Market Research

Next-Generation Firewall market expected to grow at a CAGR of 12.5% from 2020-2026

Jun 18, 2020 10:12 PM ET

iCrowd Newswire – Jun 18, 2020

The global Next-Generation Firewall market is estimated to reach USD 7 Billion in 2026 at a significant CAGR of 12.5% due to the growing demand for enterprise security globally.

Adoption of upgraded technologies such as cloud-based services among the small, medium, and large enterprises are growing, and shift to personal cloud for personal data storage requires protection from hacking and threats. Advantages of next-generation firewalls include single console access, multi-layered protection, simplified infrastructure, optimal use of network speed, antivirus, ransomware and spam protection & endpoint security, and capability to implement role-based access. Increase in sophisticated cyberattacks, development in IoT-based complex threat landscape, and enforcement of stringent government regulations for data safety & security fuel the growth of the global next-generation firewall market.

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The BFSI segment is dominating the next-generation firewall market during the forecast period of 2026. The BFSI segment deal with the customers’ transaction data throughout the day. The next-generation firewall protections are designed for businesses performing with a high volume of sensitive transactions and essential data in daily activities.  The next-generation firewall protections support their needs to maintain the uptime as well as to protect critical business functions and data.

There has been an increase in the cybersecurity budget across the globe in recent years. Business and public organizations are investing more in securing their data, as they have been continuously trying to build comprehensive solutions to prevent hackers from attacking their networks. According to the cybersecurity report from Vodafone, the awareness of rising cyber threats and more demanding customer requirements are driving an increase in cybersecurity budgets. Moreover, an emerging country such as India is continuously improving their cybersecurity spending for better safeguarding against advanced threats. This growth in cybersecurity spending is estimated to create significant opportunities for the next-generation firewall market during the forecast period.

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In terms of region, the Global Next-Generation Firewall market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. Asia-Pacific is anticipated to witness the highest growth rate during the forecast period of 2026 due to factors such as a growth in the surge in penetration of the internet, IT modernization, and an increase in the need to protect corporate & personal information from the cyberattacks. An upsurge in the adoption of IoT-based devices in countries such as Taiwan & South Korea and the development of smart cities are projected to provide remunerative opportunities for market expansion during the forecast period.

The major market players in the Next Generation Firewall market are Palo Alto Networks Inc., Cisco Systems, Sophos Ltd., Juniper Networks, Dell Technologies, Sonicwall Inc., Huawei Technologies Co. Ltd., Fortinet Inc., Barracuda Networks Inc., Forcepoint LLC, WatchGuard Technologies Inc., Check Point Software Technologies Ltd., Hillstone Networks, Kaspersky Lab, Sophos Technologies Pvt. Ltd (Cyberoam), Untangle Inc., GajShield Infotech Pvt. Ltd., Zscaler Inc., NVIDIA Corporation, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.

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