Market Research Future (MRFR) in its new “The Next-Generation Firewall Market” report, states that the market of next-generation firewall market is expected to make excellent profit across the forecast years of 2017 and 2023. MRFR reveals that the worldwide market of next-generation firewall is likely to thrive at a CAGR of about 11.4% and increase to a valuation of nearly USD 4.69 Billion by 2023.
Increase in incidences of cyberattacks, government’s strict rules on data security, and an increase in cybersecurity budgets are top factors that are boosting the adoption of next-generation firewall, which is likely to surge the market.
Potential cyberattacks, such as malware, web-based exploit kits, application-layer attacks, ransomware, and other targeted threats are rising, as online generation of data is increasing. In addition, the introduction of web-based applications and cloud technology have added layers of the network framework, which can to simplify the penetration of malware and increase scope of data breach and rise cases of malware. This is expected to boost the next-generation firewall market, as the demand for a modified version of network security is surging. The coupling of trusted intelligence and advanced technical expertise that is provided by the next-generation firewalls is expected to pack a punch for the market growth. Enterprises’ growing inclination towards can boost the expansion of the market. Growing number of sales of electronic devices, such as, mobile devices and smart TVs, which are functioning on the connection of internet is considered to boost the expansion of the next-generation firewalls market in the years of assessment. On the contrary, high cost of installation and maintenance can hinder the growth of the market.
Market Key Players
MRFR listed a few prominent players of the next-generation firewall market. They are; Fortinet, Inc. (US), Cisco Systems, Inc. (US), Juniper Networks, Inc. (US), Barracuda Networks, Inc. (US), Forcepoint LLC (US), Palo Alto Networks, Inc. (US), WatchGuard Technologies, Inc. (US), Zscaler, Inc. (U.S), Sophos Group Plc. (UK), Check Point Software Technologies Ltd. (US), and others.
Market Segmental Study
Next-Generation Firewall Market Share is segmented by services, security type, solution, organization size, and end users.
By security type, the market is segmented into Firewall, Network Security, Unified Threat Management, Identity-based security, and others. By services, the market is segmented into Consulting Service, System Integration, Managed Service, Professional Service, Training and Education, Support and Maintenance, and others. By size of organization, the market is split into large enterprises and small and medium enterprises (SMEs). By solution, the market is classified into Cloud, Virtual, Hardware, and others. By end-user, the market is segmented into telecommunication and IT, healthcare, retail and wholesale, government and defense, manufacturing, BFSI, education, and others.
Detailed Regional Analysis
The regional analysis of next-generation firewall market is done for Asia pacific, North Americas, Europe and the Rest of the World. The next-generation firewall market in North America is likely to lead registering a high growth rate in the years of forecast. The presence of large number of data centers and home offices in the US is expected to gain substantial traction for the growth of the North America market. In Asia Pacific region, the next-generation firewall market is likely to make high profit due to the increase in number of enterprise and small business and the growing adoption of the better version of network security system by them are expected to propel the growth of the market growth. The upsurge in the APAC next-generation firewall market can also be attributed to the growing adoption of firewall by enterprises in the developing regions of APAC.
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