Next-generation Firewall Industry

According to a research report "Next-generation Firewall Market by Offering (Hardware, Software, Services), Deployment Mode (On-premises, Cloud/Virtual), Organization Size (Large Enterprises, SMEs), Vertical (BFSI, Government, Other Verticals) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global next generation firewall market size is projected to grow from USD 5.0 billion in 2023 to USD 8.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The growth of the next-generation firewall market is propelled by shifting work dynamics, demanding refined security solutions. With remote work becoming commonplace, organizations face heightened cyber threats as employees access networks from diverse locations using personal devices. Next-Generation Firewalls (NGFWs) equipped with advanced threat detection mechanisms ensure secure remote access amidst rising attacks, notably during the COVID-19 pandemic. Additionally, NGFW providers drive compliance advancements, integrating features like application control and intrusion prevention to meet evolving regulatory standards and secure enterprises against sophisticated cyber threats.

Browse 432 market data Tables and 52 Figures spread through 325 Pages and in-depth TOC on "Next-generation Firewall Market by Offering (Hardware, Software, Services), Deployment Mode (On-premises, Cloud/Virtual), Organization Size (Large Enterprises, SMEs), Vertical (BFSI, Government, Other Verticals) and Region - Global Forecast to 2028"
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Based on the organization size, SMEs are to grow at the highest CAGR during the forecast period.

The exponential growth of SMEs in the next-generation firewall market can be attributed to several key factors, such as increased awareness of cyber threats, which compels SMEs to invest in security measures like NGFWs, safeguarding their valuable data and operations from rising risks. Additionally, the expanding regulatory landscape mandates data protection measures even for smaller businesses, driving SMEs to adopt compliant security solutions such as NGFWs with intrusion detection and data loss prevention features. Moreover, the widespread adoption of cloud computing and digital transformation initiatives among SMEs creates new security concerns, prompting the adoption of NGFWs with cloud-based deployment options tailored for SME needs. Advancements in technology have made NGFWs more affordable and easier to manage for SMEs, further fueling their adoption, along with the availability of Managed Security Service Providers offering NGFW management and monitoring services specifically designed for resource-constrained SMEs.

By deployment mode, cloud/virtual accounts for the highest market size during the forecast period.

The cloud/virtual deployment mode has the largest market size in the next-generation firewall market due to several factors such as agility, scalability, reduced hardware costs, simplified management, and improved accessibility. Cloud-based NGFWs offer on-demand provisioning and scaling of security resources, which is crucial for organizations with dynamic environments and fluctuating network traffic needs. By eliminating the need for dedicated hardware appliances, cloud deployments translate to significant cost savings on upfront purchase, maintenance, and power consumption, making NGFW solutions accessible to organizations of all sizes, including budget-conscious SMEs. Cloud providers handle infrastructure management, patching, and updates, freeing internal IT teams to focus on strategic security initiatives. Moreover, cloud-based NGFWs enable secure remote access from anywhere with an internet connection, benefiting organizations with geographically dispersed workforces or employees who frequently travel.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia-Pacific region is growing at the fastest rate in the Next-Generation Firewall (NGFW) market due to several key factors propelling digitalization and cybersecurity demands. Rapid digital transformation, increasing internet penetration, and government initiatives, such as India's Digital India and China's cloud service development, fuel the need for robust cybersecurity solutions like NGFWs to safeguard critical data and transactions. The region's growing economy and increased IT spending, exemplified by China's technology sector and India's IT outsourcing industry, contribute to substantial investments in advanced security technologies like NGFWs. The rising cyber threat landscape, evidenced by recent incidents in Thailand and South Korea, underscores the crucial role NGFWs play in defending against attacks. Additionally, the region's increased awareness of cyber threats and the development of a skilled cybersecurity talent pool drive heightened demand for NGFW solutions, fostering a positive feedback loop that supports the market's rapid growth.

Key Players

Palo Alto Networks (US), Cisco (US), Fortinet (US), Check Point (Israel), Juniper Networks (US), Barracuda Networks (US), SonicWall (US), Zscaler (US), Forcepoint (US), Hillstone Networks (US), Versa Networks (US), NordLayer (US), Cato Networks (Israel), CrowdStrike (US), Trend Micro (Japan), Huawei (China), Sophos (UK), Atrity (India), Easi (Belgium), Zyxel Networks (India), Nomios (Netherlands), WatchGuard (US), Sangfor (China), GajShield (India), and H3C (China) are the key players and other players in the next generation firewall market.

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