Next-Generation Firewall Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Next-Generation Firewall Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:

The global next-generation firewall (NGFW) market size reached US$ 5.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.4 Billion by 2028, exhibiting a growth rate (CAGR) of 12.5% during 2023-2028.

The NGFW refers to the third generation of network firewalls that manages and secures data transmitted from routers, servers and switches. It is often integrated with intrusion prevention and cloud-delivered threat intelligence and utilizes whitelists or signature-based intrusion detection systems (IDS) to distinguish between safe and unwanted applications. In comparison to the previously used firewalls, NGFW can use both dynamic and static packet filtering that ensures the advanced security of the connections in the network. Owing to this, these solutions find extensive applications across the banking, financial services and insurance (BFSI), government and public sector, retail, healthcare, education, information technology (IT), energy and manufacturing industries.

Next-Generation Firewall Market Trends:
The rising threat of cyberattacks, along with the rapid adoption of the internet of things (IoT) technology across various industries, is one of the key factors driving the growth of the market. Owing to the increasing usage of bring your own device (BYOD), smartphones, social media, and cloud services, there is a significant rise in the instances of data thefts. This is encouraging organizations to adopt advanced security measures, such as NGFW, for data protection. Furthermore, increasing product adoption by the BFSI sector is acting as another growth-inducing factor. Resulting from an increasing need to protect high volumes of sensitive data, along with the widespread adoption of digital currency across the globe, banking institutions are adopting NGFW to secure payment gateways and transaction portals. Additionally, various technological advancements, such as the development of highly configurable and scalable NGFW systems, are also creating a positive outlook for the market. Other factors, including increasing governmental spending on improving cybersecurity systems and extensive research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global next-generation firewall market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, deployment type, security type, organization size and vertical.

Breakup by Type:

Solutions
Hardware Solutions
Software Solutions
Services
System Integration Services
Consulting Services
Support and Maintenance Services
Training and Education Services
Managed Services

Breakup by Deployment Type:

Cloud-based
On-premises

Breakup by Security Type:

Firewall
Unified Threat Management
Network Security
Identity Based Security
Others

Breakup by Organization Size:

Small and Medium Enterprises (SMEs)
Large Enterprises

Breakup by Vertical:

Banking, Financial Services and Insurance (BFSI)
IT and Telecom
Government and Public Utilities
Retail
Education
Healthcare
Energy and Utilities
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Barracuda Networks Inc., Check Point Software Technologies, Cisco Systems, Forcepoint LLC, Fortinet Inc., Gajshield Infotech Pvt Ltd., Hillstone Networks Co., Juniper Networks Inc., Palo Alto Networks Inc., Sonicwall Inc., Sophos Ltd., Zscaler Inc., etc.

Key Questions Answered in This Report

1. What was the size of the global next-generation firewall (NGFW) market in 2022?
2. What is the expected growth rate of the global next-generation firewall (NGFW) market during 2023-2028?
3. What are the key factors driving the global next-generation firewall (NGFW) market?
4. What has been the impact of COVID-19 on the global next-generation firewall (NGFW) market?
5. What is the breakup of the global next-generation firewall (NGFW) market based on the type?
6. What is the breakup of the global next-generation firewall (NGFW) market based on the deployment type?
7. What is the breakup of the global next-generation firewall (NGFW) market based on security type?
8. What is the breakup of the global next-generation firewall (NGFW) market based on the organization size?
9. What is the breakup of the global next-generation firewall (NGFW) market based on the vertical?
10. What are the key regions in the global next-generation firewall (NGFW) market?
11. Who are the key players/companies in the global next-generation firewall (NGFW) market?