March 2, 2024

Next Generation Firewalls are Revolutionizing Enterprise Network Security

 

The global Next Generation Firewall Market is driven by the growing need for advanced network security solutions. Next generation firewalls provide enhanced network security features and deeper visibility compared to traditional firewalls. They employ advanced monitoring and threat detection techniques along with application and user identity awareness to prevent both known and unknown cyber threats. Next generation firewalls analyze and filter network traffic based on applications, users, content and malicious behavior to protect organizations from advanced cyberattacks.

Next generation firewalls integrate features such as intrusion prevention, web filtering, application control, anti-malware and sandboxing in a single device to deliver comprehensive network security. They offer improved visibility of network traffic patterns through rich reporting and analytics. This helps enterprises enhance compliance, prioritize security threats and streamline operations. Next generation firewalls are easier to deploy and manage as a unified solution compared to discrete security appliances. Their ability to block threats at the application layer through behavioral analysis and profiling makes them a vital tool for organizations to securely enable applications and mobility.

The global Next Generation Firewall Market is estimated to be valued at US$ 5,399.0 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends in the next generation firewall market is the rising demand for cloud-based firewall solutions. Traditionally firewalls were deployed on-premises but with growing adoption of cloud computing many organizations are shifting to cloud-based next generation firewalls. Cloud-based firewalls offer benefits such as scalability, pay-as-you-go pricing model and centralized management from any location. They are especially attractive for small and medium enterprises with limited on-premise security budgets and expertise. Major next generation firewall vendors are focusing on enhancing their public, private and hybrid cloud offerings to tap into this growing demand. The move towards cloud is expected to drive significant market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat is low as the NGFW technology requires huge investments in R&D and large customers’ base to be profitable. Bargaining power of buyers: Buyers have moderate power as there are many players offering diversified NGFW solutions to choose from. Bargaining power of suppliers: Suppliers have low power due to the availability of diverse components from various suppliers globally. Threat of new substitutes: Substitutes threat is low as there are limited alternatives available compared to the advanced features of NGFW. Competitive rivalry: The competition is high among the key players to gain higher market share by continually offering innovative features.

Key Takeaways
The global Next Generation Firewall Market is expected to witness high growth.

Regional analysis – North America accounts for the largest share of the NGFW market during the forecast period due to presence of many key players offering advanced NGFW solutions and strong government regulations for cyber security. Asia Pacific region is expected to grow at the fastest pace during the forecast period due rising need for advanced security solutions among SMEs and large enterprises in the region.

Key players operating in the Next Generation Firewall Market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, VMware. The key players are focusing on enhancing their product portfolio through mergers and acquisitions to strengthen their global presence.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it