One of the major factors aiding the market grow this the increasing cases of cyber threats. For instance, about 2.9 million cases of cybercrime were reported in the U.S. in 2018. Thus, the requirement of cyber-attack prevention solution in the current business landscape is surging. NGFW is a security solution that can be easily combined with the existing technologies in a company’s network to enhance security and data breach protection and provide comprehensive network visibility.

This technology is also effective in preventing intrusion, protecting the cloud, and offering application awareness and control. Geographically, the next-generation firewall industry inthe Asia-Pacific (APAC) region is expected to witness the highest CAGR during the forecast period. This can be ascribed to the rising number of SMEs, surging demand for IoT devices, increasing cases of cyber threats, and growing focus of governments on data security, in the region.

Whereas, North America held the largest market share in 2019, owing to the presence of a large number of market players, rising adoption of cloud solutions, and growing initiatives of governments for the safety of public data. Moreover, based on the industry segment, the next-generation firewall market is classified into banking, financial services, and insurance (BFSI); aerospace & defense; government & public utility; information technology (IT) & telecommunication; retail; healthcare; manufacturing; and others.

Among these, the BFSI industry generated the highest market revenue in 2019. This is ascribed to the surging adoption of digital technologies, rising number of financial institutions, and increasing need to prevent cyberattacks. Whereas, the healthcare industry is projected to observe the highest CAGR during the forecast period, owing to the increasing cases of data breach in the sector.

Thus, the rising number of cyberattacks and the increasing number of financial institutions across the globe are expected to propel the market growth during the forecast period.