Network Security Firewall Market Expected to Reach $24.34 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Network Security Firewall Market by Component, Solution, Services, Deployment type and Type: Global Opportunity Analysis and Industry Forecast, 2020-2030,” the global network security firewall market size was valued at $3.48 billion in 2020, and is projected to reach $24.34 billion by 2030, registering a CAGR of 21.6% from 2020 to 2030.

Increase in use of cloud computing, big data, and the Internet of Things has altered the corporate landscape by fostering maximum agility to attain competitiveness. However, as a result of this, concerns about unauthorized access, data breaches, and account hijacking have grown considerably in recent years. As a result, network security firewalls have become one of the most important technologies for businesses to reduce data security issues. The use of network security firewall market is rising in many companies, and is driving their networks to safeguard data and information from security breaches and cyber-attacks.

According to AMR analysis published in 2020, even after the economic slowdowns caused by the COVID-19 pandemic, organizational expenditure on network security firewalls and cybersecurity solutions increased by 2.4% compared to prior years, while other IT investments decreased. This illustrates those organizations and businesses are prioritizing the security of their digital infrastructure by raising their security expenditure. Thus, all these factors collectively are anticipated to offer remunerative opportunities for the expansion of the global network security firewall market trends in the future.

In 2020, the global network security firewall market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years. Network security concerns and privacy concerns have led to an increasing number of threats. This combined with only a handful of fire protection vendors in existence has led to a growing demand for network security, thereby augmenting the growth of the global network security market. Moreover, increase in adoption of IoT and cloud computing has propelled the network security firewall market growth, globally.

By solution, the SMS firewall acquired the major share in 2020, and is estimated to maintain its dominance during the forecast period. This is attributed to increase in deployment of SMS firewall for network security, anti-spam and fraud prevention, and increased adoption of A2P messaging for monetization purpose. By deploying next-generation firewalls, mobile network operators can secure their networks and generate revenues from legitimate A2P use cases.

With the COVID cases on rise across the globe, the world relied on online retailers and e-commerce websites for their shopping needs, as local malls and shops remained closed amid the pandemic. This created heavy responsibilities for the banking and financial sectors to invest heavily in security of payment gateways to help protect these increased numbers of online transactions. This, in turn, augmented the demand for network security firewall solutions across the globe for the sake of safety of these personal patient data and data analysis tools from cyber criminals. Furthermore, during the COVID-19 pandemic, several companies instituted remote working for their workers to help reduce the spread of coronavirus. These remote working conditions necessitated increased data protection for corporate data. However, with convenience and ease of use, workers can sustain high productivity.

Key Findings of the Study

• By component, in 2019 the solution segment dominated the network security firewall market size. However, the services segment is expected to exhibit significant growth during the forecast period.
• Depending on solution, the SMS firewall segment generated the highest revenue in 2020. However, the signaling firewall segment is expected to witness highest growth rate in the future.
• On the basis of deployment type, the on-premise segment accounted for the highest revenue in 2020, however, the cloud segment is anticipated to register the highest growth rate.
• As per type, the packet filtering garnered the highest revenue in 2020, however, the unified threat management is likely dominate the market in the coming years.
• Region wise, the network security firewall market analysis was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

Some of the key companies mentioned within the network security firewall market report are Adaptive Mobile, Amd Telecom, Anam, Cellusys, Mobileum, Netnumber, Orange, Openmind Networks, Sap Se, and Sinch.