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
Challenges such as the lack of preventive maintenance and prevalent misconceptions about firewall solutions may impede the growth of the network security firewall market. However, significant opportunities are emerging, especially with the growing demand among SMEs and the increased adoption of network function virtualization, providing a favorable landscape for market growth.
Segmentation Analysis
Component Segmentation:
• Solutions: Dominant in 2023 due to a focus on solution-centric security and substantial R&D investments.
• Services: Expected to experience higher growth, driven by broad adoption across multiple sectors and the increasing need for consulting, support, and training services.
Type Segmentation:
• Unified Threat Management (UTM): Projected to hold the largest share in 2023 and exhibit the highest growth rate, driven by the rising demand for advanced and comprehensive security measures.
• Next-Generation Firewall (NGFW): Expected to grow steadily, thanks to its advanced security features and capabilities.
Deployment Mode Segmentation:
• On-premises: Set to dominate in 2023, providing greater control over security infrastructure and preferred by large organizations.
• Cloud-based: Anticipated to grow at the highest CAGR due to its flexibility and increasing adoption by SMEs.
Sector Segmentation:
• IT & Telecommunications: Predicted to command the largest market share, driven by the demand for robust network security and digital transformation.
• Healthcare: Expected to grow at the highest rate due to concerns over patient data security and the need for secure medical devices.
Geographical Outlook:
• North America: Anticipated to lead the market in 2023, driven by high adoption rates and major market players.
• Asia-Pacific: Expected to see the highest growth rate, fueled by rapid economic development and increased awareness among SMEs about network security.
Drivers of Market Growth
The network security firewall market is experiencing significant growth driven by various factors. Escalating government regulations favoring the adoption of these firewalls are a key driver. Additionally, their increasing relevance in the BFSI sector and the heightened focus on network security and privacy are crucial contributors. The rapid digital transformation within the telecommunications industry also significantly supports market expansion.
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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