Network Security Firewall Market to Reach $16.2 Billion by 2030

Network Security Firewall Market by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Other Sectors) and Geography - Global Forecast to 2030

Meticulous Research^® – a leading global market research company, published a research report titled, ‘Network Security Firewall Market by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Other Sectors) and Geography - Global Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the network security firewall market is projected to reach $16.2 billion by 2030, at a CAGR of 19.7% from 2023-2030. The growth of the network security firewall market is driven by the rising government regulations encouraging the demand for network security firewalls, the growing significance of network security firewall solutions in the BFSI sector, the increasing demand for network security and privacy, and the advancement of digital transformation in the telecommunication industry. However, the lack of preventive firewall maintenance restrains the growth of the network security firewall market. Further, the growing need for network security firewall solutions among SMEs and the increasing adoption of network function virtualization are expected to create market growth opportunities. Also, misconceptions & lack of knowledge regarding network security firewall solutions are challenging for the players operating in this market.

The network security firewall market is segmented by component (solutions and services), type (packet filtering, stateful inspection firewall, next-generation firewall, and unified threat management), deployment mode (on-premise and cloud-based deployment), organization size (large enterprises and small & medium-sized enterprises), sector (BFSI, retail, IT & telecommunications, government, healthcare, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the network security firewall market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the network security firewall market. The large share of this segment is attributed to the increasing focus on solution-centric security capabilities, growing cybercrime & cyber espionage, and growing investment in R&D to improve network security firewall solutions. In addition, the benefits associated with network security firewall solutions, such as advanced threat detection, monitoring network traffic, stopping virus attacks, stopping spyware, and preventing unauthorized access, further support the growth of this segment.

However, the services segment is expected to grow at a higher CAGR during the forecast period due to the wide adoption of network security firewall services across IT & telecommunications, BFSI, retail & healthcare sectors, resulting in the increased demand for consulting, training & support, and integration services.

Based on type, the network security firewall market is segmented into packet filtering, stateful inspection firewall, next-generation firewall, and unified threat management. In 2023, the unified threat management segment is expected to account for the largest share of the network security firewall market. The large market share of this segment is attributed to the rising demand for UTM to counter increasing threats associated with unauthorized access and data thefts, the growing adoption of advanced security methods in the corporate sectors, and rising data security breaches. Also, this segment is expected to grow with the highest CAGR during the forecast period.

Based on organization size, the network security firewall market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the largest share of the network security firewall market. This segment's large market share is attributed to its strong infrastructure and management of network security platforms by skilled IT personnel. Furthermore, large enterprises focus on desired security channels against cyber threats to retain customers, boost sales, and validate necessary steps to overcome market interruptions. However, the small & medium enterprises segment is expected to grow at a higher CAGR during the forecast period.

Based on deployment mode, the network security firewall market is segmented into on-premise and cloud-based deployment. In 2023, the on-premise deployment segment is expected to account for the largest share of the network security firewall market. The large market share of this segment is attributed to the greater control of network security infrastructure offered by on-premise solutions, the high preference for on-premise deployments among large enterprises, and the availability of trained IT professionals and supportive infrastructure.

However, the cloud-based deployment segment is slated to register the highest CAGR during the forecast period. The rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.

Based on sector, the network security firewall market is segmented into the BFSI, retail, IT & telecommunications, government, healthcare, and other sectors. In 2023, the IT & telecommunication sector is expected to account for the largest share of the network security firewall market. The large market share of this segment is attributed to the increasing demand for filtering & monitoring network traffic, the growing need for network security and privacy, the rising need to protect connected network infrastructure, and the advancement of digital transformation in the telecommunication industry.

However, the healthcare segment is projected to record the highest CAGR during the forecast period due to the rising need for effective network security firewall measures, a surge in patient data security & privacy concerns, and increasing demand for secure medical connected devices.

Based on geography, the network security firewall market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the network security firewall market. The presence of prominent network security firewall players, including Juniper Networks, Inc. (U.S.), Mobileum Inc. (U.S.), and Cisco Systems, Inc. (U.S.), is expected to contribute to the high revenue share of this region. In addition, the high adoption rate of network security firewall solutions to enhance its IT infrastructure and the rising need to protect connected network infrastructure drive the demand for network security firewall solutions in the region.

However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. The high market growth in Asia-Pacific is attributed to the rapid growth rate of developing economies, growing cybercrimes, and growing awareness regarding network security firewalls among small and medium-scale organizations driving the region's demand for network security firewalls.

Key Players:

The key players operating in the network security firewall market are Cisco Systems, Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), Mobileum Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Openmind Networks Limited (Ireland), Anam Technologies Ltd. (Ireland), Cellusys Limited. (Irland), Sophos Ltd. (U.K.), Mavenir Systems, Inc. (U.S.), Route Mobile Limited. (India), SonicWall Inc. (U.S.), Enea AB (Sweden), and Forcepoint LLC. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5065

Key questions answered in the report-

Which are the high-growth market segments in terms of component, type, deployment mode, organization size, and sector?
What is the historical market size for network security firewall solutions across the globe?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global network security firewall market?
Who are the major players in the global network security firewall market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global network security firewall market?
What are the different strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global network security firewall market, and how do they compete with other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research