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Increasing Cybercrime Rate Propelling Next-Generation Firewall (NGFW) Market

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Increasing Cybercrime Rate Propelling Next-Generation Firewall (NGFW) Market

February 25
15:19 2020
Increasing Cybercrime Rate Propelling Next-Generation Firewall (NGFW) Market

Nest-Generation Firewall Market Industry Survey, Market Size, Competitive Trends Forecast
The growing IoT usage is a key trend in the next-generation firewall market. Companies are rapidly embracing the IoT technology to make better use of the asset sharing model, outcome-based model, pay-per-usage model, and other advanced business models.

The rising instances of cyber-attacks, popularity of the bring-your-own-device policy, and challenges associated with traditional firewalls are leading to the adoption of advanced cyber security solutions. This is why the next-generation firewall (NGFW) market is expected to grow from $2,706.9 million in 2019 to $5,188.8 million by 2025, at an 11.9% CAGR during 2020–2025. NGFW operates beyond protocol and port inspection and blocking to offer intrusion prevention, application-level inspection, and intelligence gathering from outside the firewall. It combines port address translation, URL blocking, packet filtering, and network address translation.

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Based on the component, the market is bifurcated into services and solutions, of which solutions held the larger revenue share in 2019, as a result of the swift adoption of cloud computing. Cloud-based NGFW solutions are equipped with a cloud security gateway, which facilitates fast deployment of service and standardization. During the forecast period, the services division would observe faster progress, as the demand for professional services is rising, as a result of the heavy usage of internet of things (IoT) devices.

The growing IoT usage is a key trend in the next-generation firewall market. Companies are rapidly embracing the IoT technology to make better use of the asset sharing model, outcome-based model, pay-per-usage model, and other advanced business models. Additionally, IoT also helps businesses gain real-time operational insights into security issues and equipment monitoring. However, IoT devices give rise to data security issues, as they are connected to the internet. Thus, to combat the various applications, protocols, and internet-based security threats associated with IoT, companies are leveraging NGFW.

When segmented by industry, the categories of the next-generation firewall market are banking, financial services, and insurance (BFSI), aerospace & defense, IT & telecommunication, retail, government & public utility, manufacturing, healthcare, and others. Among these, the market was led by the BFSI category, on account of the rapid digitization and rise in concerns regarding cyber security and securing customers’ data. During the forecast period, the healthcare category would grow the fastest, due to the high usage of cloud computing in the sector and need to prevent health data breach.

The most important driver for the next-generation firewall market is the increase in the number of cyber-attacks. For instance, the U.S. witnessed 2.5 million cases of cybercrime in 2017, which rose to 2.9 million in 2018. To combat the growing threat of cyber-attacks, which are themselves evolving and becoming more destructive, NGFW is being leveraged, as it has several advantages over traditional firewall. It offers better data and security breach protection, complete network visibility, deployment flexibility, and ease of integration with the existing IT infrastructure.

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Traditional firewall works on web protocols, which is why it inefficiently distinguishes between the various types of internet traffic, such as that in the form of network packet data and legitimate business applications, which is why it either rejects or accepts all internet traffic. In the age of virtual IT infrastructure, NGFW offers an additional protection layer, such as application level inspection and intrusion detection, and improves the intelligence of traditional firewall via protocol protection.

In 2019, the next-generation firewall market was dominated by North America, on account of the high cybercrime rate, presence of several market players, rapid adoption of cloud computing, and initiatives launched for making public data safe. During the forecast period, the highest CAGR is expected in Asia-Pacific (APAC), as a result of the increasing cyber threat, number of small and medium enterprises, and focus of regional governments on the security of data.

Hence, with cyber-attacks becoming more devastating and difficult to handle, the need for advanced cyber security solutions, including NGFW, will also surge.

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