The Network Security Firewall Market to reach $16.2 billion by 2030 at a CAGR of 19.7% during 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 increasing adoption of network function virtualization is 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.
Growing Adoption of Network Security Firewall in the BFSI Sector to Drive Market Growth
The BFSI sector is highly dependent on IT infrastructure for delivering services, such as mobile, online, and core banking. Identity fraud is a major concern when performing financial transactions through online banking portals and insurance apps. With consistent technological advancements across BFSI channels, banks and other financial services institutions face business outages or system failures, data breaches, and cyber-attacks. For instance, according to the VMware Carbon Black Threat Data report in May 2020, cyberattacks against banks and financial institutions increased by 238% globally between February 2020 and April 2020 amidst the COVID-19 crisis. To overcome such challenges, network security firewall solutions are an optimum solution for banks to monitor network traffic, block unauthorized traffic, and stop virus attacks. Hence, banks and financial institutions are investing heavily in incorporating network security firewall solutions to improve work agility and customer experience.
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Key Findings in the Network Security Firewall Market Study:
Based on Component, in 2023, the Solutions Segment is Expected to Dominate the Network Security Firewall Market
Based on component, in 2023, the solutions segment is expected to account for the larger 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 and 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.
The Unified Threat Management Segment to Register the Highest CAGR
Based on type, the unified threat management segment is projected to register the highest CAGR during the forecast period. The rising demand for UTM to counter increasing threats associated with unauthorized access and data thefts, growing adoption of advanced security methods in the corporate sectors, and rising data security breaches are expected to support the growth of this segment.
The Cloud-based Deployment Segment to Register the Highest CAGR
Based on deployment mode, the cloud-based deployment segment is projected 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.
The Healthcare Sector Segment to Register the Highest CAGR
Based on sector, the healthcare segment is projected to register the highest CAGR during the forecast period. The rising need for effective network security firewall measures, a surge in patient data security & privacy concerns, increasing demand for secure medical connected devices, and increasing demand for filtering & monitoring network traffic are expected to support the growth of this segment.
Asia-Pacific to be the Fastest-growing Regional Market
The market in Asia-Pacific is slated to record the fastest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India; the rapid growth of regional economies; growing awareness regarding network security firewall solutions among small & medium-sized organizations; growing need for network security and privacy; and government initiatives promoting the adoption of advanced network security firewall solutions contribute to the rapid growth of this regional market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3 to 4 years. 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.).
Scope of the Report:
Network Security Firewall Market Assessment, by Component
- Solutions
- Signaling Firewall
- SS7 Firewall
- Diameter Firewall
- Other Signaling Firewall Solutions
- SMS Firewall
- A2P Messaging
- P2A Messaging
- Services
- Professional Services
- Deployment and Integration Services
- Consulting Services
- Support and Maintenance Services
- Managed Services
Network Security Firewall Market Assessment, by Type
- Packet Filtering
- Stateful Inspection Firewall
- Next-generation Firewall
- Unified Threat Management
Network Security Firewall Market Assessment, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Network Security Firewall Market Assessment, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Network Security Firewall Market Assessment, by Sector
- BFSI
- IT & Telecommunications
- Retail
- Healthcare
- Government
- Other Sectors
Network Security Firewall Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key Questions Answered in the Report: