The next generation firewall market has emerged as a necessity for organizations to detect and protect against advanced cyber threats. Next generation firewalls detects and blocks all types of threats including malware, zero-day vulnerabilities, and advanced persistent threats. It provides enhanced visibility and policy-based security controls across multiple ports, protocols and applications in real-time. The firewall uses advanced techniques such as application awareness, signature-less intrusion prevention, geo-location filtering, Virtual private network (VPN) management and malware & botnet blocking to ensure complete protection.

The Global Next Generation Firewall Market is estimated to be valued at US$ 5399.06 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 To 2031.

Increased cloud deployment and data breaches have fuelled the demand for next generation firewall solutions globally.

Key Takeaways

Key players operating in the Global Next Generation Firewall are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, VMware. Palo Alto Networks captured the largest market share of over 20% in 2022 owing to its product offerings and global presence.

The demand for Next Generation Firewall Market Size  is growing exponentially due to increasing dependency of organizations on cloud-based applications and Bring Your Own Device (BYOD) trend. Additionally, rising frequency of cyber-attacks is compelling enterprises to adopt advanced network security solutions for protection. According to Cybersecurity Ventures, global cybercrime costs are projected to reach $10.5 trillion annually by 2025.

Technological advancements such as AI & ML, automation, analytics, threat correlation and compliance management have significantly improved threat detection capabilities of next generation firewalls. Continuous innovation facilitates user-friendly integration of firewalls with other network devices and delivers enhanced visibility, control flexibility and threat insights.

Market Trends

- Growing adoption of SaaS-based network security solutions: Many organizations are migrating from on-premise to cloud-delivered next generation firewall platforms due to advantages such as lower costs, agility, scalability and centralized management.

- Surge in IoT enabled networks: Industral IoT, smart cities, connected devices, IIoT are creating more network edges leading to increased attack surfaces. Next generation firewalls ensure robust security for heterogeneous IoT infrastructures.

Market Opportunities

- Integration with other cybersecurity solutions: Convergence of next generation firewalls with technologies such as FWaaS, UTM, sandboxing, CASB and DEC can deliver multilayered threat protection.

- Securing private 5G networks: Wider rollout of 5G will significantly increase the number of internet-connected devices. Next generation firewall providers can tap into private 5G networks by offering specialized security capabilities.

Impact of COVID-19 on Global Next Generation Firewall Market

The outbreak of COVID-19 pandemic has adversely impacted the growth of global next generation firewall market during 2020-2021. With imposition of nationwide lockdowns across several countries, offices and commercial buildings were shut down for prolonged duration. This resulted in closure of businesses and decline in economic activities globally. The sudden shift to remote work environments posed significant challenges to network infrastructure and cyber security of organizations. Next generation firewall solutions play a crucial role in ensuring secured connectivity and protecting companies' network perimeter even during remote work scenarios. The demand for advanced firewall technologies surged as enterprises aimed to strengthen their security posture considering increased cyber threats during pandemic. Various next generation firewall vendors came up with new capabilities to address cyber security challenges of remote and hybrid work environments. They incorporated features like remote access VPN, zero trust network access and cloud-native security to support distributed workforce. As lockdowns are being gradually lifted in 2022, economic activities are resuming but remote working is expected to continue partially for long term. Next generation firewall vendors are focused on consolidating gained market share and further expanding capabilities around zero trust architecture to capitalize on remote work trend in post-COVID scenario.

North America has traditionally been the largest regional market for next generation firewall globally, accounting for over 40% share in terms of revenue. Concentrated presence of leading NGFW vendors and early adoption of advanced cyber security solutions by organizations have been the key factors for North America's dominance. However, Asia Pacific region is expected to emerge as the fastest growing regional market during forecast period supported by increasing investment in digital transformation initiatives across industries in countries like China, India and Australia. Rapid expansion of cloud, IoT and 5G networks in Asia Pacific combined with growing awareness about zero trust security is likely to fuel next generation firewall adoption in the region post pandemic.

Get more insights on – Next Generation Firewalls Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)