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.
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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 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.
