The Network Security Firewall Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Network Security Firewall Global Market Report 2024, The network security firewall market size has grown exponentially in recent years. It will grow from $5.74 billion in 2023 to $6.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to rise of the Internet, stringent regulations, increased connectivity, shift to cloud computing, e-commerce growth.
The network security firewall market size is expected to see exponential growth in the next few years. It will grow to $14.67 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to 5G network expansion, increasing integration of AI, growing adoption of zero trust security models, IoT proliferation, cybersecurity skill shortages. Major trends in the forecast period include cloud-native firewall solutions, integrated security platforms, adoption of behavioral analytics, DevSecOps integration, self-learning firewall algorithms.
The rise in the need for network security and privacy is expected to propel the growth of the network security firewall market going forward. Network security refers to technology that safeguards the usefulness and integrity of a company’s infrastructure by preventing a wide range of potential threats from entering or spreading within a network. A network security system reduces the likelihood of data loss, theft, and sabotage. For instance, in October 2021, according to ID Agent, a US-based company engaged in digital risk protection and cybersecurity solutions, the total number of cyberattacks recorded in 2021 exceeded the total number of events recorded in 2020 by 17%, with 1,291 cyberattacks recorded in 2021 compared to 1,108 breaches in 2020. Therefore, the rise in the need for network security and privacy will drive the growth of the network security firewall market.
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The network security firewall market covered in this report is segmented –
1) By Type: Packet Filtering, State Full Packet Inspection, Next Generation Firewall, Unified Threat Management
2) By Component: Solutions, Services
3) By SMS Firewall: A2P, P2A Messaging
4) By Deployment Type: On-Premises, Cloud, Network Function Virtualization
5) By Applications: Financial Services, Medical Authorities, Education Authorities, Retail, Manufacturing, IT, Energy, Other Applications
Major companies operating in the network security firewall market are developing new solutions such as cloud-native firewall service to gain a competitive edge in the market. Cloud-native firewall service is a cybersecurity solution specifically designed for cloud environments, offering advanced network security and threat protection for applications and data hosted in the cloud. For instance, in November 2022, Fortinet Inc., a US-based cybersecurity company, launched the FortiGate Cloud-Native Firewall (FortiGate CNF) on Amazon Web Services (AWS), offering a managed next-generation firewall service designed for AWS environments. The FortiGate CNF integrates FortiGuard artificial intelligence (AI)-powered Security Services for real-time threat detection and protection, ensuring a consistent network security experience across AWS and on-premises environments. The cloud-native firewall service aims to simplify network security operations through cloud-native integrations, optimize costs with region-wide network protection, and enhance compliance by delivering consistent enterprise-grade security across on-premises and cloud deployments. It features an intuitive user interface, supports AWS Gateway Load Balancer, and is compatible with AWS Firewall Manager for streamlined security management and automation.
The network security firewall market report table of contents includes:
1. Executive Summary
2. Network Security Firewall Market Characteristics
3. Network Security Firewall Market Trends And Strategies
4. Network Security Firewall Market – Macro Economic Scenario
…
32. Global Network Security Firewall Market Competitive Benchmarking
33. Global Network Security Firewall Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Network Security Firewall Market
35. Network Security Firewall Market Future Outlook and Potential Analysis
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