The global network security firewall market is set to grow by 10.7% CAGR over the forecast period from 2018 to 2026.
The global network security firewall market was valued at US$ 2.73 billion in 2017 and is expected to see significant growth, growing at CAGR by 10.7% over the forecast period from 2018 to 2026. Increasing demand for privacy and network security is driving the global market for firewall network security across the globe. The increasing risk of data breach increases the need to add more security and control over network traffic. Data breaches occur almost every day, and organizations are increasingly under attack. According to the Verizon Data Breach Investigation Report, almost 100,000 security incidents were reported in 2016 with 3,141 confirmed data breaches reported. Over 700 million records have been lost, representing about $400 million in financial losses for organizations. Owing to the growing thrust of interconnected devices, risk of security has increased and to protect the information and data from several cyber-attacks and security breaches the adoption of network security firewalls is increasing in various organizations and is ultimately driving the growth of network security firewalls worldwide.
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The global network security firewall market, based on the solution, was dominated by the signaling firewall segment in 2017. The increase in the signaling firewall segment is mainly due to a significant increase in the number of attacks in diameter across the telecommunications industry. The Diameter Firewall helps to identify and prevent a wide range of attacks. Telecommunications service providers benefit from the prevention of malicious attacks by their LTE network. In addition, based on geography, North America led the firewall network security market in 2017. Growth in this region is mainly due to the increasing incidence of cyber-threats across the region. In addition, the rapid adoption of cloud applications and solutions plays a crucial role in boosting the growth of network security firewalls in the region.
Major players in the network firewall security market include AdaptiveMobile Security, Anam Technologies, Cellusys, Evolved Intelligence, Hewlett Packard Enterprise Development LP, Mobileum Inc., Omobio, Openmind Networks, SAP SE, Sinch, Symsoft, and Tata Communications, among others. The network security firewall providers are adopting several strategies to thrive in the competitive environment. These players are increasingly focusing on differentiating their offerings through clear and unique value propositions in order to succeed, survive and sustain the competitive environment. Partnerships and new product developments should remain the most significant strategies adopted by key players to gain an edge over others.
Key questions answered in this report
- What was the market size of network security firewall market in 2017 and forecast up to 2026?
- What are the key factors driving the global network security firewall market?
- What are the key market trends and high-growth opportunities observed in the network security firewall market?
- What are the drivers of the network security firewall market?
- Which is the largest regional market for network security firewall market?
- Which segment will grow at a faster pace? Why?
- Which region will drive the market growth? Why?
- Which players are leading the network security firewall market?
- What are the sustainability strategies adopted by the key players operating in the market?
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