Network Security Firewall Market: Industry Value is Expected to Reach $24.34 Billion by 2030 Growing at a CAGR of 21.6%
Increased awareness of data security and privacy presents new opportunities in the years to come.
PORTLAND, PORTLAND, OR, USA, Aug. 19, 2022 /EINPresswire.com/ — Rising demand for network security and privacy and increased cyber attacks and fraud are driving the growth of the global network security firewall market.
The global Network Security Firewall industry generated $3.48 Billion in 2020 and is expected to generate $24.34 Billion by 2030, growing at a CAGR of 21.6% from 2020-2030.
Based on the type of deployment, the on-premises segment accounted for the largest share in 2020, contributing more than half of the global network security firewall market, and is expected to maintain its leading position over the period. forecast. This is due to advances in on-premises technologies and the adoption of new IoT-based techniques and competition among SMEs. However, the cloud segment is expected to show the highest CAGR of 23.6% from 2021 to 2030, due to cost efficiency, importance of cybersecurity, and highly automated nature of cloud security.
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Based on region, North America held the highest market share by revenue in 2020, accounting for nearly two-fifths of the global network security firewall market, and is expected to maintain its dominance by now. 2030. This is due to the rapid advancements in mobile. security technologies and huge investments in data security with an increase in cyberattacks. However, Asia-Pacific is expected to witness the fastest CAGR of 23.3% during the forecast period, owing to rapid advancements in mobile security technologies and several government initiatives for digitalization in the countries. in development.
Based on components, the solution segment held the highest market share in 2020, accounting for nearly three-quarters of the global network security firewall market, and is expected to maintain its leading status throughout the period. forecast. This is due to the widespread use of detection and threats such as malware or rogue processes that reduce hypervisor performance. However, the service segment is expected to show the highest CAGR of 22.6% from 2021 to 2030, owing to increased demand for network security and privacy, digital transformation progress in the telecommunications industry, real-time analysis and management regulations.
Major industry players such as – Adaptive Mobile, Amd Telecom, Anam, Cellusys, Mobileum, Netnumber, Orange, Openmind Networks, Sap Se and Sinch.
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Covid-19 scenario –
• Due to lockdown and social distancing norms, malls and stores have been closed and people are relying on online retailers and e-commerce websites for their purchases. This has forced the banking and finance industry to invest heavily in payment gateway security to protect an increasing number of online transactions. This has led to an increased demand for network security firewalls.
• In order to protect patients’ personal data from cybercriminals and to implement data analysis tools, the demand for network security firewalls in the healthcare industry has increased significantly.
• Many organizations have embraced a “work from home” culture and these remote working conditions have led to an increased need for corporate data protection, which has led to the implementation of a firewall. network security.
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Key drivers propelling the growth of the market included in the report. Additionally, the challenges and restraining factors that may restrain the market growth are highlighted by analysts to prepare manufacturers for future challenges in advance.
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