August 17, 2020
According to the research report titled ‘Network Security Firewall Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component ; Deployment ’ available with Market Study Report LLC, global network security firewall market was worth USD 3,473.7 million in the year 2019 and is projected to register a robust 12.3% CAGR over the study period, and subsequently reaching USD 8,813.7 million by 2027.
Increasing frequency of sophisticated cyber-attacks, predominantly in Europe and North America, is driving the growth of network security firewall market. Rising adoption of security solutions due to increasing infrastructural development are further aiding the expansion of the market. Moreover, high competitiveness and economic growth in Europe have augmented the adoption of smart systems across industry verticals such as healthcare, public service, energy, and transportation, which in turn are further fostering the market growth.
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The upsurge in number of network security threats such as insider threats, network-based ransomware, and DDoS attacks have compelled businesses to adopt network security firewall solutions, thereby stimulating the overall market outlook.
Based on component, global network security firewall market is split into services and solutions. Further elaborating on the solutions, the segment is fragmented into signaling firewall and SMS firewall. With regards to the type of deployment, the industry is segmented into cloud-based and on-premise deployment.
According to the regional analysis, Asia-Pacific firewall market is anticipated to register substantial growth over 2020-2027. Increasing digitalization, feeble cyber-security implementations, high concentration of 4G internet users, and escalating vulnerability due to rising adoption of IoT connectivity are propelling the regional market growth.
Industry experts claim that Middle East & Africa as well as South America are projected to aid the global market expansion, owing to the surging demand for cyber-security solutions owing rising number of internet users, and increasing smartphone penetration, predominantly in Bahrain and Qatar.
The competitive landscape of worldwide network security firewall market is defined by companies including Symsoft Solutions, SAP SE, Openmind Networks, Omobio (Pvt) Ltd., Mobelium Inc., Cisco Systems Inc., Cellusys, ANAM Technologies Ltd., AMD Telecom S.A., and AdaptiveMobile Security Limited among others.