System (IDS/IPS)
  • SSL/TLS Inspection
  • Content Filtering
  • User & Identity Awareness
  • Others

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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