by These firewalls incorporate advanced threat detection capabilities to provide enhanced network protection against malware, zero-day threats and blended threats.
Next generation firewalls are crucial for protecting critical applications, data and infrastructure from sophisticated cyber threats. They offer granular visibility and control over applications, users and content. They also provide seamless security for cloud, mobile users and IoT traffic alongside traditional network traffic. The global adoption of advanced technologies like artificial intelligence and machine learning has enabled next generation firewalls to identify and block unknown threats in real-time. This has significantly boosted their demand across various industry verticals.
The Global Next Generation Firewall Market is estimated to be valued at US$ 5399.06 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global next generation firewall market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, and VMware.
The rising adoption of advanced technologies like cloud computing, IoT, mobility has increased network complexities and the risks of cyberattacks. This has driven up the demand for next generation firewalls globally to secure hybrid networks.
Several organizations are rapidly expanding their global footprint through mergers & acquisitions and partnerships. This is prompting them to invest in advanced firewall security systems to protect their networks across multiple locations and ensure consistent security policies.
Market Key Trends
One of the key trends gaining traction in the Next Generation Firewall Market Size is the growing adoption of AI and machine learning capabilities. Next generation firewall vendors are integrating these advanced technologies to automate threat detection and prevention. This helps firewalls to rapidly identify unknown and zero-day threats without relying on updates or signatures. AI and machine learning also enable firewalls to optimize security policies based on user and application behaviors to block advanced targeted attacks in real-time. Additionally, these technologies power automated threat hunting and remediation in firewalls. As cyber threats evolve continuously, the integration of AI is expected to make next generation firewalls more effective and enhance overall network protection.
Porter’s Analysis
Threat of new entrants: Firewall technology and offerings are complex to develop. New players will need significant investment and competitive pricing to gain market share in this established market.
Bargaining power of buyers: Large enterprises have higher bargaining power as they can negotiate pricing and features. Mid-sized buyers have moderate power while smaller buyers have low power.
Bargaining power of suppliers: Major NGFW vendors like Cisco, Palo Alto Networks etc enjoy strong brand position and economies of scale so suppliers have low bargaining power.
Threat of new substitutes: Cloud-based web application firewall and other next-gen security tools are potential substitutes but not direct replacements for comprehensive network security offered by NGFWs.
Competitive rivalry: The market is dominated by few large players resulting in intense competition. Players differentiate through improved features, partnerships and pricing to gain customers.
Geographical Regions with High Market Concentration
North America accounts for the largest share primarily due to strong security spending by large enterprises and government organizations in the US. The Asia Pacific region also has significant market concentration driven by growing adoption in China, India, Japan and Australia to secure expanding network perimeters. Europe holds the third position on account of stringent data protection laws driving firewall purchases across major countries.
Fastest Growing Geographical Region
The Asia Pacific region is poised to be the fastest growing geographical market for next generation firewalls between 2024-2031. This is led by increasing instances of cyber-attacks, digital transformation initiatives and rapid commercial adoption of internet in countries like India, China, South Korea and Southeast Asian nations. Vendors are investing in the region through partnerships and local datacenters to tap into the growth potential.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
