Meticulous Research® has published its new report, “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.” The report forecasts that the network security firewall market will reach $16.2 billion by 2030, growing at a CAGR of 19.7% from 2023 to 2030.
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Market Challenges and Opportunities
The network security firewall market faces several challenges that may impede its growth, such as the lack of preventive maintenance and widespread misconceptions about firewall solutions. However, the market is also ripe with significant opportunities, particularly with the growing demand among Small and Medium-sized Enterprises (SMEs) and the increased adoption of network function virtualization.
Segmentation Analysis
Component Segmentation:
• Solutions: In 2023, solutions are expected to dominate due to a strong focus on solution-centric security measures and substantial investments in research and development.
• Services: This segment is anticipated to experience a higher CAGR, driven by broad adoption across various industries and increased demand for consulting and support services.
Type Segmentation:
• Unified Threat Management (UTM): UTM is projected to hold the largest market share in 2023 and exhibit the highest CAGR, propelled by the need for comprehensive and advanced security measures.
• Next-Generation Firewall (NGFW): NGFW is expected to grow steadily, thanks to its advanced security features and capabilities.
Deployment Mode Segmentation:
• On-premises: This deployment mode is set to dominate in 2023, offering organizations greater control over their security infrastructure.
• Cloud-based: Cloud-based deployment is expected to grow at the highest CAGR due to its flexibility and increasing adoption by SMEs.
Sector Segmentation:
• IT & Telecommunications: This sector is predicted to command the largest market share in 2023, driven by the demand for robust network security and the ongoing digital transformation.
• Healthcare: The healthcare sector is expected to grow at the highest CAGR due to rising concerns about patient data security and the demand for secure medical devices.
Geographical Outlook:
• North America: This region is anticipated to lead the market in 2023, driven by high adoption rates and the presence of major market players.
• Asia-Pacific: The Asia-Pacific region is expected to see the highest growth rate, fueled by rapid economic development and increased awareness among SMEs regarding network security.
Drivers of Market Growth
The network security firewall market is experiencing robust growth driven by several key factors. Escalating government regulations favoring the adoption of these firewalls play a crucial role. Additionally, the increasing relevance of network security firewalls in the Banking, Financial Services, and Insurance (BFSI) sector, coupled with a heightened focus on network security and privacy, significantly contribute to market expansion. Furthermore, the rapid pace of digital transformation within the telecommunications industry also adds to the market's growth momentum.
Key Players:
Leading 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. (Irland), 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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