Global Network Security Firewall Market Size 2024, Forecast To 2033
25 Sep, 2024
The Network Security Firewall market has witnessed substantial growth, surging from $5.74 billion in 2023 to $6.89 billion in 2024, representing an impressive CAGR of 20.1%. This growth is driven by the rise of the Internet, stringent regulations, increased connectivity, and the shift to cloud computing. Projections suggest the market will reach $14.67 billion by 2028, with a CAGR of 20.8%. Growth factors include the expansion of 5G networks, greater AI integration, the adoption of zero-trust security models, and the rising prevalence of IoT. Noteworthy trends involve the shift to cloud-native firewall solutions, integrated security platforms, and the use of behavioral analytics.
Major Driver In The Network Security Firewall Market
The surge in the need for network security and privacy is anticipated to propel the growth of the network security firewall market. Network security encompasses technologies aimed at safeguarding the integrity and functionality of a company's infrastructure by mitigating a wide range of potential threats. In October 2021, ID Agent reported a 17% increase in cyberattacks recorded in 2021 compared to the previous year, with 1,291 cyberattacks documented in 2021 as opposed to 1,108 breaches in 2020. This escalating threat landscape underscores the imperative for robust network security solutions, including firewalls. Consequently, the growing demand for network security and privacy is set to drive the growth of the network security firewall market. The market size of network security firewalls witnessed notable growth in 2023, with projections indicating continued expansion in 2024 and 2028.
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Cisco Systems Inc., SAP SE, Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Akamai Technologies Inc., Symantec Corporation, F5 Networks Inc., Check Point Solution Technologies Ltd., McAfee LLC, Zscaler Inc., Avast Software s.r.o, Proofpoint Inc., FireEye Inc., Kaspersky Lab S.R.O, AdaptiveMobile Security Ltd., Forcepoint LLC, Infoblox Inc., SonicWall Inc., Sophos Ltd., Trend Micro Inc., Bitdefender S.R.L, Barracuda Networks Inc., WatchGuard Technologies Inc., Webroot Inc., Cato Networks Ltd., ANAM Technologies Ltd., Symsoft AB, Cellusys Ltd., ESET spol. s.r.o., Imperva Inc., Radware Ltd., Netskope Inc., Cloudflare Inc.
Key Network Security Firewall Market Trend
Product innovations are the key trends gaining popularity in the network security firewall market. Major market players are focusing their efforts on developing new security and privacy protection solutions to provide individuals with digital safety. For instance, in January 2022, Avast Software, a Czech-based company engaged in the research and development of computer security software, machine learning, and artificial intelligence, launched New Firewall to give people digital freedom, safety, and confidence online. The update features a brand-new firewall in Avast's free antivirus that protects users from network assaults and reinforces Avast's commitment to providing sophisticated and effective security and privacy products for free to everyone. Avast has added new sophisticated firewall features to Avast Premium Security for even better protection against data leaks, spoofing attacks, and malicious devices scanning for open ports on the user's personal computer.
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Network Security Firewall Market Segmentation
The network security firewall market covered in this report is segmented –
1) By Type: Packet Filtering, State Full Packet Inspection, Next Generation Firewall, Unified Threat Management
2) By Component: Solutions, Services
3) By SMS Firewall: A2P, P2A Messaging
4) By Deployment Type: On-Premises, Cloud, Network Function Virtualization
5) By Applications: Financial Services, Medical Authorities, Education Authorities, Retail, Manufacturing, IT, Energy, Other Applications
By Geography:The regions covered in the network security firewall market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the network security firewall market share in 2023.
The Network Security Firewall Global Market Report 2024 furnishes information about the global network security firewall market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.