Meticulous Research®, a globally renowned market research firm, announces the release of its latest comprehensive 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 2030."
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According to the findings of this extensive analysis, the network security firewall market is anticipated to achieve a valuation of $16.2 billion by 2030, representing a robust Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period spanning from 2023 to 2030. The market's exponential growth trajectory is propelled by several factors, including escalating government regulations promoting the adoption of network security firewalls, the increasing relevance of these solutions within the Banking, Financial Services, and Insurance (BFSI) sector, and a growing emphasis on network security and privacy. Furthermore, the rapid pace of digital transformation within the telecommunications industry is contributing significantly to market expansion. However, challenges such as the lack of preventive firewall maintenance and misconceptions surrounding network security firewall solutions may hinder market growth. Nonetheless, opportunities abound, particularly with the rising demand among Small and Medium-sized Enterprises (SMEs) for network security firewall solutions and the increasing adoption of network function virtualization.
The report segments the network security firewall market by component, type, deployment mode, organization size, and sector. It also offers in-depth competitor analyses and regional and country-level assessments.
Key Insights:
Component Segmentation: Solutions: Expected to dominate the market in 2023, driven by heightened focus on solution-centric security capabilities and increased investment in Research and Development (R&D) to enhance network security firewall solutions.
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Services: Anticipated to witness a higher CAGR during the forecast period, fueled by widespread adoption across various sectors, leading to increased demand for consulting, training, support, and integration services.
Type Segmentation:
Unified Threat Management (UTM): Projected to hold the largest market share in 2023 and exhibit the highest CAGR during the forecast period, driven by rising demand to counter evolving threats and growing adoption of advanced security measures.
Deployment Mode Segmentation:
On-premises: Expected to dominate the market in 2023, owing to greater control over network security infrastructure and high preference among large enterprises.
Cloud-based: Slated to register the highest CAGR, propelled by the flexibility offered by cloud-based deployments and increasing adoption by SMEs.
Sector Segmentation:
IT & Telecommunication: Foreseen to command the largest market share in 2023, driven by increasing demand for network security and privacy and the advancement of digital transformation in the telecommunications industry.
Healthcare: Expected to witness the highest CAGR during the forecast period, attributed to rising concerns regarding patient data security and privacy and growing demand for secure medical connected devices.
Geographical Outlook:
• North America: Expected to lead the market in 2023, fueled by the presence of prominent market players and high adoption rates of network security firewall solutions.
• Asia-Pacific: Predicted to witness the highest growth rate during the forecast period, driven by rapid economic development, increasing cybercrimes, and growing awareness among SMEs regarding network security.
Key Players:
Leading companies in the network security firewall market include 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. (Irland), Sophos Ltd. (U.K.), Mavenir Systems, Inc. (U.S.), Route Mobile Limited. (India), SonicWall Inc. (U.S.), Enea AB (Sweden), and Forcepoint LLC. (U.S.).
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