PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1357974
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1357974
The global Next Generation Firewall market size was valued at US$ 3.66 billion in 2023 and is expected to reach US$ 8.34 billion by 2030, grow at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2023: | US$ 3.66 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 12.50% | 2030 Value Projection: | US$ 8.34 Bn |
Next Generation Firewall (NGFW) is a sophisticated network security solution that offers advanced capabilities to protect organizations from modern cyber threats. It combines traditional firewall functionality with additional features such as intrusion prevention, application control, and advanced threat detection and prevention. NGFW helps organizations safeguard their networks, data, and applications from various cyber-attacks and unauthorized access.
In today's digital landscape, where cyber threats are becoming more sophisticated and prevalent, traditional firewalls alone are no longer sufficient to protect networks. NGFW provides an enhanced level of security by incorporating deep packet inspection, intrusion prevention systems, and integrated threat intelligence.
NGFW solutions are designed to handle the increasing network complexities and provide granular visibility into network traffic. The firewall can identify and control applications running on the network, allowing organizations to set policies based on individual applications, users, and devices. This enables organizations to enforce security measures and ensure compliance with regulatory requirements.
The next generation firewall market is expected to witness significant growth in the coming years due to several driving factors. The increasing number of high-profile cyber-attacks and data breaches has created a sense of urgency among organizations to adopt advanced security solutions such as NGFW. Additionally, the rise in cloud computing and the widespread adoption of IoT devices have increased the potential attack surface, driving the demand for robust network security solutions.
However, the market also faces certain challenges that may restrain its growth. The complexity of network infrastructures and the constant evolution of cyber threats pose challenges for organizations in implementing and managing NGFW solutions effectively. Additionally, the high cost of NGFW solutions and the shortage of skilled cybersecurity professionals may hinder market growth to some extent.
Despite these challenges, the NGFW market presents numerous opportunities. The increasing awareness about the need for robust network security, along with the growing adoption of cloud-based solutions and the emergence of new technologies such as artificial intelligence and machine learning, will fuel market growth. Furthermore, the expanding presence of NGFW vendors in emerging economies presents untapped potential for market expansion.