Next-Generation Firewall Market to Generate Revenue Worth $5,188.8 Million in 2025: P&S Intelligence
Next-Generation Firewall Market Research Report: By Component (Solutions, Services), Enterprise Size (Large Enterprises, SME), Industry (BFSI, Aerospace & Defense, Retail, Government & Public Utility, Healthcare, It & Telecommunication, Manufacturing)
According to the market research report published by P&S Intelligence, the global NGFW market share is expected to generate $2,706.9 million in 2019 and reach $5,188.8 million by 2025, exhibiting a CAGR of 11.9% during the forecast period (2020–2025). The banking, financial services, and insurance (BFSI) industry would lead the market in 2019, due to the increasing number of financial institutions across the world and surging demand for cyber-attack prevention. The healthcare industry is projected to register the fastest growth during the forecast period. This can be attributed to the fact that the sector has witnessed several data breach cases in recent years, which are increasing the inclination of healthcare organizations toward the adoption of NGFW solutions.
The increasing adoption of IoT is a key trend being observed in the next-generation firewall market. Currently, businesses are adopting the IoT technology to leverage advanced business models such as, the asset sharing, pay-per-usage, and outcome-based model, and generate real-time operational insights including, security issue identification and equipment monitoring. The adoption of IoT devices enhances business productivity, but these devices can easily get fall prey to cyber-attacks, as they are connected to the internet or other networks. NGFW is a network-friendly security solution, which provides defensive competences against various applications, protocols, and internet-based security threats.
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The increasing number of cyber threats is one of the key factors contributing to the growth of the next-generation firewall market. For example, in the U.S., around 2.5 million cybercrime cases were reported in 2017, which increased to 2.9 million in 2018. Hence, the need for adopting a platform to meet the cyber security requirements in the current business landscape is also increasing. The NGFW technology is more efficient than traditional firewalls, as it offers intrusion prevention, cloud-delivered threat protection, and application awareness and control. It is a one-step security solution that can be integrated easily with the existing network technologies in an organization, to provide complete network visibility and enhanced breach protection and security, and flexibility of deployment. Such advantages are leading to the growth of the market.
The next-generation firewall market, during the forecast period, is expected to demonstrate the fastest growth in the healthcare industry. This would be owing to the increasing adoption of cloud-based technologies for data storage and demand for mitigating data breaches in healthcare organizations.
Together, North America and Europe are expected to account for over 50% share in the next-generation firewall market, by 2025. This can be attributed to the high number of cyber threats and existence of a large number of industry players, including Palo Alto Networks Inc., Dell Technologies Inc., and Cisco Systems Inc., in the regions. This is Additionally, increasing the deployment of cloud computing solutions, and government initiatives for public data safety are also driving the North American market. For example, FY 2019 President’s Budget in the U.S. includes $15 billion for cybersecurity-related activities, in order to mitigate cybersecurity risks.
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The Asia-Pacific (APAC) next-generation firewall market would register the fastest growth during the forecast period, owing to the increasing number of SMEs cyber threats, and strong focus of the governments in the region on data security. For example, in 2018, the Personal Data Protection Commission of Singapore imposed penalties of around $4,200 and $5,000 on carpooling firm, Grabcar, and network gaming center, Club the Chambers, respectively, for two separate data breach cases, since both of them had failed to make the necessary security arrangements to prevent unauthorized disclosure of individuals’ personal data. Such types of cases are leading to the deployment of data security solutions in both public and private organizations in the region.
The global next-generation firewall market is highly competitive, with the key players including Cisco Systems Inc., Palo Alto Networks Inc., Dell Technologies Inc., Juniper Networks Inc., Fortinet Inc., Check Point Software Technologies Ltd., Huawei Technologies Co. Ltd., and Barracuda Networks Inc. These players focus on product innovations, partnerships, and mergers and acquisitions to stay ahead in the competition. For instance, in September 2019, Palo Alto Networks Inc. completed the acquisition of Zingbox Inc., a cyber security solutions provider for IoT devices. Through Zingbox Inc., Palo Alto would offer a subscription for the NGFW and Cortex platforms to help organizations protect their IoT devices from cyber attackers easily.
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Other players in the next-generation firewall market include are Zscaler Inc., WatchGuard Technologies Inc., Hillstone Networks Co. Ltd., Untangle Inc., and Gajshield Infotech (I) Pvt. Ltd.
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