Next-generation Firewall Market worth $8.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 29, 2024 /PRNewswire/ -- The market for next-generation firewalls (NGFWs) will be characterised by integration with cloud security and advanced threat prevention, as well as a focus on IoT, OT, Zero Trust Network Access (ZTNA), Secure Access Service Edge (SASE), and cybersecurity in general. These developments will be driven by the need for comprehensive and adaptable security solutions as well as the changing nature of cybersecurity.

The global Next-generation Firewall Market size is projected to grow from USD 5.0 billion in 2023 to USD 8.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the Next-generation Firewall Market is propelled by shifting work dynamics, demanding refined security solutions. With remote work becoming commonplace, organizations face heightened cyber threats as employees access networks from diverse locations using personal devices. Next-Generation Firewalls (NGFWs) equipped with advanced threat detection mechanisms ensure secure remote access amidst rising attacks, notably during the COVID-19 pandemic. Additionally, NGFW providers drive compliance advancements, integrating features like application control and intrusion prevention to meet evolving regulatory standards and secure enterprises against sophisticated cyber threats.

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Scope of the Report

Based on the organization size, SMEs are to grow at the highest CAGR during the forecast period.

The exponential growth of SMEs in the Next-generation Firewall Market can be attributed to several key factors, such as increased awareness of cyber threats, which compels SMEs to invest in security measures like NGFWs, safeguarding their valuable data and operations from rising risks. Additionally, the expanding regulatory landscape mandates data protection measures even for smaller businesses, driving SMEs to adopt compliant security solutions such as NGFWs with intrusion detection and data loss prevention features. Moreover, the widespread adoption of cloud computing and digital transformation initiatives among SMEs creates new security concerns, prompting the adoption of NGFWs with cloud-based deployment options tailored for SME needs. Advancements in technology have made NGFWs more affordable and easier to manage for SMEs, further fueling their adoption, along with the availability of Managed Security Service Providers offering NGFW management and monitoring services specifically designed for resource-constrained SMEs.

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By deployment mode, cloud/virtual accounts for the highest market size during the forecast period.

The cloud/virtual deployment mode has the largest market size in the Next-generation Firewall Market due to several factors such as agility, scalability, reduced hardware costs, simplified management, and improved accessibility. Cloud-based NGFWs offer on-demand provisioning and scaling of security resources, which is crucial for organizations with dynamic environments and fluctuating network traffic needs. By eliminating the need for dedicated hardware appliances, cloud deployments translate to significant cost savings on upfront purchase, maintenance, and power consumption, making NGFW solutions accessible to organizations of all sizes, including budget-conscious SMEs. Cloud providers handle infrastructure management, patching, and updates, freeing internal IT teams to focus on strategic security initiatives. Moreover, cloud-based NGFWs enable secure remote access from anywhere with an internet connection, benefiting organizations with geographically dispersed workforces or employees who frequently travel.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia-Pacific region is growing at the fastest rate in the Next-Generation Firewall (NGFW) market due to several key factors propelling digitalization and cybersecurity demands. Rapid digital transformation, increasing internet penetration, and government initiatives, such as India's Digital India and China's cloud service development, fuel the need for robust cybersecurity solutions like NGFWs to safeguard critical data and transactions. The region's growing economy and increased IT spending, exemplified by China's technology sector and India's IT outsourcing industry, contribute to substantial investments in advanced security technologies like NGFWs. The rising cyber threat landscape, evidenced by recent incidents in Thailand and South Korea, underscores the crucial role NGFWs play in defending against attacks. Additionally, the region's increased awareness of cyber threats and the development of a skilled cybersecurity talent pool drive heightened demand for NGFW solutions, fostering a positive feedback loop that supports the market's rapid growth.

