Next-Generation Firewall Market Estimated To Grow Up To USD 4.69 Billion At 11.4 CAGR By 2023

Global Next-Generation Firewall Market, by Security Type ( Unified Threat Management, Network Security, Identity-based security), By Solution, By Organization Size, By Services, By End Users (Telecommunication and IT, Government, Defense, BFSI) - Forecast 2023

Market Synopsis of Next-Generation Firewall Market:

The next-generation firewall market delivers security services such as firewall, intrusion prevention, and application control. These next-generation firewall market systems deal with large amounts of computer-generated log data and process it by managing, collecting, reporting, and archiving logs that are generated from several devices such as firewalls, routers, and servers. With the help of next-generation firewall market systems, the organizations can manage log data effectively and also ensure the integrity and enhanced business solutions.

According to Market Research Future (MRFR), The global Next-Generation Firewall Market is estimated to grow up to USD 4.69 billion by 2023, at 11.4% of CAGR between the forecast period of 2017 and 2023. The market is estimated to be driven by factors such as the increasing interconnectivity through IoT, the alarming rise in internal and external threats and targeted data attacks, and the high functionality of next-generation firewall market that is encouraging deployment. The market growth is estimated to be hindered by factors such as the high cost of the next generation firewall systems, and the increasing adoption of unified threat management (UTM) in small and medium enterprises (SMEs). Additionally, the presence of traditional firewalls which cannot tackle advanced threats like next-generation firewall market systems restricts the market growth due to the low awareness of the new systems. Nevertheless, the high market growth opportunities posed by virtual next-generation firewall market systems, along with the single vendor firewall deployment, is estimated to contribute substantially to the market growth over the forecast period.

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Key Players

The key market players in the next-generation firewall market are WatchGuard Technologies, Inc. (U.S.), Cisco Systems, Inc. (US), Barracuda Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Forcepoint LLC (U.S.), Zscaler, Inc. (U.S.), Check Point Software Technologies Ltd. (U.S.), and Sophos Group Plc. (U.K.) among others.

Segmental Analysis

The global next-generation firewall market is segmented based on security types, services, organization size, solution, end-user, and region.

On the basis of security type, the market has been segmented into the firewall, unified threat management, network security, identity-based security, and others.

Based on the services, the market has been segmented into system integration, consulting service, professional service, support, and maintenance, managed service, training and education, and others.

Based on organization size the market has been segmented into small and medium enterprises (SMEs), and large enterprises. The SME segment is estimated to rise at a high CAGR over the forecast period.

On the basis of solution the market has been segmented into cloud, virtual, hardware and others. Cloud system segment is estimated to show market growth over the forecast period.

By end-user, the next generation firewall market has been segmented into telecommunication and IT, healthcare, manufacturing, retail and wholesale, BFSI, government and defense, education, and others. The telecommunication and IT segment followed by BFSI is estimated to show significant market growth.

Based on the region, the global market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

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Regional Analysis

North America is leading the next-generation firewall market with the highest market growth and is estimated to sustain its market standing over the forecast period, due to the presence of major global market players in countries like U.S. and Canada, which are constantly evolving with mergers and new products, subsequently contributing to the market growth. Europe region is the second largest market and is estimated to record a high CAGR due to the increased use of next-generation firewall systems in data centers, enterprises, small businesses, among others, in these regions.

Asia-Pacific is accounted for the fastest growing regional market for next-generation firewall systems due to developing countries like China, Japan, and India which are expanding businesses to sustain economic growth, consequently contributing to the global next-generation firewall market.

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Release ID: 507547