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Redding, California - July 26, 2024

Network Security Firewall Market to be Worth $19.8 Billion by 2031

Network Security Firewall Market Size, Share, Forecast, & Trends Analysis by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Healthcare) and Geography - Global Forecast to 2031

Meticulous Research^®—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 Healthcare) and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the network security firewall market is projected to reach $19.8 billion by 2031, at a CAGR of 20.6% during the forecast period 2024–2031. The growth of the network security firewall market is primarily 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 telecommunications industry. However, lack of preventive firewall maintenance restrains the growth of this market.

Moreover, the growing need for network security firewall solutions among SMEs and increasing adoption of network security firewall solutions in healthcare sector are expected to generate growth opportunities for the players operating in this market. Furthermore, the zero trust security model is a prominent trend in the network security firewall market. However, misconceptions and lack of knowledge regarding network security firewall solutions pose significant challenges that impact the growth of the network security firewall market.

The network security firewall market is segmented by component (solutions {signaling firewall [SS7 firewall, diameter firewall, other signaling firewall solutions], SMS firewall [A2P messaging, P2A messaging]}, services (professional services, managed services), type (packet filtering, stateful inspection firewall, next-generation firewall, unified threat management), deployment mode (on-premise deployments and cloud-based deployments), 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 the solutions and services. In 2024, the solutions segment is expected to account for the larger share of over 58.0% of the network security firewall market. The segment’s large share 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 professional and managed 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 2024, the unified threat management segment is expected to account for the largest share of over 34.0% of the network security firewall market. The segment’s large share 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, the unified threat management segment is expected to record the highest CAGR during the forecast period 2024–2031.

Based on organization size, the network security firewall market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of over 65.0% 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. The increasing adoption of cybersecurity solutions & services among small & medium-sized enterprises (SMEs) to track, monitor, and manage assets, the growing digital transformation across industries, and the increasing number of cyberattacks on networks are expected to support the growth of this segment.

Based on deployment mode, the network security firewall market is segmented into on-premise deployments and cloud-based deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of over 53.0% 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 deployments segment is slated to register a higher 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 2024, the IT & telecommunications sector is expected to account for the largest share of over 22.0% 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 2024, North America is expected to account for the largest share of the over 38.0% 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 CAGR of 23.5% during the forecast period 2024-2031. 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. In addition, market players are investing in expanding their operations in the region. For instance, in April 2023, Imperva, Inc. (U.S.) opened its network and security operations Centre in Singapore to better support APJ and global customers. This new Centre will enable it to better understand the cyberattacks occurring in the region, and help customers more quickly navigate the complex business risks associated with those attacks.

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. (Ireland), Sophos Ltd. (U.K.), 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, organization size, deployment mode, and sector?
What was the historical market size for network security firewall globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the network security firewall market?
Who are the major players in the network security firewall market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the network security firewall market?
What are the various growth strategies adopted by major market players?
What are the major market trends, and which are the high-growth countries?
Who are the local emerging players in the network security firewall market, and how do they compete with other players?

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Redding, California - July 26, 2024

Network Security Firewall Market to be Worth $19.8 Billion by 2031

Network Security Firewall Market Size, Share, Forecast, & Trends Analysis by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Healthcare) and Geography - Global Forecast to 2031

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