PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464647
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464647
Next Generation Firewall Market size was valued at USD 4,820 million in 2023, expanding at a CAGR of 7.91% from 2024 to 2032.
The Next Generation Firewall (NGFW) market is a dynamic and rapidly evolving segment within the cybersecurity industry. NGFWs are advanced security solutions designed to address the increasingly sophisticated nature of cyber threats by combining traditional firewall capabilities with additional features such as intrusion prevention, application control, and advanced threat detection and prevention.
Next Generation Firewall Market- Market Dynamics
Remote work revolution sparks surge in next-gen firewall demand
Remote work is experiencing a notable surge driven by a confluence of factors reshaping the modern workplace. Technological innovations have made remote collaboration more accessible and efficient than ever, empowering employees to work from anywhere with an internet connection. This flexibility not only meets the evolving expectations of a workforce increasingly valuing work-life balance but also enables companies to tap into a global talent pool, fostering diversity and innovation. The escalating trend of remote work is fueling a substantial surge in the demand for Next-Generation Firewall (NGFW) solutions. As organizations transition to distributed workforces, the traditional network perimeter has become increasingly porous, exposing critical assets to a broader array of cyber threats. Next-Gen Firewalls are uniquely equipped to address these challenges, offering advanced threat detection and prevention capabilities, granular application control, and secure remote access features.
Next Generation Firewall Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.91% over the forecast period (2024-2032)
Based on Components, Services was predicted to show maximum market share in the year 2023
Based on Deployment, On-Premise was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Next Generation Firewall Market is segmented based on Components, Deployment, Organization Size, Application, End Use Industry
The market is divided into three categories based on Components: Hardware, Software and Services. Solution of Next-Generation Firewalls, Intrusion Detection Systems, Endpoint Security Solutions, and other cybersecurity software and hardware offerings. Services encompass a range of offerings including consulting, implementation, training, support, and managed security services.
The market is divided into two categories based on Deployment: On-premises and cloud. On-premises pertains to cybersecurity solutions deployed within the organization's physical infrastructure. Cloud covers solutions hosted and delivered over the cloud, which has made the Next Generation Firewall Market more demanding.
Next Generation Firewall Market- Geographical Insights
Geographically, this market in North America is projected to emerge as the primary market for next-generation firewalls during the forecast period, driven by factors such as the early adoption of cutting-edge technologies, the presence of key NGFW vendors, and stringent regulations concerning data security and privacy. Furthermore, Asia Pacific is anticipated to rank as the second-largest market for next-generation firewalls, fueled by escalating cyber-attacks, rapid digital transformation, and extensive cloud computing adoption, particularly in nations including China, Japan, and India. Moreover, the Middle East and Africa are forecasted to experience the swiftest market growth for next-generation firewalls, propelled by a surge in data breaches, the uptake of cloud-based solutions, and substantial investments in network security infrastructure.
The market is dominated by several key players, including established cybersecurity firms, networking companies, and emerging startups, each vying for market share and differentiation. Leading vendors such as Palo Alto Networks, Cisco Systems, Fortinet, Check Point Software Technologies, and Sophos are continually innovating to maintain their competitive edge, offering advanced features, robust security capabilities, and comprehensive solutions tailored to the evolving needs of customers. Additionally, niche players and startups are entering the market with specialized offerings, driving innovation and diversification. Mergers, acquisitions, and strategic partnerships are common strategies employed by companies to expand their product portfolios, enhance market presence, and gain a competitive advantage. With cybersecurity threats evolving rapidly and organizations increasingly prioritizing network security, competition within the NGFW market is expected to remain fierce, stimulating continuous innovation and advancements in technology.
In September 2023, Cisco Inc. launched Cisco Secure Firewall 4200 Series appliances and Threat Defense 7.4 software. These appliances and software have new capabilities for new-normal firewalling.
In May 2023, Palo Alto Networks, American multinational cybersecurity company launched Cloud NGFW for Azure, which integrates its ML-powered next-generation Firewall as a entirely managed Azure-native ISV facility. This innovation brings advanced threat prevention, URL Filtering, WildFire, and DNS Security.
In March 2021, Sonicwall, an American cybersecurity company expanded its next generation firewall lineup with new enterprise grade appliances. The company also introduced several product updates, including closed-network threat protection, next-generation analytics which has enhanced cloud-native security management and a rebranded Wireless Network Manager.