With the emergence of the Industry 4.0 revolution coupled with the increasing trend of Internet of Things (IoT), the world is becoming more and more connected. There is a discernible growth in the number of electronic devices connected to the internet, including smart TVs, mobile phones, laptops, printers, air conditioners, and many more. According to a study by Cisco, the number of devices connected to the internet in the world was estimated to be around 25 billion in 2015, and it is expected to reach 50 billion by 2020.The global proliferation of IoT devices inevitably gave rise to a myriad of consumer privacy and data security issues. Growth in the number of connected devices has led to a variety of cyber-attacks such as web-based exploit kits, malware, ransomware, application-layer attacks, and targeted threats. For instance, in July 2017, American credit company Equifax announced that it had suffered a cyber-attack over the course of a number of months that led to a breach of personal data of 143 million American, Canadian and British customers as well as 200,000 credit card numbers. Moreover, according to the World Economic Forum (WEF), 2 billion data records were compromised in 2017, and more than 4.5 billion records were breached in the first half of 2018 alone.Additionally, the increasing prevalence of IoT has paved the way for more complex cyber threats. Moreover, the traditional security breach detection methods and technologies are incompetent in countering the new cyber-attacks efficiently. Therefore, most business enterprises and organizations are deploying advanced security solutions, such as Next-Generation Firewall (NGFW) to successfully secure their business infrastructure and networks. Thus, all such factors are propelling growth of the next-generation firewall market.

Additionally, the high functionalities of next-generation firewall solutions is leading organizations to opt for next-generation firewall technology over the traditional firewall systems. A next-generation firewall provides stateful inspection along with additional features such as integrated intrusion detection, cloud-based threat intelligence, and application awareness and control, whereas traditional firewall facilitates statefulinspection of incoming and outgoing network traffic only. The enhanced flexibility of a next-generation FW provides security for connected devices against a wide range of intrusions. This is the main rationale for the unprecedented endorsement for next-generation firewall solutions. The next-generation firewall market has been evaluated to attain a remarkable size of $2.5billion in 2018. Anticipating the high adoption of NGFW for data safety and security applications, the Next-Generation Firewall Market is approximated to grow at a CAGR of 11.1% during the forecast period 2019-2025. The report covers Next-Generation Firewall Market size by type and applications, Next-Generation Firewall Market share by top 5 companies and also the market share by start-ups during the forecast period.

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Increasing Cyber Attacks ensued by Stringent Government Regulations in North America Set to Upheave the Growth of Next-Generation Firewall Market—

Geographically, North America held the maximum share in the next-generation firewall market and accounted for 32.3% of the total market share in 2018. The significant adoption of bring-your-own-device (BYOD) and IoT-based devices coupled with increasing demand for advanced cyber security solutions is the prime factor that created lucrative opportunities for the NGFW market in this region. According to a study by Cisco, the number of connected devices in the U.S. was estimated to be around 2.3 billion in 2015 and it is expected to reach 4.1 billion by 2020.Thus, the rapidly increasing adoption of connected devices ensuedby internal and external threats have positively influenced the demand for next-generation firewalls. Moreover, North America is highly prone to cyber-attacks due to the presence of major developed economies such as the U.S. and Canada. For instance, in May 2017, prominent business firms in the U.S. suffered from the devastating ‘WannaCry’ ransomware attack. In order to prevent these type of attacks in the future, stringent government regulations for data security and consumer privacy have been imposed. In September 2018, the U.S. President Donald J. Trump signed the “National Cyber Strategy” which enabled the Defense Department and other relevant agencies to operate with greater authority and penetrate foreign networks to deter hacks on U.S. systems. These regulations, in turn, built pressure on organizations to set up enhanced security infrastructure and promoted the adoption of advanced security solutions such as next-generation firewalls. These factors have led to North America registering the maximum market share. Moreover, the presence of prominent companies in this region such as Cisco Systems, Fortinet, Inc., Check Point Software, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, and Juniper Networksis expected to propel growth of the North American next-generation firewall market.

NGFW Market Seeing High Demand from Government and Public Utilities Segment—

On the basis of verticals, the next-generation firewall market is segmented into banking, financial services, and insurance, retail, IT and telecommunications, government and public utilities, healthcare, energy and utilities, education, and others. Among these, the government and public utilities segment is considered to be generating maximum demand in the next-generation firewall market. The implementation of electronic governance by several countries across the globe has led to increased adoption of NGFW solutions in the government and public utilities segment. Government and public utility agencies handle highly-secure and private data of individuals, departments, processes, and agencies and the mammoth amount of data generated is highly classified. Thus, owing to the critical nature of the data, government agencies are subjected to stringent security policies and regulations. Therefore, in order to protect and secure their business infrastructure, government agencies are instigatedto deploy sophisticated security solutions such as NGFW. Thus, the key application segment is poised to grow at a CAGR of 13.7% through to 2025.

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Next-Generation Firewall Market Companies:

Prominent companies in the next-generation firewall market include Check Point Software Technologies Ltd, Cisco Systems, Inc., Palo Alto Networks, Inc., Barracuda Networks, Inc., Fortinet, Inc., Sonicwall Inc., Zscaler, Inc., Forcepoint LLC, Juniper Network, and Hillstone Networks. These companies are increasingly developing and introducing new technologies and products in the market. Moreover, major companies are adopting strategic plans such as mergers and acquisitions, collaborations, and partnerships to stay ahead of competitors.

  • In February 2017, Cisco introduced its latest next-generation firewall, the Cisco Firepower 2100 Series, which provides threat defense and protects the critical data of businesses that perform sensitive transactions such as banks and retail sectors.
  • In February 2017, Palo Alto Networks, the next-generation security company, announced availability of NGFW offerings with new hardware and virtual appliances. The company has launched new firewalls including New PA-5200 Series, New PA-800 Series, New PA-220 and VM-Series virtual firewall models. These solutions will enable customers to successfully protect themselves against cyber-attacks across network, endpoint and cloud environments
  • In February 2019, Fortinet launched a new high performance NGFW solution in its product portfolio namely FortiGate 3600E, FortiGate 3400E, FortiGate 600E, and FortiGate 400E Series. These solutions facilitate customers in implementing holistic end-to-end architecture by providing enhanced threat protection and SSL inspection performance. Moreover it provides integrated and consistent security policies to organizations dealing with on-premise and cloud assets.
  • May 2018 – Barracuda Networks introduced a new cloud-delivered web application firewall. The Barracuda WAF-as-a-Service helps in defending application-layer threats and attacks. It is built over Barracuda’s proven web application and security technology that protects against advanced layer 7 attacks, DDoS, SQL injection, zero-day threats, JSON threats, OWASP Top 10, and many more.
  • March 2018 – Palo Alto Networks acquired the U.S.-based Evident.io, a pioneer and leader in public cloud services infrastructure protection for $300m. The acquisition intended to extend the leadership of Palo Alto Network in cloud security and help in customizing its holistic cloud offerings to address the critical security needs of enterprise customers as they adopt the cloud.

Related Reports:

A. Enterprise Firewall Market

https://www.industryarc.com/Research/Enterprise-Firewall-Market-Research-500813

B. Network Security Appliance Market

https://www.industryarc.com/Report/16361/network-security-appliance-market.html

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