Report

The Network Security Firewall Market is expected to register a CAGR of 13% during the forecast period.

Key Highlights
- Owing to the numerous advantages of a firewall in a network, especially the easy installation and the high speed are fuelling the market growth. Additionally, implementing a firewall for a network is also much less costly than having to secure each computer individually. However, the lack of preventive firewall maintenance infrastructure and poor hardware and system compatibility are a few major factors hindering the market growth.
- The increasing need to secure communication paths from unlawful access and information misuse and maintain network safety between the external and internal networks to safeguard the company from fraud and data violations is helping the market 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. 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, on one side, there is shutting down major parts of the global economy. On the other side, there are those with nefarious ends who are trying to take advantage of chaos and uncertainty and are evolving scams 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 saw related to coronavirus. Due to the rise in such activities network security firewall market is likely to grow as the firewall is a critical security component for connections that are always on, and organizations need network firewalls to protect network infrastructure.


Network Security Firewall Market Trends

Solution Segment is Expected to Witness Significant Growth


- The solution segment claimed the 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 SS7 vulnerabilities, such as fraud, user location tracking, and denial of service (DoS).
- In September 2022, Netskope launched enhancements to the cloud firewall solution. The company states that the firewall-as-a-service (FWaaS) component of its converged SASE platform is designed to help customers simplify operations, prevent threats, and provide consistent firewall coverage worldwide anywhere their users are located.
- The solutions segment is also expected to witness the fastest CAGR over the forecast period owing to telecom organizations' growing adoption of SMS firewall solutions. SMS firewall solutions are used in network security firewall applications to detect malware over the operator's network.
- The growing number of diameter attacks in the telecom industry also supports 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 home to several leading network security providers.
- North America is also anticipated to capture the largest share of the network security firewalls market in terms of revenue over the coming years, owing to rapid advancements in mobile security technologies in this region. The large share of this region is mainly attributed to its considerable investments in data security due to the significant rise in cyber-attacks.
- Over the past few years, many cyberattacks have targeted organizations in the North American region. This has led to a greater awareness of firewall solutions and their adoption among major companies across different regional sectors, thus contributing to market growth.
- The region is active in state-sponsored and individual cyberattacks and ransomware attacks. For instance, according to the CISA (Cybersecurity and Infrastructure Security Agency) and the Federal Bureau of Investigation (FBI) US, Russia conducted cyberattacks against commercial satellite communications networks in late February 2022 to disrupt Ukrainian command and control during the Russian invasion, with spillover effects in other European countries.
- According to evolving intelligence, the Russian government is considering alternatives for prospective cyberattacks. Recent Russian state-sponsored cyber operations have included distributed denial-of-service (DDoS) attacks against the Ukrainian government and critical infrastructure companies and the deployment of harmful malware.
- The government infrastructure and private companies are also major targets for hackers in the United States. For instance, in August 2021, Hafnium, a Chinese hacker gang, discovered Microsoft Exchange vulnerabilities that provided them access to the email accounts of at least 30,000 firms in the United States and 250,000 globally. At least ten more advanced persistent threat groups began exploiting the security holes for coin mining and espionage shortly after Microsoft publicized the problems and began patching the email server vulnerabilities.


Network Security Firewall Industry Overview

The network security firewall market is highly fragmented. The major players use 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:


- August 2022 - Comcast Business announced a strategic partnership with Fortinet, a global leader in comprehensive, integrated, and automated cybersecurity solutions. This collaboration will deliver enterprises a new set of secure access service edge (SASE) and security service edge (SSE) solutions to help enterprises protect their distributed workforces using a cloud-delivered approach to security policy enforcement and expand Comcast Business's managed services expertise.
- August 2022 - NEC Corporation, a leader in the integration of IT and network technologies, and Fortinet, a global leader in comprehensive, integrated, and automated cybersecurity solutions, have entered an international agreement to jointly build secure 5G networks for communication service providers (CSPs). Through the partnership, Fortinet will provide its comprehensive, best-in-class security solutions, including FortiGate - the world's most deployed next-generation firewall and highest performing hyper-scale firewall. At the same time, NEC will offer professional services built on its solid track record in the telecom industry to deliver carrier-grade, sustainable networking required in 5G.


Additional Benefits:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support