Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Next Generation Firewall Market Size, Share & Industry Trends Analysis Report By Vertical, By Organization Size (Large Enterprises and Small & Medium Enterprises), By Type (Solution and Services), By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
Market Overview
The global market for Next Generation Firewalls (NGFW) is expected to reach a significant milestone by the year 2030, reaching a valuation of $12.9 billion. This growth represents a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period from 2023 to 2030. The increased focus on robust cybersecurity measures to protect against the ever-expanding threat landscape is driving this market expansion.
Growth Drivers
The NGFW market is witnessing heightened growth fueled by several critical factors. The escalation of complex and sophisticated cyber threats, coupled with the growing adoption of cloud services, has led to a surge in demand for advanced firewall solutions capable of delivering enhanced protections. NGFWs, with their sophisticated features such as intrusion prevention systems and advanced threat intelligence, have become an essential component in the security architecture for modern enterprises. Moreover, rapid advancements in technology sectors such as IoT, 5G, and edge computing are broadening the scope of cybersecurity needs.
Investments and Strategic Movements in the Industry
Significant market players are actively engaging in strategic mergers and acquisitions to maintain their competitive edge and meet the evolving demands of their customers. Companies like Check Point Software Technologies Ltd. and Palo Alto Networks, Inc. have recently made notable acquisitions, strengthening their capabilities in the Security Service Edge (SSE) and enterprise browser security sectors, respectively. These strategic moves underscore the industry's focus on innovation and the development of comprehensive cybersecurity solutions.
Vertical and Organizational Size Insights
Segments such as BFSI and IT & telecom are projected to command considerable shares in the NGFW market. The BFSI sector, in particular, is driving demand as financial institutions look to fortify defenses against data breaches that could result in significant financial loss and reputational damage. Similarly, the proliferation of cyber threats affects organizations of all sizes, prompting both SMEs and large enterprises to prioritize investments in NGFWs to safeguard their network infrastructure.
Regional Growth Dynamics
Geographically, the European region is experiencing robust growth in the NGFW market owing to stringent data protection regulations like GDPR that mandate the adoption of advanced security solutions. The region's shift toward cloud computing and IoT further necessitates sophisticated firewall solutions for better traffic control and network visibility.
Undoubtedly, the NGFW market is a critical component of the evolving cybersecurity landscape. It plays a pivotal role in securing organizational assets against advanced threats, thereby ensuring the integrity and reliability of information networks worldwide. The future looks promising as industry players continue to innovate and provide solutions that meet the comprehensive security requirements of the digital era.
Companies Featured
- Cisco Systems Inc.
- Check Point Software Technologies Ltd.
- Palo Alto Networks, Inc.
- Barracuda Networks, Inc. (KKR & Co. Inc.)
- Fortinet, Inc.
- Sonicwall, Inc
- Raytheon Technologies Corporation
- Juniper Networks, Inc.
- Hillstone Networks
- Sophos Group PLC (Thoma Bravo)
For more information about this report visit https://www.researchandmarkets.com/r/r37jae
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