Due to the various limitations of the conventionally used firewall, the demand for next-generation firewall is surging sharply all over the world. The traditionally used firewall is not able to handle the rapidly changing internet security requirements of businesses, as it is based on web protocols and cannot efficiently distinguish between several types of web traffic such as the ones coming from legitimate business applications. This firewall either rejects or accepts the overall data traffic.
As a result, it is not a feasible solution for businesses. Moreover, the adoption of virtual applications and machines by businesses is increasingly rapidly, which is, in turn, pushing up the demand for improved cybersecurity solutions. Because of these reasons, organizations are now adopting next-generation firewall solutions that add multiple protection layers such as application-level inspection and intrusion protection and improve the efficiency of the conventionally used firewalls via protocol protection.
Besides the above-mentioned factor, the growing prevalence of cyber attacks and threats is also positively impacting the demand for next-generation firewall solutions around the world. For instance, the U.S. witnessed the reporting of nearly 2.5 million cybercrime cases in 2017 and this number grew to 2.9 million in 2018. With the surge in the prevalence of cybercrimes, the demand for platforms that can meet the soaring requirements for cyber security is growing rapidly all over the globe.
This is subsequently bolstering the worldwide demand for next-generation firewall solutions, which is, in turn, driving the advancement of the global next-generation firewall market. As a result, the valuation of the market is predicted to grow from $2,706.9 million in 2019 to $5,188.8 million by 2025. Furthermore, the market is predicted to progress at a CAGR of 11.9% between 2020 and 2025. Depending on component, the market is divided into solutions and services.
Between these, the solutions category held higher share in the next-generation firewall market during the last few years. This was because of the large-scale adoption of cloud-based solutions by several businesses and organizations around the world. When enterprise size is taken into consideration, the market is classified into small and medium-sized enterprises (SMEs) and large enterprises. Of these, the SMEs category is predicted to exhibit faster growth in the market in the upcoming years.
This is credited to the fact that the next-generation firewall solutions are highly cost-effective and provide extremely comprehensive network visibility, thereby making them highly suitable for use in small and medium-sized enterprises. Across the globe, the next-generation firewall market will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the rising prevalence of cyber attacks and threats in the region.
Therefore, it is clear that the demand for next-generation firewall solutions will soar all over the world in the forthcoming years, primarily because of the growing prevalence of cyber attacks and threats and the rising requirement for advanced firewall solutions among businesses.