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The global network security firewall market was valued at US$ 38.9 billion in 2021 and it is anticipated to grow up to US$ 101.3 billion by 2031, at a CAGR of 9.8% during the forecast period.
The network security firewall is configured so that any data entering or exiting the network must pass through it. Network security firewall accomplishes this by examining individual incoming messages and rejecting those that fail to meet the defined security criteria. When properly configured, a firewall allows users to access any needed resources while keeping out hackers, unwanted users, worms, viruses, or other malicious programs trying to access the protected network. Additionally, to limit access to a protected computer & network, a firewall can log all traffic coming into or leaving a network & manage remote access to a private network through secure authentication certificates and logins.
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Market Drivers and Trends
The increasing deployment of IoT in industries results in network security threats like the IoT Botnets. The botnets enable hackers to get access to devices that plug into IoT. For instance, in 2016, the leaked Mirai code had created a highly effective horde of bots resulting in an array of DDoS attacks. The development of such bots puts immense pressure on technology companies to implement network security measures. Such implementations are positively influencing the network security firewall market across the world.
Secondly, the SMS landscape is transforming quickly, where SMS firewall has captured a prominent position in establishing good A2P SMS monetization strategies and equipping them with network analysis and protection competencies. Over time, the demand for SMS security firewalls has spawned various providers, offering mobile operators a variety of value propositions and vendors to choose solutions. As SMS prevails to be a critical factor for revenue generation, operators worldwide focus on technological modifications to deal with threats like spam/spoofs and fraudulent activities. Therefore, the rising security and privacy concerns among the industry players are expected to drive the demand for SMS firewalls and contribute to the network security firewall market.
Market Restraints and Challenges
The increasing count of IoT Deployment Types and cloud computing has increased the organization’s vulnerability to cyber-attack, leading to difficulties in identifying malicious activities. Thus, industries worldwide have raised the demand for a skilled workforce to mitigate and protect organizations against cyber threats.
Advanced network security demands advanced skills at work, and it becomes difficult or almost impossible for companies to hire additional staff. The shortage of skilled workforce is also affecting the organization’s budgets, which are growing impeccably but unable to maintain the cyber security ecosystem. This factor has created an alarming situation among the organizations, owing to which various leading enterprises are training their employees with advanced skills.
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Global Network Security Firewall Market Segmentation
By Component
- Solution
- Services
By Deployment Type
- On-Premise
- Cloud-Based
Major Players in the Global Network Security Firewall Market
The key players studied in the global network security firewall market are Adaptive Mobile Security Limited (Ireland), AMD Telecom S.A. (Greece), ANAM Technologies (Ireland), Cellusys Limited (Ireland), Cisco Systems, Inc. (US), Mobileum (US), Omobio (Sri Lanka), Openmind Networks Ltd (Ireland), SAP SE (Germany), and Sinch (Sweden).
COVID-19 Impact
In 2020, due to the COVID-19 pandemic, several governments and regulatory authorities mandated both public and private organizations to adopt new practices for working remotely and maintaining social distancing. Since then, the digital ways of doing business have become several organizations’ new Business Continuity Plan (BCP). Organizations are enacting multiple concepts such as bring-your-own-device (BYOD) and work from home (WFH) to modernize their work cultures. Further, organizations are facing increased attacks on corporate emails, trying to trick people into sharing their account access credentials, and opening malicious email attachments. Hence, a well-bound combination of network firewalls, email security, and best practices among the workforce is vital to restrict cyber attackers on enterprise networks. Also, with employees connecting remotely to enterprise networks through virtual private networks (VPNs), it is important that load balancing is appropriately implemented and network functions are configured properly to avoid network failures and congestions. Misconfigured firewalls and load balancers could expose the network to potential phishing and Distributed Denial of Service (DDoS) attacks, which could lead to a major breach resulting in business losses. Therefore, the adoption of network security firewall solutions/services has increased during the COVID-19 pandemic, which results in a positive impact.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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