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IMARC Group’s latest report, titled “Next-Generation Firewall Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global next-generation firewall market size reached US$ 4.4 Billion in 2021. Next-generation firewall (NGFW) refers to a network security device that offers application awareness and control, integrated intrusion prevention, and cloud-delivered threat intelligence. It uses both static and dynamic virtual private network (VPN) support and packet filtering to ensure that all connections between the network, internet and firewall are secure and valid. Nowadays, NGFW has gained momentum across the globe as it helps protect sensitive data, meet compliance requirements, and guide organizations toward achieving digital transformation.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Next-Generation Firewall Market Trends:
With an increase in digital identities, there has been a massive rise in the instances of advanced cyber-attacks. This has led to the rapid adoption of NGFW among organizations as it provides real-time threat intelligence and additional security functions across data centers, the cloud, mobile, endpoint, and the internet of things (IoT) enabled devices. NGFW is also a low-cost option for companies to improve their underlying security by incorporating antivirus, firewalls and other security applications into one solution. Besides this, a significant rise in government spending on developing cybersecurity infrastructure and comprehensive research and development (R&D) activities are positively impacting the industry’s growth. Moreover, technological advancements have prompted market players to introduce highly scalable, configurable and advanced security solutions. On account of these factors, the market is expected to grow at a CAGR of 13.83% during the forecast period (2022-2027).
Market Summary:
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