The Global Next Generation Firewall (NGFWs) Market was valued at $XX million in 2018 & is expected to generate a revenue of $7441.82 million by 2027, with an anticipated CAGR of 12.18%. The base year considered for the market study is 2018 & the forecasted period is between 2019 and 2027.

 The factors driving the Global Next Generation Firewall Market are as follows:

• The substantial rise in Network attacks
• Regulations regarding data security to overcome the issue of data breaches
• Growing adoption of cloud-based services
• Changing business environments

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The global next generation firewall market has been primarily driven by the substantial increase in the threat of Distributed Denial of Service (DDoS) & ransomware attacks. For instance, attacks, such as Wanna cry, have exploited multiple vulnerabilities infecting networks rapidly and halting the entire factory production lines, healthcare services, and commercial systems. This alarming growth in the number of network attacks has been a major driver for the adoption of next-generation firewall security solutions.

The Banking & Insurance industry is considered as the major end-user of next-generation firewalls, as these institutions have deployed next-generation firewalls as one of the major components of their cybersecurity strategies. It accounted for around 20% of the revenue share in the year 2018. Different essential financial functions such as ATM operations, credit card transactions, money transfers, and others are performed in a secure, fast, and efficient manner with the help of next-generation firewalls. The BFSI sector is continuously striving to protect customer data and combat the rapid increase in the number of endpoints & mobile devices, along with the threats of brand-damaging data breaches. According to the World Payments Report, 2018, 482.6 billion non-cash transaction volumes were reported in 2016. Such a large number of transactions raise the need for advanced firewall capabilities among financial institutions, which is offered by next-generation firewalls, and thus acts as a major driver for the market growth.

Though the next generation firewall market has numerous growth drivers, market growth is curtailed by certain challenges. Lack of skilled cybersecurity personnel and issues related to interoperability & cloud protection are several factors that are delaying the market growth. The challenge comes while integrating these platforms properly with a next-generation firewall. For instance, if existing network infrastructure and NGFW doesn’t integrate, then to ensure the effective management of existing network security infrastructure, the company will have to either upgrade or replace its existing network infrastructure, which will add an unexpected cost on the company.

The report on the global next generation firewall includes segmentation on the basis of organization size, components, end-user, & type.

Market by Components:

• Solution
• Service

Market by Organization Size:

• Large Enterprises
• Small & Medium Enterprises (SMEs)

Market by Type:

• Hardware
• Virtual
• Cloud

Market by End User:

• Aerospace & Defense
• BFSI
• Public Sector
• Retail
• Healthcare
• IT & Telecom
• Energy & Utilities
• Manufacturing
• Other End User

Geographically, the Global Next Generation Firewall Market has been segmented based on four major regions, which includes:

• Next Generation Firewall North America Market: the United States & Canada
• Next generation Firewall Europe Market: United Kingdom, France, Germany, Spain, Russia, Italy, and Rest of Europe
• Next Generation Firewall Asia Pacific Market: China, Australia, India, Japan, South Korea, and Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

Based on geography, North America leads the global next generation firewall market by capturing the largest market share in terms of revenue of around 38% in 2018. Cyberspace in the region is increasingly expanding owing to new & innovative development such as Big Data and the Internet of Things. The region has major IT hubs and an increasing number of SMEs. The SMEs are largely adopting cloud solutions in order to increase their business efficiency. However, this is expected to add new security challenges with regard to network and system security. North America has been dominating the market due to an increase in cases of cyberattacks and high cyber spending. For instance, according to the White House Council of Economic Advisers, the United States economy loses approximately $57 billion to $109 billion per year to harmful cyber activity. Since 2010, various corporate investors have invested $1.37 billion in different cybersecurity companies across 140 deals.

On the flip side, Asia Pacific is anticipated to be the fastest-growing regional market with a CAGR of XX% during the forecast period. The development of the banking & finance industry and well-established telecommunication industry in the region has boosted the demand for next-generation firewalls to detect & block advanced threats. In addition, increasing sophistication & occurrence of cyber-attacks across the region is one of the major factors that is anticipated to drive the demand for various cybersecurity solutions such as next generation firewalls. For instance, India has experienced a 68% rise in cybercrime registration from 2010-2016. The country also ranks fifth in terms of the overall DNS hijacks. Apart from that, different regulatory guidelines and new technology applications including the Internet of Things calls for the adoption of an added level of network security.

The global NGFW market is segmented into type, organization size, end-user, and components. The type segment in the market is divided into virtual, hardware, and cloud. The organization size segment includes SMEs and large enterprises. By End-user, it is classified into healthcare, public sector, energy & utilities, BFSI, IT & telecom, aerospace & defense, manufacturing, retail, and others. Based on the component segment, the next-generation firewall market is sub-segmented into solution & service.

The major companies in the global next generation firewall market are:

• Barracuda Networks Inc.
• Cisco Systems, Inc.
• Fortinet, Inc.
• Juniper Networks, Inc
• Palo Alto Networks, Inc.
• Other Companies

Company profiles of the eminent market players are discussed in detail in the report. Most of the companies are following strategies such as contracts, partnerships, product launch, agreements, and mergers & acquisitions to gain a competitive edge over other companies. For instance, in August, 2019, FortiGate 2200E, FortiGate 3300E, and FortiGate 1100E, which are three new high-performance FortiGate Next-Generation Firewalls were introduced by Fortinet®. In July, 2019, Twistlock, the leader in container security, was acquired by Palo Alto Networks to outspread its Prisma™ cloud security strategy. In June 2019, an advanced security analytics platform, “Barracuda Firewall Insights” was introduced by Barracuda. In June 2019, Egypt’s first integrated telecom operator “Telecom Egypt” signed a Memorandum of Understanding (MoU) with Juniper Networks in Cairo.

Key findings of the global next generation firewall market are:

• North America holds the largest share of the global next generation firewall market.
• With the growing IoT market, organizations are now moving toward adoption of advanced security solutions such as next-generation firewalls for their business protection, thus driving the market.
• Large enterprises dominate the organization size segment of the global next generation firewall market by capturing the largest market share of over XX% in 2018.
• Various industry experts have suggested Firewall as a Service (FWaaS) as one of the emerging infrastructure protection technologies with a high impact benefit rating, which is expected to provide an opportunistic for NGFW market.