BFSI Sector Leads Adoption: Banking and Finance to Witness Fastest Growth in Global Next-Generation Firewall Market to 2030
DUBLIN, Sept. 21, 2023 /PRNewswire/ -- The "Next-generation Firewall Market Size, Share & Trends Analysis Report By Component, By Product Type, By Enterprise Size, By Industry Vertical, By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global next-generation firewall market is projected to achieve a valuation of USD 10.99 billion by 2030, with a robust compound annual growth rate (CAGR) of 11.1% from 2022 to 2030.
The market's expansion is primarily fueled by the escalating internal and external threats faced by devices and the widespread adoption of the Internet of Things (IoT), driving demand for next-generation firewall solutions and services across industries.
The outbreak of the COVID-19 pandemic has exerted a positive influence on the next-generation firewall market. Many organizations turned to online platforms to conduct business as a response to the work-from-home situation imposed by the pandemic. Consequently, several industry players, including Cisco Systems Inc., Barracuda Networks, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., Fortinet, Inc., and Palo Alto Networks, witnessed a surge in sales of next-generation firewall technology during the pandemic.
These market players offer solutions endowed with numerous capabilities, including the blocking of unwanted network traffic, intrusion detection and prevention, threat intelligence, and the ability to configure advanced filtering rules based on traffic content or URLs. These advanced features are key drivers of market demand.
In terms of segmentation, the solution component and hardware product type emerge as dominant segments. The high popularity of these next-generation firewall-based solutions is attributed to their superior performance in advanced threat prevention and the blocking of unwanted traffic. Enterprises favor these tangible benefits as they prioritize network and data security.
Furthermore, the increasing demand for cloud-based firewall solutions underscores the market's continuous growth. Large-scale enterprises, particularly those harnessing cloud platforms, are major drivers of market expansion. The financial sector, characterized by a growing need for network security and cyber fraud prevention, is another significant growth priority. Geographically, North America stands out as the largest market share holder, driven by numerous market players and technology-savvy organizations.
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