Next-Gen Firewall Market Soars with Forecasted 9.1% CAGR, Targeting US$ 8.5 Billion by 2033

The next-gen firewall market is projected to grow to approximately US$ 8.5 billion, with an annual growth rate of 9.1% from 2023 to 2033.

The rise in data hacking activities and cyber-attacks is encouraging enterprises to focus on the detection of better security solutions. Hence, demand for next-gen firewall systems for securing information deployed on the cloud and for strengthening the security structure of the company is increasing.

Moreover, large organizations are taking initiatives to implement next-gen firewalls for their business applications which are deployed on the cloud, and helping other small enterprises to understand the usage of next-gen firewall capabilities and internet security threats.

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The physical NGFW appliance segment in the global next-gen firewall market is estimated to have a dominating market share of 66.7% in 2022. Regionally, North America is currently dominating the global market owing to the high adoption of network security solutions among enterprises.

The adoption of security solutions for the next generation helps to improve the company’s product and operational efficiencies. Next-generation endpoint security uses machine learning, artificial intelligence (AI), and tighter integration of networks to offer more comprehensive and adaptive protection.

The next-gen firewall demand in the USA is expected to account for nearly 78.6% of North America’s market share through 2033. In the USA, next-gen firewall providers are focusing on offering intrusion detection and prevention system for identifying and analyzing irregular deviation from cyber-attacks.

Key Takeaways from the Next-Gen Firewall Market Report:

• Among the enterprise size, the SME segment is estimated to grow by 3.0X during the forecast period.
• North American region is expected to dominate the next-gen firewall market followed by Europe in 2022.
• South Asia & Pacific is estimated to be the fastest-growing region during the forecast period.
• In India, the next-gen firewall market is expected to grow by 4.4x during the forecast period.

Competitive Landscape:

Next-gen firewall market players are focusing on various strategies such as investments in research and development to support future technologies. In addition, several companies are adopting inorganic growth strategies such as acquisition and entering into partnerships with other companies to develop their own next-gen firewall to reduce the churn rate.

• In March 2022, Palo Alto Networks entered into a partnership with Amazon Web Services to natively integrate the next-gen firewall into a public cloud environment.
• In January 2022, Check Point Software Technologies introduced the Quantum Light speed Firewalls for introducing the biggest network security revolution.

Leading Key Players:

• Cisco
• Checkpoint Software Technologies
• Barracuda
• Fortinet
• Sophos
• Juniper Networks
• Palo Alto Networks
• Cloudflare
• Sonicwall
• Hillstone Networks
• Sangfor Technologies
• Zscaler

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