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Global Network Security Firewall Market to Reach USD 15.81 Billion by 2027, Aided by the Increasing Need for Cybersecurity

According to a new report by EMR titled, ‘Global Network Security Firewall Market Report and Forecast 2022-2027’, the global network security firewall industry attained a value of USD 4.63 billion in 2021. The market is expected to grow at a CAGR of 22.70% in the forecast period of 2022-2027 to reach USD 15.81 billion by 2027.

The global network security firewall industry is dominated by North America due to robust growth in cyberattacks. Increasing demand for network security and privacy is driving the market growth. Increase in the number of subscribers on the internet has generated huge data from each subscriber’s account. Administrative regulations and advancement of digital transformation in the telecom industry is also driving the network security firewall market. Surge in use of cloud computing, Artificial Intelligence (AI), big data, Internet of Things (IoT) are some of the factors propelling the market demand. Concerns about unauthorised access, data breaches, and account hijacking have grown considerably in recent years. Thus, network security firewalls serve as an ideal technology for businesses to reduce data security issues. With increasing network attacks, many operators have started to focus on securing their carrier network. Use of network security firewalls is rising in many companies and is driving their networks to safeguard data and information from security breaches and cyber-attacks. Work from home culture also promotes the use of firewalls as there is increased need for corporate data protection. Outbreak of COVID-19 has also fuelled the market growth as lockdowns and restrictions have increased e-commerce websites and online retailers’ sales resulting in more online monetary transactions, banking and financial sectors had to invest heavily in security of payment gateways. In the healthcare sector, demand for firewall increased to protect personal patient data from cybercriminals and implement data analysis tools. However, network security firewalls are present in most organisations, but they are not as effective as they should be and have weakened over time due to the unknown threat.

The rising competition among the key players is also providing an impetus to the market growth. In August 2020, Tata Communications Limited (NSE: TATACOMM) announced the launch of ‘Secure Connected Digital Experience’ (SCDx), a new proposition for enterprises to help them rebuild and adapt their organisations for a post-COVID world. SCDx will offer three major benefits:

Tata Communications Secure Connected Digital Workplace enables enterprise employees to work seamlessly and securely from anywhere through industrialised, scalable, and high-performance remote workplace solutions for complete workplace readiness.
With the next generation of enterprise commerce and video collaboration solutions for superior digital customer engagement, Tata Communications Digital Customer Experience Platform recreates the in-store experience online for B2C companies.
As supply chains become increasingly digital and transparent, SCDx will enable the supply chain ecosystem with secure access to enterprise core applications and significantly improved performance for third parties.

Market Analysis by Components, Solutions, Types, Services, Deployment, and Regions:

  • The major components of network security firewalls are solutions and services.
  • Based on solutions, the industry can be divided into SMS firewall, A2P messaging, and signaling firewall.
  • Based on types, the industry can be divided into packet filtering, stateful packet inspection, next generation firewall, and unified threat management.
  • On the basis of its services, the market can be divided into professional services and managed services. Professional services can be further segregated into deployment and integration, consulting services, support and maintenance.
  • On the basis of its deployment, the market can be divided into on-premises and cloud.
  • The regional markets for network security firewalls include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Increasing adoption of cloud computing and its vulnerability to cyberattacks is driving the growth of network security firewall market.
  • Increase in the number of subscribers on the internet generates huge data from each subscriber’s account, boosting the demand for network security firewalls.
  • Continuous development in security protocols of telecom service providers is fuelling the demand for network security firewalls.
  • Outbreak of the COVID-19 pandemic has also propelled the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global network security firewall market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for the components, solutions, types, services, deployment, and region of network security firewall.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global network security firewall industry are Amd Telecom Private Limited, SAP SE, Tata Communications Limited, Omobio Pvt. Ltd., and Route Mobile, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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