Network Security Firewall Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The network security firewall market is expected to grow at a CAGR of 13% during the forecast period, 2021 - 2026. The growth of the network security firewall market is driven by several factors, such as increased demand for network security & privacy, advancement of digital transformation in the telecommunication industry, real-time streaming analysis, and administrative regulations encouraging demand for network security firewalls

Key Highlights

• Owing to the numerous amount of advantages that comes with the utilization of a firewall in a network, especially the easy installation and the high speed is fuelling the market growth. Additionally, implementing a firewall for a network is also much less costly than to have to secure each computer individually.However, lack of preventive firewall maintenance infrastructure, and poor hardware and system compatibility are few of the major factors hindering the market growth.
• The increasing need of securing communication paths from unlawful access and information misuse and maintenaning network safety between the external network and the inner network to safeguard the company from fraud and data violations is helping the market to expand and grow.
• The rapid use of web applications, rapid adoption of cloud technologies, and the increasing demand for security services to mitigate the risk of cyberattacks are also driving the growth of the network security firewall market. In order to protect the data & information from security breaches and cyber-attacks, the implementation of network security firewalls is growing across various end-use enterprises. Consequently, driving the growth of the overall network security firewalls market.
• Due to the coronavirus (Covid-19) pandemic, at one side there is shutting down major parts of the global economy and on the other side there are those with nefarious ends who are trying to take advantage of chaos and uncertainty and are evolving the scam and phishing techniques which is a big threat to everyone globally.
• Google recently reported that in just one week from 6 to 13 April, it saw more than 18 million daily malware and phishing emails related to Covid-19 scams and that’s in addition to the 240 million daily spam messages it sees related to coronavirus. Due to rise in such activities network security firewall market is likely to grow as firewall is a critical security component for connections that are always on and organization need network firewalls to protect network infrastructure.

Key Market Trends

Solution Segment is Expected to Witness Significant Growth

• The solution segment claimed majority of share in the global network security firewall market owing to the continuous development in security protocols of telecom service providers to detect and protect against the SS7 vulnerabilities, such as fraud, user location tracking, and denial of service (DoS).
• The solutions segment is also expected to witness the fastest CAGR over the forecast period owing to growing adoption of SMS firewall solutions by telecom organizations. SMS firewall solutions are used in network security firewall applications for the detection of malware over the operator’s network.
• The growing number of diameter attacks in the telecom industry are also supporting the deployment of firewall solutions, thus, contributing to the growth of the network security firewall solutions market.

North America to Account for Largest Market Share

• North America accounted for the largest share of the network security firewall market, and is expected to maintain its dominance throughout the forecast period as the region is a home to several leading network security providers.
• North America is anticipated to capture the largest share of the network security firewalls market in terms of revenue over the coming years as well, owing to rapid advancements in mobile security technologies in this region.The large share of this region is mainly attributed to its huge investments in data security owing to the significant rise in cyber-attacks.
• Over the past few years, a large number of cyberattacks targeted towards organizations in the North American region. This has led to a greater awareness for firewall solutions and their adoption among major companies across different sectors in this region, thus, contributing the market growth

Competitive Landscape

The network security firewall market is highly fragmented and the major players uses various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Some of the key developments in the market are:

• July 2019 - Palo Alto Networks acquired Twistlock, the leader in container security, extended its Prisma cloud security strategy. This acquisition advanced the company’s ability to secure today’s modern applications throughout the entire life cycle, enabling organizations to deliver innovations that are secure, reliable, and scalable.

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• The market estimate (ME) sheet in Excel format
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