News provided byAllied Market Research
Aug 20, 2024, 05:44 ET
The global enterprise network firewall market is experiencing growth due to several factors such as expansion of enterprise networks due to digital transformation and rise of bring your own device (BYOD) and remote work trends.
NEW CASTLE, Del., Aug. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Enterprise Network Firewall Market by Offering (Hardware, Software and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), and Application (BFSI, IT and Telecom, Healthcare, Retail and E-Commerce, Government and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the enterprise network firewall market was valued at $8.4 billion in 2022, and is estimated to reach $25.6 billion by 2032, growing at a CAGR of 12.1% from 2023 to 2032.
Prime determinants of growth
The global enterprise network firewall market is experiencing growth due to several factors such as expansion of enterprise networks due to digital transformation and rise of bring your own device (BYOD) and remote work trends. In addition, increasing adoption of cloud-based firewalls and emergence of next-generation firewall (NGFW) technologies are expected to drive the growth of the market. Furthermore, integration of artificial intelligence and machine learning for threat detection and rise in demand for unified threat management (UTM) solutions will provide ample opportunities for the market’s development during the forecast period. However, complexity in managing and maintaining firewall infrastructures, high budget costs and skills gap hamper the development of the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $8.4 Billion |
| Market Size in 2032 | $25.6 Billion |
| CAGR | 12.10 % |
| No. of Pages in Report | 268 |
| Segments Covered | Offering, Deployment Mode, Enterprise Size, Application and Region. |
| Drivers | Expansion of enterprise networks due to digital transformation |
| Rise of bring your own device (BYOD) and remote work trends | |
| Increase in adoption of cloud-based firewalls | |
| Emergence of next-generation firewall (NGFW) technologies | |
| Opportunities | Integration of artificial intelligence and machine learning for threat detection |
| Rise in demand for unified threat management (UTM) solutions | |
| Restraint | Complexity in managing and maintaining firewall infrastructures |
| High budget costs | |
| Skills gap |
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Market Segment and Scope:
The hardware segment is expected to grow faster throughout the forecast period
Based on offering, the hardware segment held the highest market share in 2022, and is likely to retain its dominance throughout the forecast period. The rise in concerns regarding effective security solutions including data damage and personal information safety is the major factor for the growth of the hardware segment in the global market. However, the service segment is projected to manifest the highest growth from 2023 to 2032, owing to reduced operational and licensing costs during initial deployment.
The on-premise segment is expected to grow faster throughout the forecast period.
Based on deployment mode, the on-premise segment held the highest market share in 2022, and is likely to retain its dominance throughout the forecast period. This is due to the higher level of security and safety. However, cloud segment is expected to witness the highest growth during the forecast period, due to low costs and easier maintenance.
The large enterprises segment is expected to lead throughout the forecast period.
Based on enterprise size, the large enterprise segment held the highest market share in 2022, and is likely to retain its dominance throughout the forecast period. Adoption of enterprise network firewall solution in these enterprises help to safeguard vast and complex networks against evolving cyber threats. However, the small & medium-sized enterprises is projected to manifest the highest CAGR from 2023 to 2032. SMEs are recognizing the importance of investing in robust firewall solutions to safeguard their networks, sensitive data, and business continuity in an increasingly digital world..
The BFSI segment is expected to grow faster throughout the forecast period.
Based on application, the BFSI segment held the highest market share in 2022, accounting for two-fifths of the global enterprise network firewall market revenue and is likely to retain its dominance throughout the forecast period. The rise of online banking, mobile transactions, and digital banking services amplifies the importance of firewall solutions tailored to the unique needs of the BFSI sector, emphasizing both security and regulatory compliance. However, the retail and e-commerce segment is projected to manifest the highest CAGR from 2023 to 2032. As retailers increasingly adopt omnichannel strategies and leverage emerging technologies like IoT devices and mobile payment systems, the demand for robust and scalable firewall solutions in the retail and e-commerce sector is expected to continue growing.
Asia-Pacific to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting revenue and is expected to remain dominant in terms of revenue throughout the forecast timeframe. The region has a strong foothold for numerous large enterprises, and government organizations with a huge focus on data safety and compliance are anticipated to propel the growth of the market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The region is experiencing an increasing number of cyberattack incidents across various industries, including healthcare, finance, government, and telecommunications, which is expected to provide lucrative growth opportunities for the market in this region.
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Major Industry Players: –
- Palo Alto Networks, Inc.
- Check Point Software Technologies
- Cisco System, Inc.
- WatchGuard Technologies
- Juniper Networks
- CrowdStrike
- SonicWall
- Huawei Technologies
- Fortinet, Inc.
- Zscaler
The report provides a detailed analysis of these key players in the global enterprise network firewall market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Developments
- On November 2023, Palo Alto Networks, the global cybersecurity leader, announced that it has entered into a definitive agreement to acquire Talon Cyber Security, a pioneer of Enterprise Browser technology. This acquisition will enable users to securely access business applications from any device, including mobile and other non-corporate devices, while delivering seamless user experiences.
- On February 2023, WatchGuard Technologies, a global leader in unified cybersecurity, launched its new Firebox T25/T25-W, T45/T45-POE/T45-W-POE, and T85-POE tabletop firewall appliances. This Unified Security Platform architecture to deliver comprehensive security and simplified management through WatchGuard Cloud. These new firewalls are engineered to provide the performance that remote and distributed business environments need for better protection against the latest network security threats.
- On June 28 2022, Juniper Networks, a leader in secure, AI-driven networks, announced that Internet Initiative Japan Inc. (IIJ), one of the country’s leading internet access and network solutions providers, has adopted Juniper Networks vSRX Virtual Firewall for Smart HUB, a new offering in its IIJ Private Backbone Service featuring a closed network that connects and secures various IIJ network and cloud services. This upgrade has enabled IIJ to bolster its network with high bandwidth and flexibility, while effectively defending against cyber-attacks and providing a 5X improvement in throughput.
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