Seattle, WA -- (SBWIRE) -- 11/27/2019 -- A next-generation firewall (NGFW) is a network security solution, which includes additional features beyond traditional firewalls such as application awareness & control, cloud-delivered threat intelligence, and integrated intrusion prevention. NGFWs possess capabilities to block the entry of malware into a network, and are considered better equipped to tackle advanced persistent threats (APTs). In addition, these firewalls are considered as a low-cost option for organizations focusing on their basic security, as this technology incorporates antiviruses and other security applications into a single solution.

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Market Drivers:

The growth of the global next-generation firewall market size is driven by rise in demand for advanced cyber security solutions, development of IoT-based complex threat landscape, and enforcement of stringent government regulations for data security. Furthermore, performance issues associated with next-generation firewall solutions in cloud protection and lack of skilled professionals are expected to considerably impact the growth of the next-generation firewall market during the forecast period. Moreover, continuous increase in digital security spending and the emergence of firewall as a service are expected to be opportunistic for the global market during the forecast period.

Top impacting factors

- Increase in sophisticated cyberattacks
- Enforcement of stringent government regulations for data safety and security
- Rise in cyber security spending

Market Segmentation:

The global next-generation firewall market is segmented based on component, type, organization size, industry vertical, and region. Based on component, it is bifurcated into solution and services. Depending on type, the market is divided into hardware, virtual, and cloud. On the basis of organization size, it is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into aerospace &defense, BFSI, public sector, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others.

Regional Analysis:

North America governed the overall next-generation firewall market share, in terms of revenue, in 2017, due to significant adoption of advanced cyber security solutions, supported by factors such as rise in cases of cyberattacks, significant adoption of BYOD and IoT-based devices in the region.

Asia-Pacific is expected to witness the highest growth rate during the next-generation firewall market forecast period, owing to factors such as increase in IT modernization, surge in penetration of internet, and rise in need to protect corporate & personal information from cyberattacks. Moreover, upsurge in adoption of IoT-based devices in countries such as Taiwan & South Korea and development of smart cities are expected to provide remunerative opportunities for market expansion during the forecast period.

Key Players:

Barracuda Networks, Check Point, Cisco, Forcepoint, Fortinet, Huawei, Juniper Networks, Palo Alto Networks, SonicWall, and Sophos.

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