Next-Gen Firewall Market to Reach USD 8.5 Billion, Globally by 2033 at 9.1% CAGR As Revealed In New Report – WhaTech

The rise in data hacking and cyber-attacks is pushing enterprises to seek better security solutions, increasing the demand for next-gen firewalls to secure cloud-based information and enhance company security structures.

The next-gen firewall market revenue totalled approximately USD 3.3 billion in 2022. Looking ahead, sales in this market are projected to reach around USD 8.5 billion by 2033, representing a CAGR of 9.1% between 2023 and 2033.

The Next-gen firewall market currently represents about 20% of sales of the total network security market. Demand in the next-gen firewall market is gaining traction as it offers multi-layered protection by inspecting network traffic and understanding the nature of data transfer.

The rise in data hacking activities and cyber-attacks is encouraging enterprises to focus on the detection of better security solutions. Hence, demand for next-gen firewall systems for securing information deployed on the cloud and for strengthening the security structure of the company is increasing.

Moreover, large organizations are taking initiatives to implement next-gen firewalls for their business applications which are deployed on the cloud, and helping other small enterprises to understand the usage of next-gen firewall capabilities and internet security threats.

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The next-gen firewall demand in the USA is expected to account for nearly 78.6% of North America’s market share through 2033. In the USA, next-gen firewall providers are focusing on offering intrusion detection and prevention system for identifying and analyzing irregular deviation from cyber-attacks.

Key Takeaways: Next-Gen Firewall Market Report:

• By type, the virtual appliance segment is estimated to grow at a robust CAGR of 9.9% through 2032.
• Among the enterprise size, SME segment is estimated to grow by 3.0X during the forecast period.
• By industry, the healthcare segment is anticipated to increase at a CAGR of 11.5% between 2022 & 2032.
• North America region is expected to dominate the next-gen firewall market followed by Europe in 2022.
• South Asia & Pacific is estimated to be the fastest-growing region during the forecast period.
• The U.S. market is expected to witness growth at a CAGR of around 4.6% through 2032.
• In India, the next-gen firewall market is expected to grow by 4.4x during the forecast period.
• The Next-gen firewall market in China is estimated to witness an absolute $ opportunity of USD 281 Million in the forecast period.

Demand for Email Security to Boost the Adoption of Next-Gen Firewall Systems

Among enterprises, email security is a primary concern. The working culture among enterprises is changing, hence employees are using their personal devices to access business emails outside the organizations.

Next-gen firewall solutions help the organization filter emails with viruses on networks before the email reaches an internal network of the organization.

Moreover, next-gen firewall helps to streamline email security tools by transferring them into a single cloud service. Hence, enterprises are adopting next-gen firewall solutions for improving email security and thereby the demand is increasing for next-gen firewall solutions.

Competitive Landscape:

Next-gen firewall market players are focusing on various strategies such as investments in research and development to support future technologies. In addition, several companies are adopting inorganic growth strategies such as acquisition and entering into partnership with other companies to develop their own next-gen firewall to reduce the churn rate.

• In March 2022, Palo Alto Networks entered into a partnership with Amazon Web Services to natively integrate the next-gen firewall into a public cloud environment.
• In January 2022, Check Point Software Technologies introduced the Quantum Light speed Firewalls for introducing the biggest network security revolution.

A Full Report Analysis:
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Leading Key Players:

• Cisco
• Checkpoint Software Technologies
• Barracuda
• Fortinet
• Sophos
• Juniper Networks
• Palo Alto Networks
• Cloudflare
• Sonicwall
• Hillstone Networks
• Sangfor Technologies
• Zscaler

Next-Gen Firewall Market Segmentation:

By Type:

• Physical NGFW Appliance
• Virtual NGFW Appliance

By Enterprise Size:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Industry:

• IT & Telecom
• BFSI
• Healthcare
• Manufacturing
• Retail
• Government
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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