The global Next-Generation Firewall Market size is projected to reach a CAGR of 11.9% from 2023-2030.
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.
There are some major drivers in the next-generation firewall market that drive the growth of the next-generation firewall market size, and one of the major drivers in the market is the increasing number of loT devices. With an increasing number of Internet of things (loT) and access to the Internet, the need for data security is also increasing in the world, and it is driving the growth of the next-generation firewall industry. Another driver in the global market is increasing internal and external threats. With the advancement of technology, the threats to data are increasing, and now business is improving their security to protect their important data. Organizations are taking the help of security solutions in order to provide protection, and this is driving the growth of the next-generation firewall business globally. Next-generation firewall solutions provide high security. As a result, businesses are preferring the next-generation firewall solution.
On the other hand, a next-generation firewall is highly effective, but it is costly, so it is getting difficult for the medium business to afford it. The high-cost systems are one of the major restraints in the next-generation firewall. Due to the high-cost systems, only big companies are able to use them. Another restraint in the market is that small and medium businesses are using traditional methods and old technology, and they don’t want to update their technology, so it becomes a restraint for the market.
The covid-19 pandemic had a huge impact on businesses all over the world. For some businesses, it had a positive impact, and for some, it had a negative impact. But, the covid-19 had a good impact on the next-generation firewall market. Due to the lockdown, the use of loT devices and access to the internet increased, and as a result, the cyber-attack cases also increased, and it was a threat to valuable and important data. To provide maximum security, the organizations used next-generation firewalls to protect their data. And this became the reason for next-generation firewall growth.
The rising in cyber threats and security breaches increased the demand for advanced security solutions. At the same time, the organization facing security threats with the adoption of cloud-based services and an increase in the use of mobile devices. Hence, increased utilization among various organizations of next-generation firewall network security devices contributes to addressing the issues related to security systems. Further, the rising trend of adopting Bring Your Own Device (BYOD) policies, which have made network security more complex and challenging generated the need for more specialized network systems. All these issues are prone to network security, risk related to cyber-attacks and the industry’s requirement to comply with the highest security standards continues to drive the growth of the next-generation firewall market in the next coming years.
North America to Dominate the Market
