Next Generation Firewall Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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As more number of electronic devices in the world are becoming interconnected, the trend of IoT is increasing. This has given rise to the protection of the network infrastructure.

- Cyber attacks, such as web-based exploit kits, malware, ransomware, application-layer attacks, and targeted threats, combined with the advancement of cloud technology and web-based applications, have introduced additional layers of complexity in the network. As a result, the traditional threat detection technologies and methods are proving insufficient to resist the new threats effectively.

- To successfully protect their networks, organizations need a combination of advanced technical expertise and trusted intelligence provided by the next generation firewalls.

- An increasing number of electronic devices are getting connected to the internet, including, smart TVs, mobile devices, etc. As per a study conducted by Cisco, it has been found that more than 500 billion electronic devices are expected to be connected to the internet by 2030.

- It has also been observed that owing to the enormous cost of setting up a data center ...
... and the high maintenance cost associated with it, the enterprises are migrating from the use of data centers to the public cloud. This factor is expected to drive the market growth.

Key Market Trends

BFSI Sector to Dominate the Market Over the Forecast Period

- The next generation firewall protections are designed for the businesses performing with a high volume of sensitive transactions and important data in daily activities. The banking and financial institutions deal with the customers' transactions data throughout the day. The next generation firewall protections support their needs to maintain the uptime as well as to protect critical business functions and data.

- These firewall solutions are designed by keeping in mind the applications to end the tug of war between performance and protection from the pressing data privacy threat to the industry.

- With the introduction of blockchain technologies, there is a rapid rise in the adoption of digital currency across the world. It is very important now to secure these gateways, as these are totally web-based transactions. This trend is expected to boost the growth of the market.

North America to Account for a Major Share

- The North American region currently dominates the global market, owing to the high preference of businesses for the security of the high volume of sensitive and important data used by them as well as the continuous adoption of high performing network security solutions by organizations.

- In recent times, the major firms in the United States suffered from the fatal WannaCry ransomware attack when data was encrypted and ransom was asked in the form of cryptocurrency. The attack happened because the data of millions of customers was unsecured. Hence, the stringent government regulations regarding consumer privacy were imposed. This factor is expected to drive the growth of the market in this region.

- These Solutions can further assist businesses in overcoming the consequences of negligence regarding data security, which might further affect the demand for the next generation firewall market.

Competitive Landscape

The next generation firewall market appears to be highly competitive with the presence of many small and big players in the domestic as well as the international market. The market is moderately concentrated with the key strategies adopted by the major players, in terms of product innovation as well as mergers and acquisition to stay ahead of the competition. Some of the major players in the market are Juniper Networks Inc., Dell Technologies, Huawei Technologies Co. Ltd, among others.

- May 2018 - Barracuda Networks introduced a new cloud-delivered web application firewall. The Barracuda WAF-as-a-Service simplifies and accelerates the deployment of web application security. It is built over Barracuda's proven web application and security technology that protects against advanced layer 7 attacks, DDoS, SQL injection, zero-day threats, JSON threats, OWASP Top 10, and many more.

- March 2018 - Palo Alto Networks acquired Evident.io, a pioneer and leader in public cloud services infrastructure protection. The transaction will extend the leadership of Palo Alto Network in cloud security and will help in customizing the holistic cloud offering to address the critical security needs of the enterprise customers as they adopt the cloud.

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