The global next generation firewall market size is projected to grow from USD 5.0 billion in 2023 to USD 8.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The changing cybersecurity landscape emphasizes regulatory compliance for enterprises, making Next-Generation Firewalls (NGFWs) crucial in meeting stringent data protection laws globally, like GDPR and CCPA. NGFW providers such as Palo Alto Networks and Fortinet integrate features like application control and intrusion prevention to enhance security.
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As IoT and BYOD trends grow, NGFWs become pivotal in addressing network security challenges, providing deep inspection and protection in industrial settings. The global shift to remote work raises demand for advanced security solutions, with NGFWs playing a vital role in ensuring secure remote access amidst increased cyber threats.
What is the next generation firewall?
Cisco states, “A next-generation firewall (NGFW) is a network security device that provides capabilities beyond a traditional, stateful firewall. While a traditional firewall typically provides stateful inspection of incoming and outgoing network traffic, a next-generation firewall includes additional features like application awareness and control, integrated intrusion prevention, and cloud-delivered threat intelligence.”
Based on the organization size, SMEs are to grow at the highest CAGR during the forecast period.
The exponential growth of SMEs in the next-generation firewall market can be attributed to several key factors, such as increased awareness of cyber threats, which compels SMEs to invest in security measures like NGFWs, safeguarding their valuable data and operations from rising risks. Additionally, the expanding regulatory landscape mandates data protection measures even for smaller businesses, driving SMEs to adopt compliant security solutions such as NGFWs with intrusion detection and data loss prevention features. Moreover, the widespread adoption of cloud computing and digital transformation initiatives among SMEs creates new security concerns, prompting the adoption of NGFWs with cloud-based deployment options tailored for SME needs. Advancements in technology have made NGFWs more affordable and easier to manage for SMEs, further fueling their adoption, along with the availability of Managed Security Service Providers offering NGFW management and monitoring services specifically designed for resource-constrained SMEs.
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By deployment mode, cloud/virtual accounts for the highest market size during the forecast period.
The cloud/virtual deployment mode has the largest market size in the next-generation firewall market due to several factors such as agility, scalability, reduced hardware costs, simplified management, and improved accessibility. Cloud-based NGFWs offer on-demand provisioning and scaling of security resources, which is crucial for organizations with dynamic environments and fluctuating network traffic needs. By eliminating the need for dedicated hardware appliances, cloud deployments translate to significant cost savings on upfront purchase, maintenance, and power consumption, making NGFW solutions accessible to organizations of all sizes, including budget-conscious SMEs. Cloud providers handle infrastructure management, patching, and updates, freeing internal IT teams to focus on strategic security initiatives. Moreover, cloud-based NGFWs enable secure remote access from anywhere with an internet connection, benefiting organizations with geographically dispersed workforces or employees who frequently travel.
Unique Features in the Next-generation Firewall Market
With the help of NGFWs’ enhanced deep packet inspection capabilities, network traffic can be examined in great detail in order to detect and stop sophisticated threats like malware, ransomware, and intrusions.
Because NGFWs are application-aware, they can better enforce application-level security regulations by comprehending and managing any application that is navigating the network, regardless of port or protocol.
NGFWs use inbuilt IPS technology to quickly identify and stop both known and unknown attacks, offering proactive protection against constantly changing cyberthreats.
In order to improve threat detection and response capabilities and enable proactive defence against emerging attacks, NGFWs make use of integrated threat intelligence feeds from reliable sources.
By decrypting and examining encrypted data for possible threats, NGFWs enable SSL/TLS inspection, guaranteeing thorough security coverage for all network traffic, including encrypted conversations.
Major Highlights of the Next-generation Firewall Market
The necessity for enhanced threat prevention in contemporary networks, the rise in cybersecurity threats, and the growing popularity of cloud-based services are all driving the NGFW market’s rapid expansion.
Deep packet inspection, intrusion prevention systems (IPS), and integrated threat intelligence feeds are just a few of the advanced threat detection features that NGFWs provide in order to quickly identify and neutralise sophisticated cyberattacks.
Granular application control is made possible by NGFWs, which give businesses the ability to impose security policies based on particular apps, independent of port or protocol, improving security posture and guaranteeing compliance.
By decrypting and inspecting encrypted traffic, NGFWs enable organisations to identify and stop threats concealed in encrypted communications, guaranteeing complete security coverage.
By integrating with SIEM platforms, endpoint protection systems, and threat intelligence platforms, among other security solutions, NGFWs allow enterprises to exchange threat intelligence and plan a coordinated reaction to security events.
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Competitive overview:
The next-generation firewall market is led by some of the globally established players, such as Palo Alto Networks (US), Cisco (US), Fortinet (US), Check Point (Israel), Juniper Networks (US), Barracuda Networks (US), SonicWall (US), Zscaler (US), Forcepoint (US), and Hillstone Networks (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.
Palo Alto Networks (US), a leading global cybersecurity company, is at the forefront of innovative technologies, dedicated to securing enterprise users, networks, clouds, and endpoints in the evolving digital landscape. Leveraging AI and automation, the company focuses on network security, cloud security, security operations, and threat intelligence, delivering comprehensive zero-trust solutions and cloud-native security through Prisma Cloud. The NGFWs portfolio includes hardware, container, and cloud/virtual NGFWs, along with the Cloud Native Application Protection Platform (CNAPP). Palo Alto Networks extends its services to Threat Intelligence, Incident Response, and Global Customer Services, catering to diverse industries worldwide, positioning itself as a trusted cybersecurity partner for medium to large enterprises, service providers, and government entities across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
Cisco (US), a global technology leader, has played a pivotal role in shaping the Internet since its founding in 1984 by computer scientists from Stanford University. Renowned for its commitment to innovation, Cisco has been a driving force in developing Internet Protocol (IP)-based networking technologies. The company’s diverse product portfolio covers routing, switching, unified communications, network security, video, virtualization, and cloud computing. In the Next-Generation Firewall (NGFW) category, Cisco offers a comprehensive lineup tailored to businesses of various sizes and industries, including secure firewalls for cloud environments and rugged industrial settings. With a global presence across the Americas, Europe, Middle East, Africa, and Asia Pacific, Cisco serves a wide range of industries, providing extensive services from advisory and support to managed and learning services, empowering organizations in the digital era.
In addition to the prominent vendors, some other key players, such as Versa Networks (US), NordLayer (US), Cato Networks (Israel), CrowdStrike (US), Trend Micro (Japan), Huawei (China), Sophos (UK), Atrity (India), Easi (Belgium), Zyxel Networks (India), Nomios (Netherlands), WatchGuard (US), Sangfor (China), GajShield (India), and H3C (China) are also evolving in the next generation firewall market.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with next-generation firewall software and professional services, which would assist businesses in boosting market revenue.
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