The global next-generation firewall market is the third-generation firewall technology that is growing substantially owing to the increasing threat of cyberattacks, robust adoption of IoT technology across industry verticals will propel the growth of the market. Moreover, the rising adoption of bringing your own device (BYOD), smartphones, social media, and cloud services has led to instances of data thefts, resulting in adopting security measures i.e., NGFW for data protection.

The COVID-19 outbreak has led to the growth of the next-generation firewall market owing to the rising incidences of cyber-attacks in various industries. Moreover, the advantage of application-level security functions like IDS and IPS, single console, multi-layered protection, and ideal use of network speed will help employees to work from home, resulting in driving the next-generation firewall market.

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Based on industry vertical, BFSI is anticipated to witness the fastest growth as the next-generation firewall protects critical business functions and data and maintains uptime. Moreover, owing to the introduction of blockchain technologies, there is robust adoption of digital currency globally, resulting in the need to secure the gateways, thereby driving the demand for the NGFS market.

Geographically, North America holds the largest share in the next-generation firewall market as it has increased its prominence to secure sensitive data and adopt advanced technologies.

The prominent industry players in the next-generation firewall industry include Cisco Systems, Inc., Check Point Software Technologies Ltd, Palo Alto Networks, Inc., Barracuda Networks, Inc., Fortinet, Inc., Sonicwall Inc., Zscaler, Inc., Forcepoint LLC, Juniper Networks, Hillstone Networks, Sophos Ltd., and Gajshield Infotech (I) Pvt. Ltd.

Source: VynZ Research