Latest News- Network Security Firewall Market: On-premises is expected to lead the Deployment segment during 2024-2028
The Network Security Firewall Market is being driven by Rising adoption of cloud and implementation of BYOD
The Network Security Firewall Market is expected to grow at a CAGR of 13.27% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4.73 billion. In today's business landscape, organizations across sectors such as banking, financial services and insurance (BFSI), healthcare, telecommunications, government, and IT are prioritizing integrated security solutions to mitigate the escalating risks of cyberattacks and data breaches. Network security firewalls have emerged as a crucial component of these solutions, enabling organizations to identify and block unauthorized network traffic, as well as isolate infected devices to prevent the spread of threats. Market leaders like Juniper Networks continue to innovate, with their latest offering, Juniper Secure Edge, an update to their Secure Access Service Edge (SASE) architecture, which was unveiled in February 2022. These advancements underscore the importance of staying ahead of the competition in the global network security firewall market.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Deployment (On-premises, Cloud-based) Type (Solutions, Services) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Network Security Firewall Market Research Report
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The Network Security Firewall market encompasses solutions like Firewalls, VPNs, and email security for safeguarding digital transformation in telecommunication and corporate environments. These offerings ensure network safety through real-time streaming analysis, IoT protection, and cloud computing security against cyber-attacks. Professional services and cyber resiliency practices complement these solutions, enhancing fire protection for corporate emails, network security, A2P messaging, and big data. Cyber security solutions, including installation services, provide speed and efficiency in implementing these essential cybersecurity measures.
In the realm of business operations, cyber resiliency is a critical priority. Technavio positions the global network security firewall market as a segment of the broader technology hardware, storage, and peripherals market, which falls under the umbrella of the global information technology market. This market encompasses manufacturers of various hardware devices, including cellular phones, personal computers, servers, and peripherals. Additionally, it covers data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. The market size is determined by the revenue generated from the sales of these hardware devices and components. Key growth drivers for the global technology hardware, storage, and peripherals market include the increasing adoption of email security solutions, such as network firewalls and professional services, as well as the expanding use of Virtual Private Networks (VPNs) by telecom service providers. Furthermore, the integration of Artificial Intelligence (AI) technologies into network security systems is expected to significantly contribute to market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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