Next Generation Firewall Market worth $8.6 billion by 2028, growing at a CAGR of 11.4 %: Report by MarketsandMarkets™
Chicago, March 11, 2024 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™.
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432 - Tables
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Next Generation Firewall Market Dynamics:
Drivers:
Rising demand for NGFW due to increased cyber-attack threats
Growing IoT and BYOD trends to heighten network security needs
Remote work culture to spur demand for refined security solutions
NGFW providers to drive enterprise security compliance advancements
Restraints:
High installation costs and complexity in network systems
Resistance to change
Opportunities:
Integration of advanced technologies to elevate NGFW capabilities for enterprises
Increased adoption of cloud services to drive demand for NGFW
List of Key Players in Next Generation Firewall Market :
Palo Alto Networks
Cisco
Fortinet
Check Point
Juniper Networks
Barracuda Networks
SonicWall
Zscaler
Forcepoint
Hillstone Networks
The rise in IoT and BYOD trends has heightened network security needs. Next-Generation Firewalls (NGFWs) tackle these challenges through deep packet inspection, intrusion prevention, and application-layer filtering, crucial in industrial settings to safeguard against cyber-physical threats.
Simultaneously, the global shift to remote work amid the COVID-19 pandemic intensifies the demand for advanced security solutions. NGFWs, equipped with sophisticated threat detection, ensure secure remote access and data transmission, countering the cyberattack surge. This increased demand aligns with the evolving cybersecurity landscape, emphasizing NGFWs as crucial for enterprise security compliance.
Trend: ML-Powered Next-Generation Firewall
The emergence of ML-powered next-generation Firewalls represents a transformative trend in cybersecurity, shifting from reactive to proactive threat prevention. With inline machine learning, zero-delay signatures, and automated policy recommendations, these firewalls provide instantaneous threat detection, rapid updates, and streamlined security administration. This technology trend, emphasizing proactive prevention and automation, marks a significant paradigm shift in the Next-Generation Firewall market.
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Trend: Zero Trust
An emerging trend in the NGFW market is zero-trust technology adoption. With zero trust, no network traffic or user is inherently trusted, requiring rigorous verification for every request. Zero-trust firewalls employ granular policies based on contextual factors and user identity to prevent lateral movement and data exfiltration. This approach demands integrating identity management, encryption, and monitoring for enhanced security.
Trend: Blockchain Application Firewall (BAF)
The next-generation firewall (NGFW) landscape is witnessing a transformative trend with innovations like the Blockchain Application Firewall (BAF). BAF seamlessly integrates with Identity and Access Management (IAM) servers, ensuring secure connections and familiar sign-in procedures with multi-factor authentication. It plays a pivotal role in securing organizations managing numerous keys, implementing access restrictions based on dynamic rule configurations, and providing an additional layer of security for connections exposed to blockchain nodes. This trend, exemplified by solutions like the Kaleido BAF, reflects the growing importance of blockchain-integrated firewalls in enhancing NGFWs for robust security in blockchain applications.
By offering, the service segment accounts for the highest CAGR during the forecast period.
The rapid growth of the service segment in the Next-Generation Firewall (NGFW) market can be attributed to the rising complexity of NGFW solutions and the increasing shortage of security expertise within organizations. NGFWs, with their diverse features, pose a challenge for effective management, prompting organizations to turn to Managed Services Providers (MSPs) with specialized NGFW expertise. As the cybersecurity talent gap widens, organizations struggle to find skilled NGFW administrators, making MSPs a valuable resource for readily available expertise. MSPs offer enhanced security posture and threat response capabilities, including continuous monitoring and SIEM integration, providing real-time detection and response. Outsourcing NGFW management to service providers addresses the expertise shortage. It delivers cost savings, economies of scale, and improved operational efficiency, driving the fastest growth in the NGFW market's service segment.
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By organization size, the large enterprise segment accounts for a larger market share.
The dominance of large enterprises in the next-generation firewall (NGFW) market stems from several key factors, such as its expansive attack surface and data sensitivity, compliance with strict regulations, abundant budgetary resources, and IT expertise. With vast and complex network infrastructures, large enterprises attract targeted cyberattacks, necessitating robust security measures provided by NGFWs to safeguard sensitive data. These organizations, subject to stringent industry regulations like HIPAA, PCI DSS, and GDPR, leverage NGFWs to ensure compliance with specific security controls and data protection measures. With larger IT budgets and dedicated teams of skilled professionals, large enterprises invest in advanced NGFW solutions, deploying high-performance appliances and employing cybersecurity teams to manage and optimize them. The need for centralized security management and scalability further drives the adoption of NGFWs, enabling consistent security policies and effective threat detection across geographically dispersed locations and diverse network segments.
Opportunity: Advanced Technologies Propel Growth in the Next-Generation Firewall Market
The Next-Generation Firewall (NGFW) market is experiencing transformative growth through the integration of advanced technologies like artificial intelligence (AI), machine learning (ML), threat intelligence feeds, deception technology, sandboxing, and security information and event management (SIEM). This integration elevates NGFW capabilities by enabling real-time threat detection, behavioral analysis, and adaptive responses. Key players like Palo Alto Networks, Cisco, and Check Point leverage these technologies, providing proactive security solutions against dynamic cyber threats. As organizations prioritize proactive threat management, incorporating advanced technologies becomes pivotal, ensuring continuous evolution and effectiveness in addressing the evolving cybersecurity landscape. This marks a significant growth opportunity for the NGFW market.
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