Meticulous Research® reports that the network security firewall market is set to reach $19.8 billion by 2031, with a CAGR of 20.6% from 2024 to 2031. The market’s growth is driven by government regulations that encourage network security measures, the increasing importance of firewalls in the BFSI sector, rising demands for network privacy, and the impact of digital transformation in telecommunications. Challenges such as insufficient firewall maintenance could affect growth.
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Emerging Trends and Growth Areas The market is seeing rising demand from SMEs and increased adoption in the healthcare sector, creating growth opportunities. The zero trust security model is a key trend, though misconceptions and a lack of knowledge about network security firewalls present significant challenges.
Component Segmentation The network security firewall market is divided into solutions and services. The solutions segment is expected to capture over 58.0% of the market share in 2024 due to its focus on security capabilities and the growing threat landscape. The services segment, covering both professional and managed services, is projected to grow at a higher rate due to increased adoption across various sectors.
Market Segmentation by Type The market is segmented into packet filtering, stateful inspection firewall, next-generation firewall, and unified threat management. The unified threat management (UTM) segment is expected to hold the largest share of over 34.0% in 2024 due to its comprehensive protection against a range of security threats. This segment is also expected to grow at the highest CAGR.
Regional Analysis and Key Players North America is forecasted to lead the market with a share of over 38.0% in 2024, driven by major players such as Cisco Systems and Fortinet. The region’s high adoption rates and focus on network protection contribute to its leading position. Asia-Pacific is expected to grow the fastest with a CAGR of 23.5% due to its rapidly growing economies and increasing awareness of network security. Key players include Cisco Systems, Check Point Software Technologies, and Palo Alto Networks.
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