Report : Network Security Firewall Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Component (Solution and Services); Deployment (On-Premise and Cloud)
Network Security Firewall Market Forecast to 2027- COVID-19 Impact and Global Analysis by Component (Solution and Services); Deployment (On-Premise and Cloud); and Geography
The network security firewall market was valued at US$ 3,473.7million in 2019 and is expected to reach US$ 8,813.7 million by 2027; it is expected to growth CAGR of 12.3% from 2020 to 2027. The firewall protection technology with time has come a long way, where the firewall systems have incorporated various advanced security products such as monitoring of internet traffic and new network firewall security products with a wide range of additional features. This evolution in the network security firewall has been majorly attributed by the dynamic growth in the IT industry resulting in the growth of disruptive and connected technologies such as IoT. Owing to these, transformations have paved the way for heinous and malicious practices resulting in data and revenue loss for various organizations. To prevent such incidences, the companies are increasingly opting for network security firewalls. Globally, the network security firewall market is driven by rising concern among the industry players regarding the advent of new forms of cyber threats such as ransomware/micro ransomware, and DDoS.
Cyberattacks across the globe are getting more frequent and sophisticated, particularly in North America and Europe. By 2025, Europe’s economic growth and competitiveness are expected to spur with the penetration of smart systems in its significant financial and social sectors including, transportation, energy, public service, along with healthcare. Furthermore, the development and enforcement of these smart infrastructures are likely to contribute to the growth and employment of security measures subsequently. Furthermore, Asia Pacific is more likely to get targeted by cybercriminals owing to the growth in digital transformation and increasing source of vulnerability from rising IoT connectivity. There is increase in several internet users along with greater interconnectivity among 4G mobile devices and higher mobile network traffic. The rising threat of cybercrime in APAC is also majorly because of the lack of transparency resulting in feeble cyber enforcements and regulations.
The report segments the network security firewall market as follows:
Network Security Firewall Market - By Deployment
Network Security Firewall Market - By Geography