The Next Generation Firewall Market was valued at USD 2.80 billion in 2019 and is expected to reach USD 5.52 billion by 2025, at a CAGR of 12% over the forecast period 2020 - 2025. As more and more electronic devices in the world are becoming interconnected, the trend of IoT is increasing. This has given rise to the protection of the network infrastructure.
- Cyber attacks such as web-based exploit kits, malware, ransomware, application-layer attacks, and targeted threats, combined with the advancement of cloud technology and web-based applications have introduced additional layers of complexity in the network, as a result, traditional threat detection technologies and methods are proving insufficient to resist today's modern threats effectively.
- To successfully protect their networks, organizations need a combination of advanced technical expertise, and trusted intelligence provided by the next generation firewalls.
- More and more electronic devices are getting connected to the internet, including, smart TVs, mobile devices, etc. As per a study conducted by Cisco, it has been found that more than 500 billion electronic devices are expected to be connected to the internet by 2030.
- It has also been seen that due to the enormous cost of setting up a data center and the high maintenance cost associated with it, enterprises are migrating from the use of data centers to the public cloud which is expected to drive the market growth.
Scope of the Report
A next generation firewall is a network security device that provides capabilities beyond a traditional firewall. While a traditional firewall typically provides stateful inspection of incoming and outgoing network traffic, a next-generation firewall includes additional features like application awareness and control, integrated intrusion prevention, and cloud-delivered threat intelligence.
Key Market Trends
BFSI Sector to Dominate the Market Over the Forecast Period
- The next generation firewall protections are designed for the businesses performing with a high volume of sensitive transactions and important data, across the day to day activities such as the banking and financial institutions dealing with the customer transactions data throughout the day, and also supports their need to maintain the uptime and protect critical business functions and data.
- These firewall solutions are designed keeping in mind the applications and to end the industry tug of war between performance and protection from the pressing data privacy threat to the industry.
- With the introduction of blockchain technologies, there is a rapid rise in the adoption of digital currency across the world, it is very vital now to secure these gateways as these are totally web-based transactions, this trend is expected to boost the market growth in this sector.
North America to Account for a Major Share
- The North American region currently dominates the global market, owing to the high preference of businesses for the security of the high volume of sensitive and important data used by them, and continuous adoption of high performing network security solutions by organizations.
- In recent times, major firms of the US suffered from the fatal WannaCry ransomware attack, where data was encrypted and ransom was asked in the form of cryptocurrency. The attack happened because the data of millions of customers was unsecured and this is worrying the industries of the region, hence stringent government regulations regarding consumer privacy were imposed and is expected to drive the growth of the market in this region.
- These Solutions can further assist businesses in overcoming the consequences of negligence, regarding data security which will further affect the demand for the next generation firewall market.
The next generation firewall market appears to be highly competitive with the presence of many small and big players in the domestic as well as international market. The market is moderately concentrated with the key strategies adopted by the major players are product innovation and mergers and acquisition to stay ahead of the competition. Some of the major players in the market are Juniper Networks, Inc., Dell Technologies, Huawei Technologies Co. Ltd. among others.
- May 2018 - Barracuda Networks introduced a new cloud-delivered web application firewall. The Barracuda WAF-as-a-Service simplifies and accelerates the deployment of web application security, built over the Barracuda’s proven web application security technology, and protects against advanced layer 7 attacks, DDoS, SQL injection, zero-day threats, JSON threats, OWASP Top 10, and many more.
- March 2018 - Palo Alto Networks acquired Evident.io, a pioneer and leader in public cloud services infrastructure protection. The transaction will extend the leadership of Palo Alto Network in cloud security and will help in customizing the holistic cloud offering to address the critical security needs of today's enterprise customers as they adopt the cloud.
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