by The global Next Generation Firewall Market is estimated to be valued at US$ 3.66 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Next generation firewalls (NGFWs) are network security firewalls that combine multilayered security functions like stateful inspection, deep packet inspection, application awareness, and intrusion prevention capabilities to monitor network traffic in real time to detect and prevent cyber threats like zero-day attacks, malware, phishing, and ransomware. NGFWs also provide advanced security functions like sandboxing, machine learning, user and entity behavior analytics (UEBA), and application control to protect against emerging cyber threats. They offer enhanced visibility into users, devices, applications, operating systems, protocols, threat intelligence, and vulnerabilities on the network. NGFWs provide broader, unified security capabilities compared to traditional and next-gen UTM firewalls to help organizations securely enable their digital transformation and cloud migration initiatives.
Market key trends:
One of the key trends in the global next generation firewall market is the increasing adoption of cloud-based NGFW solutions. Cloud-based NGFWs are gaining popularity as they eliminate the need for expensive hardware infrastructure and upfront capital costs. The rising connectivity of users, endpoints, and IoT devices from anywhere has prompted many organizations to migrate security to the cloud to extend protection for hybrid workforce environments. Cloud NGFWs offer scalability, flexibility, cost-savings, and seamless integration with cloud-native apps and services. They are deployed as a cloud service or virtual appliance in private, public or hybrid clouds. Leading NGFW vendors are enhancing their cloud offerings with features like multitenancy, multiple deployment options, 24/7 cloud monitoring, and cloud-specific threat intelligence to accelerate the transition from on-premise to cloud-first security postures.
Porter’s Analysis
Threat of new entrants: The global next generation firewall market has moderate threat from new entrants due to high initial capital requirements and presence of strong network effects by existing key players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and less differentiation between products offered by manufacturers.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components and less differentiation in components.
Threat of new substitutes: Threat of substitution is moderate as next generation firewalls provide advanced security capabilities compared to traditional firewalls.
Competitive rivalry: The global next generation firewall market is highly competitive with presence of many global and regional players.
Key Takeaways
Global Next Generation Firewall Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing cyber threats and stringent regulatory compliances.
The North America region is expected to hold the largest share in the next generation firewall market throughout the forecast period due to increasing investments in cybersecurity by enterprises and government organizations in the region. Asia Pacific region is expected to witness the fastest growth due to rapid digitalization and increasing adoption of advanced technologies by Small and Medium enterprises in countries like China and India.
Key players operating in the global next generation firewall market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, and VMware. Cisco Systems, Juniper Networks, Palo Alto Networks, and Fortinet captured over 50% of the market share in 2023 owing to their well-established infrastructure and strong distribution network globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
