Global Network Security Firewall Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

A network security firewall refers to a network security device that monitors and filters incoming and outgoing network traffic based on previously established security policies in an organization.

Sizing and Forecast
The network security firewall market size has grown exponentially in recent years. It will grow from $5.74 billion in 2023 to $6.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%.  The growth in the historic period can be attributed to rise of the Internet, stringent regulations, increased connectivity, shift to cloud computing, e-commerce growth.

The network security firewall market size is expected to see exponential growth in the next few years. It will grow to $14.67 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%.  The growth in the forecast period can be attributed to 5G network expansion, increasing integration of AI, growing adoption of zero trust security models, IoT proliferation, cybersecurity skill shortages. Major trends in the forecast period include cloud-native firewall solutions, integrated security platforms, adoption of behavioral analytics, DevSecOps integration, self-learning firewall algorithms.

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Segmentation & Regional Insights
The network security firewall market covered in this report is segmented –
1) By Type: Packet Filtering, State Full Packet Inspection, Next Generation Firewall, Unified Threat Management
2) By Component: Solutions, Services
3) By SMS Firewall: A2P, P2A Messaging
4) By Deployment Type: On-Premises, Cloud, Network Function Virtualization
5) By Applications: Financial Services, Medical Authorities, Education Authorities, Retail, Manufacturing, IT, Energy, Other Applications

North America was the largest region in the network security firewall market share in 2023. The regions covered in this network security firewall industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Major Driver Impacting Market Growth
The rise in the need for network security and privacy is expected to propel the growth of the network security firewall market going forward. Network security refers to technology that safeguards the usefulness and integrity of a company's infrastructure by preventing a wide range of potential threats from entering or spreading within a network. A network security system reduces the likelihood of data loss, theft, and sabotage. For instance, in October 2021, according to ID Agent, a US-based company engaged in digital risk protection and cybersecurity solutions, the total number of cyberattacks recorded in 2021 exceeded the total number of events recorded in 2020 by 17%, with 1,291 cyberattacks recorded in 2021 compared to 1,108 breaches in 2020. Therefore, the rise in the need for network security and privacy will drive the growth of the network security firewall market.

Key Industry Players
Major companies operating in the network security firewall market report are Cisco Systems Inc., SAP SE, Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Akamai Technologies Inc., Symantec Corporation, F5 Networks Inc., Check Point Solution Technologies Ltd., McAfee LLC, Zscaler Inc., Avast Software s.r.o, Proofpoint Inc., FireEye Inc., Kaspersky Lab S.R.O, AdaptiveMobile Security Ltd., Forcepoint LLC, Infoblox Inc., SonicWall Inc., Sophos Ltd., Trend Micro Inc., Bitdefender S.R.L, Barracuda Networks Inc., WatchGuard Technologies Inc., Webroot Inc., Cato Networks Ltd., ANAM Technologies Ltd., Symsoft AB, Cellusys Ltd., ESET spol. s.r.o., Imperva Inc., Radware Ltd., Netskope Inc., Cloudflare Inc.

The network security firewall  market report table of contents includes:
1. Executive Summary

2. Network Security Firewall Market Characteristics

3. Network Security Firewall Market Trends And Strategies

4. Network Security Firewall Market - Macro Economic Scenario

5. Global Network Security Firewall Market Size and Growth

.

32. Global Network Security Firewall Market Competitive Benchmarking

33. Global Network Security Firewall Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Network Security Firewall Market

35. Network Security Firewall Market Future Outlook and Potential Analysis

36. Appendix

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