According to a new market research report "Next-Generation Firewall Market by Delivery Type (Hardware, Virtual, Cloud), Service (Professional (Consulting, Support and Maintenance, System Integration), and Managed), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the NGFW market size is expected to grow from USD 2.39 Billion in 2017 to USD 4.27 Billion by 2022 at CAGR of 12.3%.
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Next-generation firewall is a process of collecting, archiving, managing, and reporting the logs, which are generated from various devices, such as firewalls, routers, servers, and switches. NGFW solutions deal with a huge amount of computer-generated log data. The main objective of NGFW is to track the security events and network activities. With proper NGFW solutions, an organization can effectively manage logs while ensuring the integrity and improved business continuity. NGFW helps organizations to protect networks, endpoints, and applications from various malicious attacks, sophisticated cybercriminals, ransomware, and Advanced Persistent Threats (APTs). The major forces driving the NGFW market are the increased adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) trend, increasing internal and external threats, and high functionalities of NGFW solutions. Therefore, enterprises are deploying NGFW services to secure networks and endpoints from cyber threats.
The professional services segment is expected to have the largest share in the NGFW market in 2017.
Various professional services offered by NGFW vendors are consulting, support and maintenance, training and education, and system integration. The professional services segment is expected to have the largest market share and dominate the NGFW market from 2017 to 2022, as more and more companies are adopting NGFW solutions and services to secure their business infrastructure from advanced threats such as ransomwares, APTs, zero-day attacks, malware, and unauthorized accesses. The market for services segment is growing, as the individuals, SMEs, and large enterprises are concerned about the secured accesses to their networking devices.
The BFSI vertical is expected to grow at the highest CAGR in the NGFW market
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to contribute to the largest market share in the NGFW market. The increase in digital identities in all size of organizations and the growing trend of BYOD and IoT results in a massive growth in advanced cyberattacks. Attacks such as DDoS, ransomware, advanced APT, and other sophisticated attacks have been seen in the BFSI vertical. To meet the evolving demands of security in the BFSI industry, the players in network security are coming up with innovative solutions to combat the traditional solutions with added features in NGFW solutions. The government and public utilities vertical is expected to dominate the NGFW market with the largest market size in 2017.
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North America is expected to contribute to the largest market share, whereas Asia Pacific (APAC) is projected to grow at the highest CAGR
North America is expected to have the largest market share and dominate the NGFW market from 2017 to 2022, due to the presence of a large number of NGFW vendors across this region. Asia Pacific (APAC), on the other hand, offers potential growth opportunities in the NGFW market, as there is a wide presence of SMEs in this region that are turning towards NGFW services to defend against APTs.
The major vendors in the NGFW market include Cisco Systems (California, US), Fortinet, Inc. (California, US), Check Point Software (California, US), Palo Alto Networks (California, US), Barracuda Networks (California, US), Forcepoint (Texas, US), Zscaler (California, US), Juniper Networks (California, US), WatchGuard Technologies (California, US), and Sophos Ltd. (Abingdon, UK).
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