Next-Generation Firewall Market Set to Surge, To Reach $6,719.56 Million by 2025 with 12.9% CAGR

WILMINGTON, DE, UNITED STATES, April 15, 2024 / -- The global next-generation firewall market size was valued at $2,570.49 million in 2017, and is projected to reach $6,719.56 million by 2025, registering a CAGR of 12.9% from 2018 to 2025. In 2017, next-generation firewall solutions accounted for the highest revenue in the market.

The next-generation firewall market was led by BFSI industry and is projected to maintain its dominance during the forecast period, owing to rise in number of online banking transactions, growth in data theft cases, data privacy protection norms, and increase in need of integrated risk management strategy.

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Next-generation firewalls represent a significant advancement in firewall technology, offering a suite of additional features designed to enhance network security. These features include support for active directory integration, malware filtering based on reputation, and thorough inspection of SSH and SSL traffic. By operating at the port, protocol, and application levels, these firewalls can effectively detect and block even the most complex cyber attacks.

These firewalls come in various models, available as either software or hardware solutions, catering to the diverse needs of organizations. With the increasing reliance of businesses on online applications and Software as a Service (SaaS) offerings, there's a growing recognition of the inadequacy of traditional port and protocol inspection methods in ensuring robust network security.

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A notable trend driving the growth of the next-generation firewall market is the ongoing migration of IT workloads to cloud platforms such as Microsoft Azure and Google Cloud Platform. As organizations adopt hybrid network architectures, incorporating both on-premises and cloud-based infrastructure, the complexities of securing these environments become more pronounced. Consequently, the demand for advanced firewall solutions capable of providing comprehensive cloud protection continues to rise.

However, despite the evident benefits, there are challenges hindering the full realization of the market's potential. One such challenge is the shortage of cybersecurity professionals skilled in deploying and managing next-generation firewalls effectively. Additionally, performance issues associated with implementing these firewalls in cloud environments pose another obstacle to their widespread adoption. Addressing these challenges will be crucial for unlocking the full growth potential of the next-generation firewall market.

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By Region, In 2017, the global next-generation firewall market share was dominated by North America, and is expected to maintain this trend during the forecast period. The major factors driving the growth of the next-generation firewall market in this region include high cyber security spending among financial organizations and public sector supported by significant adoption of BYOD, cloud, and IoT based devices. However, the Asia-Pacific segment is expected to witness the highest growth, owing to rise in digital security spending among developing countries such as China, South Korea, India, and Taiwan in the region. In addition, development of smart cities in the region possess significant growth capabilities.

The global next-generation firewall market analysis includes some of the key market players such as Barracuda Networks, Check Point, Cisco, Forcepoint, Fortinet, Huawei, Juniper Networks, Palo Alto Networks, SonicWall, and Sophos.

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