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Next-Generation Firewall Market expected to grow to USD 4.27 billion by 2022
NEW YORK, June 26, 2017 /PRNewswire/ -- Highlights
· Increasing adoption of BYOD and IoT trend is expected to drive the NGFW market
· The Next-Generation Firewall (NGFW) market size is estimated to grow from USD 2.39 billion in 2017 to USD 4.27 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.3%.
· The NGFW market is driven by factors such as increased adoption of BYOD and IoT trend, increasing internal and external threats, and high functionalities of NGFW solutions.
· Cloud appliances segment is expected to grow at the highest CAGR during the forecast period
· The NGFW market by solution includes hardware, virtual, and cloud-based solutions.
· The cloud appliances segment in the NGFW solution market is expected to have the highest CAGR during the forecast period.
· Cloud-based deployment of NGFW solutions is increasing due to the increased adoption of cloud computing technology across various organizations.
· Small and Medium-sized (SMEs) segment is expected to grow at the highest CAGR during the forecast period
· SMEs segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing incidences of cyber-attacks on these enterprises.
· Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period
Increasing adoption of BYOD and IoT trend is expected to drive the NGFW market
The Next-Generation Firewall (NGFW) market size is estimated to grow from USD 2.39 billion in 2017 to USD 4.27 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.3%.
The NGFW market is driven by factors such as increased adoption of BYOD and IoT trend, increasing internal and external threats, and high functionalities of NGFW solutions. However, the presence of traditional firewalls may restrict the NGFW market growth. The NGFW systems perform various security functions, such as Deep Packet Inspection (DPI), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), application control, packet filtering, email security, threat protection using sandboxing, along with all the capabilities of the traditional firewalls.
Cloud appliances segment is xpected to grow at the highest CAGR during the forecast period
The NGFW market by solution includes hardware, virtual, and cloud-based solutions. The cloud appliances segment in the NGFW solution market is expected to have the highest CAGR during the forecast period. Cloud-based deployment of NGFW solutions is increasing due to the increased adoption of cloud computing technology across various organizations.
Small and Medium-sized (SMEs) segment is expected to grow at the highest CAGR during the forecast period
SMEs segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing incidences of cyber-attacks on these enterprises. With the increased adoption of the BYOD trend, and web and mobile-based applications for business operations, SMEs are deploying NGFW solutions to protect their network infrastructure from advanced cyber-attacks. However, the large enterprises segment accounts for the largest share of the NGFW market in 2017.
Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period
APAC includes emerging economies such as China, Australia, Singapore, and India, which are rapidly deploying NGFW solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing adoption of IoT and BYOD trends in many industry verticals such as Banking, Financial Services, and Insurance (BFSI), government, IT and telecom, manufacturing, healthcare, and retail. Furthermore, North America is expected to have the largest market size in 2017.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the NGFW market.
- By Company Type: Tier 1: 24%, Tier 2: 28%, and Tier 3: 48%
- By Designation: C-Level: 28%, Director Level: 32%, and Others: 40%
- By Region: North America: 24%, Europe: 26%, and APAC: 50%
The report includes the study of key players offering NGFW services such as Cisco Systems (California, US), Fortinet, Inc. (California, US), Check Point Software (California, US), Palo Alto Networks (California, US), Barracuda Networks (California, US), Forcepoint (Texas, US), Zscaler (California, US), Juniper Networks (California, US), WatchGuard Technologies (California, US), and Sophos Ltd. (Abingdon, UK).
Research Coverage:
The report covers the NGFW services across different verticals and regions. It aims at estimating the market size and future growth potential of this market, across different segments such as solution, services type, organization size, industry vertical, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall NGFW market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: http://www.reportlinker.com/p04959442/Next-Generation-Firewall-Market-by-Delivery-Type-Service-and-Managed-Organization-Size-Vertical-and-Region-Global-Forecast-to.html
About Reportlinker
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/next-generation-firewall-market-expected-to-grow-to-usd-427-billion-by-2022-300479936.html
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