The Next Generation Firewall Market expected to grow from USD 2.39 billion in 2017 to USD 4.27 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.3%.
Next-Generation Firewall (NGFW) is a process of collecting, archiving, managing, and reporting the logs, which are generated from various devices, such as firewalls, routers, servers, and switches. NGFW solutions deal with a huge amount of computer-generated log data. The main objective of NGFW is to track the security events and network activities. With proper NGFW solutions, an organization can effectively manage logs while ensuring the integrity and improved business continuity. The sophistication level in the cyberattacks is increasing and creating demands for more comprehensive NGFW services that would enable the protection of complex network infrastructure.
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The NGFW Market by solution includes hardware, virtual, and cloud-based solutions. The cloud-based solutions segment is expected to grow at the highest CAGR during the forecast period. Cloud-based deployment is a cost-effective solution that delivers better user experience with scalability options to safeguard the data. Cloud-based deployment of NGFW solutions is gaining pace due to the increased adoption of cloud computing technology across various organizations.
The NGFW Market has been segmented, based on verticals, into BFSI, retail, IT and telecommunication, government and public utilities, healthcare, energy and utilities, education, and others. The BFSI vertical is expected to grow at the highest CAGR during the forecast period, as attacks such as DDoS, ransomware, advanced APT, and other sophisticated attacks have been seen in the BFSI vertical. To meet the evolving demands of security in the BFSI industry the players in network security are coming up with innovative solutions to combat the traditional solutions with added features in firewalls.
The NGFW Market is expecting a rapid growth in various regions across the globe. Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period, as the organizations in this region are highly concerned with the increasing security spending, owing to the ever-growing threat landscape. Countries across this region have large number of SMEs, that are already using the traditional or the first-generation firewalls thereby the advanced and sophisticated threats are not being detected. North America is expected to contribute to the largest market share in the overall NGFW Market.
Globally, the adoption of NGFW solutions services is rising due to the increasing demand of network security solutions and high adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) trend. As the sophistication level in cyberattacks is increasing, NGFW vendors are trying to develop better solutions to provide a proactive and holistic security to business-critical applications. Cisco Systems (California, US), Fortinet, Inc. (California, US), Check Point Software (California, US), Palo Alto Networks (California, US), Barracuda Networks (California, US), Forcepoint (Texas, US), Zscaler (California, US), Juniper Networks (California, US), WatchGuard Technologies (California, US), and Sophos Ltd. (Abingdon, UK) are the key vendors offering NGFW services across the globe.
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