LONDON--(BUSINESS WIRE)--The global network security firewall market is expected to post a CAGR of close to 12% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Enterprises from industries including BFSI, healthcare, IT, and government sector are compelled to adopt integrated security solutions owing to the rise in the number of cyberattacks and data thefts. Advanced solutions including encryption, antivirus, firewalls, DLP, and others are being adopted by end-users to enhance network security. In addition, with growing digitalization, enterprises tend to deploy several next-generation network security technologies including big data analytics, IoT, ML, and AI to improve operational efficiency and decision making. This can further lead to security issues pertaining to data accessibility. As a result, vendors in the market are launching next-generation network security solutions to enhance security, which will further drive the demand for global network security firewall market during the forecast period.
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As per Technavio, the growing demand for SMS firewalls will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Network Security Firewall Market: Growing Demand for SMS Firewalls
Organizations across the globe have realized the immense potential of corporate SMS and have incorporated the same to enhance the quality of communication among stakeholders. However, business messaging has further paved the way for grey routes or illegal messaging routes, resulting in SMS fraudulence. This has led to an increasing need to eliminate these grey routes and prevent revenue or data leakage by gaining control over corporate networks. As a result, enterprises are implementing SMS firewalls as a part of their SMS monetization to prevent the increasing cases of SMS fraudulence.
“Rising adoption of cloud and implementation of BYOD, along with the emergence of product launches will boost the network security firewall market growth during the forecast period”, says a senior analyst at Technavio.
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Global Network Security Firewall Market: Segmentation Analysis
This market report segments the global network security firewall market by deployment (on-premises and cloud-based) and geography (APAC, Europe, MEA, North America, and South America)
North America led the network security firewall market share in 2019, followed by Europe, APAC, MEA, and South America respectively. This can be attributed to the increasing demand for cybersecurity solutions and the rising adoption of the BYOD policy and proliferation of IoT-based devices in the region. Furthermore, the region will account for the highest incremental growth in the market as enterprises across the key industries are implementing network security firewall solutions to secure business data and prevent cyberattacks.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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