Meticulous Research®, a premier global market intelligence provider, has released a new report titled, "Network Security Firewall Market by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Other Sectors) and Geography - Global Forecast to 2030."

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Market Insights and Growth Projections
According to Meticulous Research®, the global network security firewall market is projected to grow at a CAGR of 19.7%, reaching $16.2 billion by 2030. This growth is fueled by stringent government regulations, the increasing importance of network security in the BFSI sector, escalating demands for cybersecurity and privacy, and the digital transformation within the telecommunications industry. However, market expansion faces challenges such as insufficient preventive firewall maintenance and a general lack of awareness regarding network security solutions.

Key Market Segments
Component: The market is divided into solutions and services. Solutions are expected to hold the largest market share in 2023 due to rising cybercrime, increased R&D investments, and the comprehensive security benefits they offer. The services segment, encompassing consulting, training, support, and integration, is anticipated to grow at a higher CAGR, driven by their widespread adoption across various sectors including IT, BFSI, retail, and healthcare.

Type: The segments include packet filtering, stateful inspection firewalls, next-generation firewalls, and unified threat management (UTM). UTM is projected to lead the market share in 2023 and is also expected to grow at the highest CAGR, owing to its efficacy in countering unauthorized access and data breaches.
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Deployment Mode: Segmentation into on-premises and cloud-based deployments shows that on-premise solutions will dominate in 2023 due to their control and preference among large enterprises. Conversely, cloud-based deployments are forecasted to witness the highest growth rate, propelled by their flexibility and growing adoption by SMEs.

Organization Size: The market is categorized into large enterprises and small & medium-sized enterprises (SMEs). Large enterprises are set to dominate the market in 2023, supported by robust infrastructure and skilled IT personnel. However, SMEs are predicted to experience higher growth, driven by an increasing need for advanced security solutions.

Sector: The IT & telecommunications sector is anticipated to hold the largest share in 2023, with significant demand for network traffic filtering and security. The healthcare sector is expected to register the highest CAGR, driven by rising data security and privacy concerns.

Geographical Insights
North America: Expected to dominate the market in 2023, driven by the presence of key players like Juniper Networks, Cisco Systems, and Mobileum Inc., and a high adoption rate of advanced security solutions.
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Asia-Pacific: Predicted to grow at the highest CAGR, fueled by rapid economic development, increasing cybercrime rates, and heightened awareness of network security.

Leading Market Players
Prominent companies in the network security firewall market include 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 (Ireland), 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.).

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About Meticulous Research®
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