Asia-Pacific to Register Highest Growth in Next Generation Firewall Market During Forecast Period

Rising number of data breach cases and increase in IoT-based complex threat landscape to drive global next generation firewall market through 2024

According to TechSci Research report, “Global Next Generation Firewall Market By Component, By Enterprise Size, By End Use Industry,       By Region, Competition, Forecast & Opportunities, 2024”, the global next generation firewall market is expected to grow at a formidable CAGR of around 14% during the forecast period. Next generation firewall is witnessing adoption owing to the enforcement of stringent government regulations for data security. Additionally, growing incidences of cybercrimes and increasing IoT trends are further driving the market. However, high costs of the firewall system and increasing adoption of UTM solution in SMEs and SOHO’s can hamper the growth of market during forecast period. Additionally, the presence of traditional firewalls along with lack of awareness among the population regarding the advanced level of cyber threats can also obstruct the growth of market.

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The global next generation firewall market is segmented based on component, enterprise size, end user industry, company and region. Based on component, the market can be divided into service and solution. The solution segment dominates the market owing to the low capital & maintenance costs and increase in adoption of cloud security solutions among SMEs and large enterprises. Based on enterprise size, the market can be bifurcated into small & medium enterprise (SME) and large enterprise. The large enterprise segment is expected to dominate the market during forecast period on account of significant adoption of advanced security solution among large-sized organizations. Additionally, digital security has become a complex process in large-sized organizations to manage and secure voluminous data, which is promoting the adoption of NGFW solutions in them. Based on end user industry, the market can be fragmented into BFSI, IT & Telecom, retail, defence, healthcare, education and others. The BFSI segment dominates the market during forecast period as next generation firewall provides support needed to maintain the uptime as well as to protect critical business functions and data.

Cisco Systems, Inc., Check Point Software Technologies Ltd., Huawei Technologies Co. Ltd., Dell Technologies Inc., Juniper Networks Inc., Palo Alto Networks Inc., Fortinet, Inc., Barracuda Networks, Inc, Forcepoint LLC, WatchGuard Technologies, Inc. and others are some of the leading players operating in global next generation firewall market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, In February 2017, Palo Alto Networks launched a new availability in NGFW offerings with new hardware and virtual appliances. This will enable the customers to deploy these solutions from cloud and secure their data from various attacks and vulnerabilities. Further, in March 2018, Palo Alto Networks acquired Evident.io, a pioneer and leader in public cloud services infrastructure protection. The transaction will extend the leadership of Palo Alto Network in cloud security and will help in customizing the holistic cloud offering to address the critical security needs of the enterprise customers as they adopt the cloud.

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“Asia-Pacific is expected to register the highest CAGR in the next generation firewall market during the forecast period owing to the increasing advancements in IT & Telecom, surging internet penetration and growing need for protecting corporate & personal information from cyberattacks. Additionally, upsurge in adoption of IoT-based devices in countries such as Taiwan and South Korea and development of smart cities are further expected to provide remunerative opportunities for market expansion during the forecast period in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Next Generation Firewall Market By Component, By Enterprise Size, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global next generation firewall market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global next generation firewall market.

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