Next-Generation firewall market to reach to $4.27 billion

next-gen firewall solutions from CiscoThe Next-Generation Firewall market is expected to grow to $4.27 billion by 2022 from $2.39 billion in 2017, at a Compound Annual Growth Rate (CAGR) of 12.3 percent.

Growth drivers are increased adoption of BYOD and IoT, internal and external threats, and high functionalities of Next-Generation Firewall solutions.

The presence of traditional firewalls may restrict the Next-Generation Firewall market growth. The report did not mention name of traditional firewall companies and reasons for restricting the growth.

The report said Next-Generation Firewall systems perform security functions, such as Deep Packet Inspection (DPI), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), application control, packet filtering, email security, threat protection using sandboxing, along with all the capabilities of the traditional firewalls.

The Next-Generation Firewall solutions include hardware, virtual, and cloud-based solutions. The cloud appliances segment is expected to have the highest CAGR. Cloud-based deployment of Next-Generation Firewall solutions is increasing due to the increased adoption of cloud computing technology across various organizations.

SMEs segment is expected to grow at the highest CAGR due to the increasing incidences of cyber-attacks on these enterprises. With the increased adoption of the BYOD, and web and mobile-based applications for business operations, SMEs are deploying Next-Generation Firewall solutions to protect their network infrastructure from advanced cyber-attacks.

Large enterprises segment accounts for the largest share of the Next-Generation Firewall market in 2017.

Asia Pacific is expected to achieve the highest growth rate. Asia Pacific includes emerging economies such as China, Australia, Singapore, and India, which are rapidly deploying Next-Generation Firewall solutions.

Growth in Asia Pacific is due to the increasing adoption of IoT and BYOD trends in many industry verticals such as Banking, Financial Services, and Insurance (BFSI), government, IT and telecom, manufacturing, healthcare, and retail.

North America is expected to have the largest market size in 2017.

Main Next-Generation Firewall vendors are Cisco Systems, Fortinet, Check Point Software, Palo Alto Networks, Barracuda Networks, Juniper Networks, WatchGuard Technologies and Sophos, among others.