As per Inkwood Research, the global next generation firewall market is anticipated to grow with a CAGR of 12.18% from 2019 to 2027. In terms of revenue, the market amounted for $XX million in 2018 and is expected to reach $7441.82 million by 2027. The rising incidences of the network attacks is one of the major factors driving the growth of next generation firewall market on a global scale.
Components, end-user, organization size, and type are the segments of the global next generation firewall market. The next generation firewall security solutions are adopted by numerous end-user sectors such as banking, manufacturing, IT & telecommunication, retail, and healthcare, among other industries. The companies and institutions are deploying the next generation firewall solutions as a part of their cybersecurity strategies. Financial institutions are one of the major end-user of the next generation firewall market owing to their vulnerabilities to network attacks and the presence of a large volume of customer data.
Geographically, the global next generation firewall market is divided into few regions such as Asia Pacific, Europe, North America, along with Rest of World regional segment, which includes other countries. The North America region captures a significant share of the global next generation firewall market. The development of technologies like big data and the Internet of Things is expanding the cyberspace in the region, in turn, adding new security challenges with regard to network and system security. The region is witnessing high incidences of cyber-attacks, thereby driving the demand for next generation firewall security solutions.
The key companies functioning in the global next firewall market are, namely SonicWall Inc., Dell Technologies, Fortinet Inc., Zscaler Inc., Forcepoint LLC, Barracuda Networks Inc., Hillstone Networks, Cisco Systems Inc., GajShield Infotech Pvt. Ltd., WatchGuard Technologies Inc., Untangle Inc., Palo Alto Networks Inc., Sophos Technologies Pvt. Ltd. (Cyberoam), Juniper Networks Inc., Check Point Software Technologies Ltd., and Huawei Technologies Co. Ltd.