Next-generation Firewall Market Growth & Trends
The global next-generation firewall market size is anticipated to reach USD 10.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.1% from 2022 to 2030. Growing internal and external threats across devices and rapid adoption of internet of things (Iota) is expected to drive the demand for next-generation firewall solution and services among industries.
The COVID-19 pandemic had a positive impact on the next-generation firewall market. Numerous organizations adopted online platforms to operate their businesses as a response to work from the home situation due to the pandemic. Several industry players such as Cisco Systems Inc., Barracuda Networks, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., Fortune, Inc., and Palo Alto Networks witnessed a growth in sales of next-generation firewall technology during the pandemic. Several market players offer solutions with numerous capabilities such as blockage to unwanted traffic on private network, intrusion detection & prevention, threat intelligence, and ability to configure advanced filtering rules based on the content of traffics or the URLs. Thus, such advanced offerings are fueling the market demand.
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Next-generation Firewall Market Report Highlights
- Based on component, the solution segment accounted for the highest revenue share of 66.4% in 2021 and is expected to retain its position over the forecast period. Surged use of next-generation firewall-based solution owing to its benefits such as advanced threat prevention, block unwanted traffic, and enhanced performance of output is attributed to the market growth.
- Based on product type, the hardware segment dominated the market with a share of 46.9% in 2021 and is also expected to exhibit a CAGR of 9.8% in the forecast period. This can be attributed to the rising adoption of hardware based next-generation firewall solutions worldwide that focus on preventing network security as well as data security. The cloud segment is expected to exhibit the fastest CAGR of 13.2% over the forecast period. This can be attributed to the increasing demand from enterprises to deliver cloud-based next-generation firewall solution/services that prevent cyber threats.
- In February 2022, Juniper Networks, a provider of secure and AI-driven networks announced the acquisition of Withstand, a cloud-native zero trust Network Access Control (NAC) solutions provider. This acquisition would help to Juniper Networks to combine technology and experts teams to accelerate delivery of its next-generation NAC solution.
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Next-generation Firewall Market Segmentation
Grand View Research has segmented the next-generation firewall market based on component, product type, enterprise size, industry vertical, and region:
Next-generation Firewall Component Outlook (Revenue, USD Million, 2017 – 2030)
- Solution
- Services
Next-generation Firewall Product Type Outlook (Revenue, USD Million, 2017 – 2030)
- Hardware
- Virtual
- Cloud
Next-generation Firewall Enterprise Size Outlook (Revenue, USD Million, 2017 – 2030)
- Large Size Enterprises
- Small and Medium Sized Enterprises
List of Key Players of Next-generation Firewall Market
- Cisco Systems Inc.
- Barracuda Networks, Inc.
- Check Point Solution Technologies Ltd.
- Juniper Networks, Inc.
- Huawei Technologies Co., Ltd.
- Palo Alto Networks.
- Fortune, Inc.
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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