Global Next Generation Firewall is in Trends by Increasing Adoption of Cloud-Based Applications

 The global next generation firewall market provides enhanced network security for enterprises through deep application inspection capability and integrated threat intelligence systems. Next generation firewalls offers advantages like improved performance, scalability, security capabilities beyond just packet inspection and come integrated with features like IPS, advanced malware protection, application control among others. The increasing adoption of cloud-based applications and services by enterprises has created a need for advanced firewall solutions that can filter web traffic, detect threats and enforce access policies.

The Global Next Generation Firewall Market is estimated to be valued at US$ 5,399.0 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the next generation firewall market are Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, VMware.

The increasing adoption of cloud applications, Internet of Things devices, and Bring Your Own Device policies by enterprises has fuelled the demand for next generation firewall solutions to secure network access and prevent threats. The growing work from home trend during the pandemic has also accentuated the need for advanced network security through next generation firewalls.

Major firewall vendors are focusing on expanding their global footprint through partnerships and geographic expansion to tap into opportunities in emerging markets. For instance, Cisco partnered with Bharti Airtel to strengthen cybersecurity offerings for enterprises in India. Check Point Software also expanded its operations in Asia Pacific and Latin America.

Market Key Trends
Rising security concerns related to increasing usage of web applications like email, social media, collaboration tools etc have led to the growing adoption of next generation firewalls which offer application layer controls and deeper inspection capabilities. Next generation firewalls can identify thousands of applications type and restrict or allow based on access rules, securing the network from application level threats. This is a key trend driving the next generation firewall market growth.

Porter's Analysis
Threat of new entrants: It is low as setting up operations requires high upfront investments and established brand loyalty for existing players. Bargaining power of buyers: It is moderate as customers can negotiate on price and look for substitutes if not satisfied with service. Bargaining power of suppliers: It has no significance as NGFW vendors source standard components from different manufacturers and have alternative sourcing options. Threat of new substitutes: It is moderate as increased adoption of cloud offerings and advancement in AI/ML based solutions pose competition to traditional NGFWs. Competitive rivalry: It is high among key players to gain more market share through product innovations, partnerships and geographic expansion.

Geographical Regions with Highest Market Value
North America region currently holds the highest market share in terms of value owing to stringent regulatory policies, advanced network infrastructure and widespread awareness about cyber threats among enterprises. The Asia Pacific region is also among the top regions due to growing digitization, increasing cloud adoption and focus of leading players to tap into fast growing economies.

Fastest Growing Geographical Region
Asia Pacific region is expected to witness the fastest growth during the forecast period attributed to rising digital transformation initiatives, increasing deployment of web and cloud based applications and growing government support for cybersecurity to strengthen nationwide infrastructure in countries like China, India and Japan. Furthermore, penetration of internet and adoption of advanced technologies across industry verticals would further augment regional market opportunities.