BFSI Drives Growth: Next-Gen Firewall Market to 2030
The global next-generation firewall market is predicted to reach a valuation of USD 10.99 billion by 2030, with a robust compound annual growth rate (CAGR) of 11.1% from 2022 to 2030, according to a report by ResearchAndMarkets.com.
This growth
is primarily driven by the increasing internal and external threats faced by
devices and the widespread adoption of the Internet of Things (IoT), which is
creating a demand for next-generation firewall solutions and services across
various industries.
The
COVID-19 pandemic also played a role in boosting the next-generation firewall
market. As organizations shifted to online platforms for business operations
due to remote work requirements, several industry players, including Cisco
Systems Inc., Barracuda Networks, Inc., and others, experienced increased sales
of next-generation firewall technology.
These
next-generation firewalls offer advanced capabilities such as blocking unwanted
network traffic, intrusion detection and prevention, threat intelligence, and
the ability to configure advanced filtering rules based on traffic content or
URLs. These features are key drivers of market demand.
In terms of
segmentation, the solution component and hardware product type are dominant
segments due to their superior performance in advanced threat prevention and
blocking unwanted traffic. The demand for cloud-based firewall solutions is
also on the rise, driven by large-scale enterprises that leverage cloud
platforms.
The
financial sector, characterized by a growing need for network security and
cyber fraud prevention, is a significant growth area for the market.
Geographically, North America leads the market share, followed by Asia Pacific,
which is expected to exhibit the highest CAGR during the forecast period.
Key market
players include Cisco Systems Inc., Barracuda Networks, Inc., Juniper Networks,
Inc., Huawei Technologies Co., Ltd., Fortinet, Inc., and Palo Alto Networks,
among others.
Overall,
this report highlights the strong growth potential of the next-generation
firewall market, driven by evolving cybersecurity needs and the continued
expansion of the IoT.
Source: ResearchAndMarkets.com
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