Valued at $2,706.9 million in 2019, the global next-generation firewall (NGFW) market is predicted to generate a revenue of $5,188.8 million in 2025 during the forecast period 2020-2025.
As illustrated in the “Next-Generation Firewall Market Research Report: By Component, Enterprise Size, Industry – Industry Trends And Growth Forecast to 2025″, in 2019, the banking, financial services, & insurance industry dominated the market in 2019 because of the rising number of financial institutions around the world and increasing requirement for cyber-attack prevention.
During the forecast period, the healthcare industry is expected to grow at the fastest pace during the forecast period, attributed to the rising adoption of cloud-based technologies.
In terms of component, the solutions category held the larger share of the next-generation firewall market in 2019 because of the rising adoption of cloud-based solutions by different organizations. On the basis of enterprise size, the small and medium-sized enterprises (SME) category is predicted to register the faster growth during the forecast period. This is because of the fact that NGFW solutions provide comprehensive network visibility and are cost-effective, which is why the SMEs are focusing on deploying them.
The rising number of cyber threats is a primary driving factor of the next-generation firewall market. For instance, about 2.5 million cybercrime cases were reported in 2017 in the U.S., which rose to 2.9 million in 2018. Ascribed to this, the requirement for adopting a platform for meeting the cyber security requirements in the current business landscape is also growing.
Since the NGFW technology offers cloud-delivered threat protection, intrusion prevention, and application awareness and control, it is more efficient than other conventional firewalls, which is projected to drive the market in the coming years.
The rising adoption of internet of things (IoT) is a key trend being observed in the next-generation firewall market. Presently, the enterprises are adopting IoT for leveraging advanced business models such as asset sharing, pay-per-usage, generating real-time operational insights, including equipment monitoring and security issue identification, and outcome-based model.
While the adoption of IoT devices improves business productivity, these devices can easily fall prey to cyber-attacks, because they are connected to the internet or other networks. Due to this, the companies are deploying NGFW solutions for providing defensive competences against different applications.
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