Next-Generation Firewall Market to Observe An 11.4% CAGR By 2023
The need to protect networks from external attacks has led to the development of the next-generation firewall market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. An income of USD 4.69 Billion is expected to be accomplished with 11.4% of CAGR by 2023.
The development in security protocols of firewalls is expected to raise their application in a range of sectors soon. The rise in data that is stored electronically is expected further to enhance the market share of the next-generation firewalls. Also, increased funding towards research & development is estimated to reinforce the market next-generation firewall size in the impending period.
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Key Players: - Cisco Systems, Inc. (US) Juniper Networks, Inc. (US) Fortinet, Inc. (US) Barracuda Networks, Inc. (US) WatchGuard Technologies, Inc. (US) Palo Alto Networks, Inc. (US) Forcepoint LLC (US) Zscaler, Inc. (U.S) Sophos Group Plc. (UK) Check Point Software Technologies Ltd. (US)
Segmental Analysis
The segmental study of the next-generation firewall market has been conducted based on solution, services, organization size, security type, end-users, and region. Based on the security types, the next-generation firewall market is segmented into network security, firewall, unified threat management, identity-based security, and others. Based on the services, the next-generation firewall market consists of professional service, consulting service, managed service, support and maintenance, system integration, training and education, and others. Based on the organization size, next-generation firewall market consists of small & medium enterprises and large enterprises. Based on the solutions, the next-generation firewall market comprises of virtual, cloud, and hardware. Based on End-User, the next-generation firewall market comprises of telecommunication and manufacturing, government & defence, BFSI, IT, healthcare, retail & wholesale, education, and others. Based on regions, the next-generation firewall market consists of the Asia Pacific (APAC), North America, Europe, and the Rest of the World (ROW).
Detailed Regional Analysis
The regional investigation of the next-generation firewall market includes regions such as Asia Pacific (APAC), North America, Europe, and the Rest of the World (ROW). As per the observations, the North American region is foremost with the uppermost development throughout the world. The European regional market is trailing the North American region with a towering CAGR. Due to the extensive use of next-generation firewalls in the data center, small business, enterprise, or home office in the European region, the market is estimated to flourish in the forecast period. The Asia-Pacific nations such as China, Japan, and India are on the rising level due to the development of next-generation firewalls.
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Competitive Analysis
The reinvention of the supply chains by integrating robust technology in them is estimated to spur the development of the market in the coming period. The regulations in various regions can be relied upon to rebuild market clout gradually in the future. The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The effect of unpredictable events has created substantial barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The establishment of a definite competitive advantage is estimated to spur market development in the forecast period. The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period.
The outstanding contenders in the next-generation firewall market are Zscaler, Inc. (U.S), Fortinet, Inc. ( US), Forcepoint LLC (US), Barracuda Networks, Inc. (US), Juniper Networks, Inc. (US), Cisco Systems, Inc. (US), Palo Alto Networks, Inc. (US), Sophos Group Plc. (UK) WatchGuard Technologies, Inc. (US), and Check Point Software Technologies Ltd. (US), among others.
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