Top Key Companies in Next-generation Firewall Market:

Palo Alto Networks (US), Cisco (US), Fortinet (US), Check Point (Israel), Juniper Networks (US), Barracuda Networks (US), SonicWall (US), Zscaler (US), Forcepoint (US), Hillstone Networks (US), Versa Networks (US), NordLayer (US), Cato Networks (Israel), CrowdStrike (US), Trend Micro (Japan), Huawei (China), Sophos (UK), Atrity (India), Easi (Belgium), Zyxel Networks (India), Nomios (Netherlands), WatchGuard (US), Sangfor (China), GajShield (India), and H3C (China) are the key players and other players in the Next-generation Firewall Market.

Recent Developments

• In September 2023, Cisco unveiled Secure Firewall 4200 Series appliances and Threat Defense 7.4 software, introducing cutting-edge capabilities for new-normal firewalling. Leveraging inference-based traffic classification and collaboration across the Cisco portfolio, it addresses the challenges of hybrid work and encrypted traffic profiles, offering enhanced threat visibility and streamlined operations.
• In May 2023, Palo Alto Networks launched Cloud NGFW for Azure, integrating its ML-powered next-generation Firewall as a fully managed Azure-native ISV service. This solution brings Advanced Threat Prevention, URL Filtering, WildFire, and DNS Security powered by AI and ML. It effectively halts known, unknown, and zero-day threats, facilitating secure and accelerated application migration to Microsoft Azure.
• In November 2022, Fortinet introduced the FortiGate 1000F series, a cutting-edge next-generation firewall (NGFW) boasting unparalleled performance and energy efficiency. Leveraging purpose-built security processing units, it offers 7.4x faster firewall throughput, 7x higher IPsec VPN performance, and advanced threat protection, ensuring robust security for enterprise data centers.
• In January 2022, Check Point and NVIDIA partnered to integrate Quantum Lightspeed hyper-fast firewalls with NVIDIA's advanced ASIC, achieving line-rate firewall performance at network speed. This partnership introduces a significant network security revolution, offering 10x lower latency and 5x faster security throughput, with 20x better price performance than competitors.

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Next-generation Firewall Market Advantages:

• Granular visibility into network traffic is made possible by NGFWs, which give businesses the ability to recognise and monitor the services and apps that are operating on their networks. This improves bandwidth management and security policy enforcement.
• NGFWs simplify security management by combining several security services, such as web filtering, SSL/TLS inspection, intrusion detection and prevention, firewalling, and antivirus software, onto a single platform.
• With the help of NGFWs, branch offices and remote employees can safely connect to corporate networks and access resources from any location at any time. These solutions include virtual private networks (VPNs) and secure sockets layer (SSL) VPNs.
• High network traffic volumes and scalable installations are supported by NGFWs, which guarantees maximum performance and dependability even in expansive and complicated network environments.
• NGFWs give businesses fine-grained control over network access and guarantee regulatory compliance by enabling them to create and implement granular security policies based on user identification, device type, application, and content.
• In order to allow proactive threat detection and response capabilities and to deliver real-time threat intelligence updates, NGFWs integrate with SIEM (security information and event management) systems and threat intelligence feeds.
• In order to ensure a consistent security posture across hybrid and multi-cloud environments, NGFWs provide cloud-based management and deployment options that enable organisations to extend their security rules and enforcement mechanisms to cloud-based apps and services.
• NGFWs facilitate automated security orchestration and response (SOAR) functionalities, which empower establishments to mechanise recurring security duties, optimise incident response procedures, and enhance overall security posture by expediting threat identification and resolution.

Report Objectives

• To define, describe, and forecast the Next-generation Firewall Market based on - offering, application, organization size, deployment mode, vertical, and region.
• To define, describe, and forecast the Next-generation Firewall Market by – offering, application, organization size, deployment mode, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Next-generation Firewall Market.
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Next-generation Firewall Market.
• To profile the key players of the Next-generation Firewall Market and comprehensively analyze their market size and core competencies in the market.
• To track and analyze competitive developments, such as new product launches, mergers and acquisitions, and partnerships, agreements, and collaborations in the global Next-generation Firewall Market.

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