Global Next-Generation Firewall Market Analysis and Forecast to 2022 | Growth Opportunity Assessment

Princeton, NJ -- (SBWire) -- 06/18/2018 --The Next-Generation Firewall (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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The major growth drivers of the Next-Generation Firewall market include increased adoption of BYOD and IoT trend, the rise in internal and external threats, and high functionalities NGFW solutions. The NGFW market is segmented by solution type, services type, organization size, industry vertical, and region. The NGFW market by solution includes hardware, virtual, and cloud-based solutions. The hardware (physical) segment in the NGFW solution market is expected to have the largest market in terms of size, during the forecast period. 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 professional services segment is expected to have the largest market share and dominate the NGFW market during the forecast period, as more and more companies are adopting NGFW solutions and services to secure their business infrastructure from advanced threats such as, ransomware, APTs, zero day attacks, malware, and unauthorized accesses.

SMEs segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing incidences of cyber-attacks on these enterprises as well as to deploy advanced security solutions by eliminating the traditional ones. However, the large enterprise's segment accounts for the largest share of the Next-Generation Firewall market in 2017.

NGFW solutions and services have been deployed across various industry verticals, including Banking Financial Services, and Insurance (BFSI); education; energy and utilities; government and public utilities; healthcare; IT and telecom; manufacturing; retail, and others. The BFSI vertical is expected to grow at the highest CAGR during the forecast period. However, the government and public utilities vertical is estimated to have the largest market size in 2017.

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The global Next-Generation Firewall market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue-generating region for NGFW service vendors in 2017. This is mainly due to the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D and security technologies. The APAC region is expected to be the fastest-growing region in the NGFW market. The growth in this region is primarily driven by the increasing adoption of IoT devices and BYOD technologies within organizations.

However, the presence of traditional firewalls may restrict the Next-Generation Firewall market growth. Major vendors that offer NGFW services across the globe are 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). These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships and collaborations, and acquisitions to expand their offerings in the NGFW market.

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