(I-BusinessNews.Com, January 12, 2020 ) The global network security firewall market is witnessing a consistent growth and is expected to maintain its growth trend throughout the forecast period as well. The growth is majorly attributed to the advancement of digital transformation in the telecommunication industry that is providing significant growth opportunities for network security firewall market. Rising sense of security and privacy among organizations owing to the increasing occurrences of cyberattacks is urging organizations to incorporate network security firewalls. However, lack of preventive firewall maintenance and poor device and system compatibility are some of the key factors restraining market growth.
Network Security Firewall Market by Type (Unified Threat Management, Next-generation Firewall), Component (Solution, Services), Deployment (On-premise, Cloud) Industry Size (SME, Large Enterprises), and Geography- Global Forecast to 2025
According to the data published by leading cyber security consultant & provider firm, an average 81,000 cyberattacks are attempted on organizations each year. Of these, 44.6% attacks are done on banking and financial organizations. Besides, educational institutes and IT & telecommunication industries are also affected considerably by such cyberattacks. In order to safeguard sanity of data and privacy, almost every organization from different sectors is increasingly incorporating a network security firewall as their primary fortification against cyber threats. This has certainly boosted the demand for network security firewalls over the past few years and is expected to maintain its significance in the coming years as well.
The global network security firewall market is majorly segmented by type, component, deployment, industry size, and geography. Based on type, the global network security firewall market is further classified into unified threat management and next-generation firewall. Unified threat management claims the majority of share of the network security firewall market. However, the next-generation firewalls, which are used for the detection of malware over the operator’s network and offer better operational features than UTM, are expected to register the fastest growth over the forecast period.
The geographical scenario of the market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America commanded the largest share of the global network security firewall market, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to high investments from business organizations towards building network security infrastructure owing to the rise in cyberattacks over the past few years. In 2017, there were over 130 large-scale, targeted data breaches in the U.S., and the number is expected to augment by 27% per year. In 2019, the U.S. government approved $15 billion on cyber associated activities witnessing 4.1% ($583.4 million) rise over previous year’s expenditure. However, Asia-Pacific region is expected to witness the fastest CAGR in the network security firewall market during the forecast period. Growing digitization across several developing countries including India and China are offering tremendous growth opportunities for leading network security firewall providers.
The global network security firewall market is fragmented in nature. Some of the key players operating in the network security firewall market include SAP SE (Germany), Cisco System Inc. (U.S.), Mobileum Inc (U.S.), ANAM Technologies (Ireland), Fortinet Inc (U.S.), BICS SA (Belgium), Route Mobile Limited (India), AMD Telecom SA (Greece), Cellusys (Ireland), NetNumber Inc (U.S.), Openmind Networks (Ireland), Juniper Network Inc (U.S.), Watchguard Technology Inc (U.S.), and Checkpoint Software Technology Ltd. (U.S.), along with several local and regional players.
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