May 24, 2019 by Robson Tolson
According to a new market report published by Credence Research, Inc., “Global Network Security Firewall Market - Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global network security firewall market is expected to witness a growth of 10.7% CAGR during the forecast period from 2018 to 2026.
The global network security firewall market was valued at US$ 2.73 Bn in 2017 and is expected to witness considerable growth, expanding at a CAGR of 10.7% during the forecast period from 2018 to 2026. Increasing demand for privacy and network security is driving the overall network security firewall market across the globe. Growing risks of data breaches is enhancing the need to add more security and control over the network traffic. Data breaches occur almost every day and organizations are found increasingly under attack. According to the Verizon Data Breach Investigation Report, 2016, there were nearly 100,000 security incidents reported with 3,141 confirmed data breaches reported. Over 700 million records were lost, representing about $400Mn of financial loss to 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.
Key segments covered in the report are as follows:
· SMS Firewall and Signaling Firewall
· Professional Services and Managed Services
· Packet Filtering Firewall,
· Stateful Packet Inspection,
· Circuit-level Gateways,
· Proxy Firewalls,
· Next Generation Firewall
By Deployment Model
· On-premise and Cloud
The global network security firewall market, based on solution was dominated by the signaling firewall segment in 2017. The growth of signaling firewall segment is primarily attributed to a substantial surge in the number of diameter attacks across the telecom industry. Diameter firewall helps in identifying and preventing a wide range of attacks. It benefits telecom service providers to prevent their LTE network against malicious attacks. Further, based on geography, North America led the network security firewall market in 2017. The growth of this region is mainly due to the increasing incidents of cyber-threats across the region. Additionally, rapid adoption of cloud applications and solutions are playing crucial role in propelling the growth of network security firewall in the region.
Major players in the network security firewall market include
· AdaptiveMobile Security,
· Anam Technologies,
· Evolved Intelligence,
· Hewlett Packard Enterprise Development LP,
· Mobileum Inc.,
· Openmind Networks,
· SAP SE,
· Tata Communications
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 to remain the most significant strategies that are been adopted by the key players to gain an edge over others.
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