Network Security Firewall Market to Be Worth $19.8 Billion by 2031 - Exclusive Report by Meticulous Research®

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Aug 07, 2024, 10:01 ET

REDDING, Calif., Aug. 7, 2024 /PRNewswire/ -- According to a new market research report titled 'Network Security Firewall Market by Component (Solutions, Services), Type (Unified Threat Management, Next-Generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Other Sectors) and Geography—Global Forecast to 2031', the network security firewall market is projected to reach $19.8 billion by 2031, at a CAGR of 20.6% from 2024 to 2031.

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A firewall is a network security system that monitors and controls incoming & outgoing network traffic based on predetermined security rules. Either hardware, software, or a combination of both. The firewall establishes a barrier between a trusted internal network and untrusted external networks such as the internet. Its job is to permit legitimate outward communications while blocking unauthorized access, in order to keep hackers and viruses from reaching a single computer or a network of devices.

The growth of the network security firewall market is primarily driven by the rising government regulations encouraging the demand for network security firewalls, the growing significance of network security firewall solutions in the BFSI sector, the increasing demand for network security and privacy, and the advancement of digital transformation in the telecommunications industry. However, lack of preventive firewall maintenance restrain the growth of this market.

Moreover, the growing need for network security firewall solutions among SMEs and increasing adoption of network security firewall solutions in healthcare sector are expected to generate growth opportunities for the players operating in this market. However, misconceptions and lack of knowledge regarding network security firewall solutions are major challenges impacting the growth of the network security firewall market. Furthermore, the zero trust security model is a prominent trend in the network security firewall market.

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The network security firewall market is segmented by component (solutions {signaling firewall [SS7 firewall, diameter firewall, other signaling firewall solutions], SMS firewall [A2P messaging, P2A messaging]}, services (professional services, managed services), type (packet filtering, stateful inspection firewall, next-generation firewall, unified threat management), deployment mode (on-premise deployments and cloud-based deployments), organization size (large enterprises and small & medium-sized enterprises), sector (BFSI, retail, IT & telecommunications, government, healthcare, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the network security firewall market is segmented into the solutions and services. In 2024, the solutions segment is expected to account for the larger share of around 58.0% of the network security firewall market. The segment's large share is attributed to the increasing focus on solution-centric security capabilities, growing cybercrime & cyber espionage, and growing investment in R&D to improve network security firewall solutions. In addition, the benefits associated with network security firewall solutions, such as advanced threat detection, monitoring network traffic, stopping virus attacks, stopping spyware, and preventing unauthorized access, further support the growth of this segment. However, the services segment is expected to grow at the highest CAGR during the forecast period 2024-2031.

Based on type, the network security firewall market is segmented into packet filtering, stateful inspection firewall, next-generation firewall, and unified threat management. In 2024, the unified threat management segment is expected to account for the largest share of around 34.0% of the network security firewall market. The segment's large share is attributed to the rising demand for UTM to counter increasing threats associated with unauthorized access and data thefts, the growing adoption of advanced security methods in the corporate sectors, and rising data security breaches. Also, this segment is expected to record the highest CAGR during the forecast period 2024–2031.

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Based on organization size, the network security firewall market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of the network security firewall market. This segment's large market share is attributed to its strong infrastructure and management of network security platforms by skilled IT personnel. Furthermore, large enterprises focus on desired security channels against cyber threats to retain customers, boost sales, and validate necessary steps to overcome market interruptions. However, the small & medium enterprises segment is expected to grow at a higher CAGR during the forecast period.

Based on deployment mode, the network security firewall market is segmented into on-premise deployments and cloud-based deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of the network security firewall market. The large market share of this segment is attributed to the greater control of network security infrastructure offered by on-premise solutions, the high preference for on-premise deployments among large enterprises, and the availability of trained IT professionals and supportive infrastructure. However, the cloud-based deployments segment is slated to register the highest CAGR during the forecast period 2024-2031.

Based on sector, the network security firewall market is segmented into the BFSI, retail, IT & telecommunications, government, healthcare, and other sectors. In 2024, the IT & telecommunications sector is expected to account for the largest share of around 22.0% of the network security firewall market. The large market share of this segment is attributed to the increasing demand for filtering & monitoring network traffic, the growing need for network security and privacy, the rising need to protect connected network infrastructure, and the advancement of digital transformation in the telecommunications industry. However, the healthcare segment is projected to record the highest CAGR during the forecast period 2024-2031.

Based on geography, the network security firewall market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the around 38.0% of the network security firewall market. The presence of prominent network security firewall players, including Juniper Networks, Inc. (U.S.), Mobileum Inc. (U.S.), and Cisco Systems, Inc. (U.S.), is expected to contribute to the high revenue share of this region. In addition, the high adoption rate of network security firewall solutions to enhance its IT infrastructure and the rising need to protect connected network infrastructure drive the demand for network security firewall solutions in the region. However, Asia-Pacific is expected to witness the highest CAGR of 23.5% during the forecast period 2024-2031.

The key players operating in the network security firewall market are Cisco Systems, Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), Mobileum Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Openmind Networks Limited (Ireland), Anam Technologies Ltd. (Ireland), Cellusys Limited. (Ireland), Sophos Ltd. (U.K.), Route Mobile Limited (India), SonicWall Inc. (U.S.), Enea AB (Sweden), and Forcepoint LLC. (U.S.).

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Scope of the Report:

Network Security Firewall Market Assessment—by Component

Solutions
- Signaling Firewall
  - SS7 Firewall
  - Diameter Firewall
  - Other Signaling Firewall Solutions
- SMS Firewall
  - A2P Messaging
  - P2A Messaging
Services
- Professional Services
- Managed Services

Network Security Firewall Market Assessment—by Type

Packet Filtering
Stateful Inspection Firewall
Next-Generation Firewall
Unified Threat Management

Network Security Firewall Market Assessment—by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Network Security Firewall Market Assessment—by Deployment Mode

On-premise Deployments
Cloud-based Deployments

Network Security Firewall Market Assessment—by Sector

BFSI
Retail
Government
IT & Telecommunications
Healthcare
Other Sectors

Network Security Firewall Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Rest of Asia-Pacific
Latin America
Middle East & Africa

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