DUBLIN--(BUSINESS WIRE)--The "Network Security Firewall Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Deployment" report has been added to ResearchAndMarkets.com's offering.
The global network security firewall accounted for US$ 3,473.7 million in 2019 and is expected to grow at a CAGR of 12.3% from 2020 to 2027 to reach US$ 8,813.7 million by 2027.
Cyber attacks across the globe are getting more frequent and sophisticated, particularly in North America and Europe. By 2025, Europe's economic growth and competitiveness are expected to spur with the penetration of smart systems in its significant financial and social sectors including, transportation, energy, public service, along with healthcare. Furthermore, the development and enforcement of these smart infrastructures are likely to contribute to the growth and employment of security measures subsequently. Furthermore, Asia-Pacific is more likely to get targeted by cybercriminals owing to the growth in digital transformation and increasing source of vulnerability from rising IoT connectivity. There is increase in several internet users along with greater interconnectivity among 4G mobile devices and higher mobile network traffic. The rising threat of cybercrime in APAC is also majorly because of the lack of transparency resulting in feeble cyber enforcements and regulations.
As higher sophistication of spiteful hacking is expected in the coming years, the criticality of network security is likely to become crucial. Recently, there have been significant surge in the emergence of network security threats that are persistently imposing pressure on the businesses to strengthen their network security. According to the Online Trust Alliance, the rate of cyber breach had nearly doubled from 82,000 in 2016 to 159,700 in 2017. Owing to the increasing trend of cyber threat, the network managers across various industries are emphasizing on security infrastructure and upgrading the plans to overcome evolving network threats, such as DDoS attacks, network-based ransomware, and insider threats. Companies are highly emphasized on offering network security firewall; for instance, Mobileum through MegaFon announced RAID Risk Platform used to safeguard maximum control of business risks as well as enhance the profitability with the help of 5G networks and LTE Advanced. Thus, the growing network security firewall in system to avoid malfunctioning is boosting the global network security firewall market.
As per the United Nations Institute for Disarmament Research, most countries in APAC have adopted national cyber security strategies. These include economies such as Australia, Singapore, Japan, Malaysia, Indonesia, the Philippines, Sri Lanka, and Thailand. Other developing regions such as MEA and SAM are also projected to grow at a steady pace owing to the rise in internet access resulting in an increasing demand for cybersecurity measures. Further, the countries in the Middle East have witnessed a high growth in cross-border data flow connecting them to the rest of the world. Countries such as Qatar and Bahrain have almost 100% smartphone penetration and over 70% social media adoption.
The network security firewall market is segmented into component, deployment type, and geography. Based on component, the market is further segmented into solution and services. Based on solutions, the market is further segmented into SMS firewall and signaling firewall. Based on SMS, the market is further fragmented into A2P SMS and P2A SMS. Similarly, based on signaling, the market is bifurcated into SS7 firewall, diameter, SIP firewall, GTP firewall, and others. Based on deployment type, the market is fragmented into on-premises and cloud. Geographically, the network security firewall market is fragmented into five regions-North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
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- Network threat caused by widespread adoption of IoT
- Rising Adoption of Cloud and BYOD
- Substantial growth in SMS Firewall demand would drive the market
- Shortage of skilled workforces
- Emergence of new network security threats and attacks to reinforce the demand for network security firewall in future
- Rising adoption of Network Function Virtualization
- Next Generation firewalls to replace the current network security firewalls
- Adaptive Mobile security
- AMD Telecom S.A.
- ANAM Technologies
- Cisco Systems, Inc.
- Mobileum Inc.
- Omobio (Pvt) Ltd
- Openmind Networks
- SAP SE
- Symsoft AB (Sinch)
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