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 12% 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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Next Generation Firewall 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, 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, defense,
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.
Dell Technologies Inc., Palo Alto
Networks Inc., Huawei Technologies Co. Ltd., Cisco Systems, Inc., Check Point
Software Technologies Ltd., Juniper Networks Inc., Fortinet, Inc., Barracuda
Networks, Inc, Forcepoint LLC, and WatchGuard Technologies, Inc. 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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“APAC 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 huge 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.
Contact
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