Network Security Firewall Market: Current Analysis and Forecast (2024-2032)

Report Description

Network Security Firewall Market Size & Forecast

The network security firewall market was valued at USD 6,000 Million and is expected to grow at a strong CAGR of around 18.56% during the forecast period (2024-2032) owing to the growing cyber cyber security threats.

Network Security Firewall Market Analysis

A network security firewall is a system designed to monitor and control incoming and outgoing network traffic based on predetermined security rules. A firewall acts as a barrier between a trusted internal network (like a private home or company network) and an untrusted external network (like the Internet). Its primary function is to allow or block specific traffic based on a set of configurable rules and policies. By filtering traffic at this entry point, the firewall helps protect the internal network from unauthorized access, malware, and other potential threats originating from external sources.

In the digital age of today, cybersecurity has become a paramount concern for organizations across all industries. As cyber threats continue to escalate in sophistication and frequency, the demand for robust security measures, particularly network security firewalls, has skyrocketed. These firewalls act as the first line of defense against malicious traffic, unauthorized access, and potential data breaches, making them an indispensable component of any comprehensive cybersecurity strategy. Furthermore,  the proliferation of cyber threats, such as malware, ransomware, distributed denial-of-service (DDoS) attacks, and advanced persistent threats (APTs), has necessitated the implementation of stronger security measures. For instance, according to the 2022 Cyberthreat Defense Report by Cisco, 86% of organizations experienced at least one successful cyberattack in 2021, highlighting the urgent need for robust firewalls to protect networks and data. Furthermore, the rapid adoption of cloud computing and the rise of remote work due to the COVID-19 pandemic have expanded the attack surface for organizations. With employees accessing corporate resources from various locations and devices, firewalls have become essential for securing these distributed networks and preventing unauthorized access. Additionally, with digital transformation and evolving business models, businesses adopting new technologies, such as cloud computing, mobile applications, and e-commerce platforms, the need for robust network security measures increases. Firewalls play a crucial role in securing these emerging business models and protecting sensitive data and transactions, further making it a crucial component for any organization to function securely.

Network Security Firewall Market Trends

This section discusses the key market trends that are influencing the various segments of the Network Security Firewall Market as identified by our team of research experts.

The Banking, Financial, & Insurance (BFSI) sector stands out as a major end-user segment for the Network Security Firewall Industry worldwide.

The BFSI industry is subject to strict regulations and compliance requirements to safeguard sensitive financial data and transactions. Firewalls play a crucial role in meeting these regulatory standards. Furthermore, financial institutions handle vast amounts of sensitive data and monetary transactions, making them attractive targets for cybercriminals. Network firewalls act as the first line of defense against various cyber threats. Moreover, The BFSI sector is considered critical infrastructure, and any disruption or breach can have severe consequences for the economy and public trust. Network firewalls help protect this critical infrastructure by controlling and monitoring network traffic. Additionally, the BFSI industry is undergoing rapid digital transformation, with the adoption of online banking, mobile applications, and cloud-based services. As these digital channels expand, the attack surface also increases, necessitating robust network security. Factors such as these have made the BFSI industry a major end-user segment for the network security firewall.

North America Emerges as the Largest Market for Network Security Firewalls Worldwide.

Within North America, the United States of America holds the major portion of the Network Security Firewall market of North America. The major factor boosting the market’s growth is its leadership position in the technology industry globally. Furthermore, the United States of America is home to some of the biggest banks in the world, fueling the need for robust network security firewall infrastructure.

North America, particularly the United States, is a hub for technological innovation and cutting-edge cybersecurity solutions. Furthermore, North America boasts a robust economy with a significant number of large enterprises and businesses across various industries. These organizations have substantial IT budgets allocated for cybersecurity, including investment in network security firewalls to mitigate risks effectively. Moreover, the United States, with one of the largest digital populations globally, witnesses a significant number of cyber attacks annually. As per a survey conducted in 2021, approximately 60 percent of online users in the country encountered some form of cyber attack, placing it as the third-highest country in terms of cybercrime prevalence. In the latest reported year, incidents of data violation affected approximately 294 million internet users in the United States. Among the various types of cyber attacks, network intrusion emerged as the most prevalent across the nation, motivating the government to increase investments in cyber security strategy, benefitting the network security firewall. For instance, In FY 2024, DHS allocated over USD 3 billion to cybersecurity, making it the top-funded agency among CFO act government agencies, excluding DoD. Overall cybersecurity expenditure in the US was increased in 2023, with total agency funding estimated at USD 10.46 billion.

Network Security Firewall Industry Overview

The network security firewall market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Sinch; AMD Telecom; Orange; SAP; Sophos Ltd.; Tata Communications; Telecom Italia Sparkle S.p.A; Twilio Inc.; Route Mobile; and Nokia.

Network Security Firewall Market News

• In January 2024, Zscaler Inc. launched Zscaler Zero Trust SASE, a complete secure access service edge solution, and their Zero Trust SD-WAN solution. These solutions are built on the zero-trust architecture, which prioritizes verifying all connections to a system rather than blindly trusting anything within or outside the organization’s perimeters.
• In January 2024, as per the report published by the World Economic Forum (WEF), 29% of organizations reported that they had been materially affected by a cyber incident in the past 12 months, and 41% of the organizations that suffered a material incident in the past 12 months reported that it was caused by a third party.

Network Security Firewall Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Network Security Firewall market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Network Security Firewall Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Network Security Firewall market were the three major steps undertaken to create and analyze the adoption of Network Security Firewalls in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Network Security Firewall market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Network Security Firewall market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Network Security Firewall market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, type, deployment, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Network Security Firewall market. Further, we conducted factor analysis using dependent and independent variables such as component, type, deployment, and end-users of the Network Security Firewall market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Network Security Firewall market sector across the globe. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Network Security Firewall market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Network Security Firewall market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Network Security Firewall market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Network Security Firewall market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of component, type, deployment, and end-users in the global Network Security Firewall market.

The main objective of the Global Network Security Firewall Market Study

The current & future market trends of the global Network Security Firewall market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market’s overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Network Security Firewall market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of component, type, deployment, and end-users.
• Define and analyze the regulatory framework for the Network Security Firewall
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Network Security Firewall market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Network Security Firewall market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team