BFSI Drives Growth: Next-Gen Firewall Market to 2030

The global next-generation firewall market is predicted to reach a valuation of USD 10.99 billion by 2030, with a robust compound annual growth rate (CAGR) of 11.1% from 2022 to 2030, according to a report by ResearchAndMarkets.com.

This growth is primarily driven by the increasing internal and external threats faced by devices and the widespread adoption of the Internet of Things (IoT), which is creating a demand for next-generation firewall solutions and services across various industries.

The COVID-19 pandemic also played a role in boosting the next-generation firewall market. As organizations shifted to online platforms for business operations due to remote work requirements, several industry players, including Cisco Systems Inc., Barracuda Networks, Inc., and others, experienced increased sales of next-generation firewall technology.

These next-generation firewalls offer advanced capabilities such as blocking unwanted network traffic, intrusion detection and prevention, threat intelligence, and the ability to configure advanced filtering rules based on traffic content or URLs. These features are key drivers of market demand.

In terms of segmentation, the solution component and hardware product type are dominant segments due to their superior performance in advanced threat prevention and blocking unwanted traffic. The demand for cloud-based firewall solutions is also on the rise, driven by large-scale enterprises that leverage cloud platforms.

The financial sector, characterized by a growing need for network security and cyber fraud prevention, is a significant growth area for the market. Geographically, North America leads the market share, followed by Asia Pacific, which is expected to exhibit the highest CAGR during the forecast period.

Key market players include Cisco Systems Inc., Barracuda Networks, Inc., Juniper Networks, Inc., Huawei Technologies Co., Ltd., Fortinet, Inc., and Palo Alto Networks, among others.

Overall, this report highlights the strong growth potential of the next-generation firewall market, driven by evolving cybersecurity needs and the continued expansion of the IoT.

Source: ResearchAndMarkets.com