Increase in sophisticated cyberattacks, development in IoT-based complex threat landscape, and enforcement of stringent government regulations for data safety & security fuel the growth of the global next-generation firewall market. On the other hand, lack of skilled professionals and performance issues associated with cloud protection hamper the growth to certain extent. Nevertheless, rise in cyber security outlay and emergence of firewall as a service are expected to create multiple opportunities in the market.
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Based on organization size, the large enterprises segment contributed to nearly two-third of the total market revenue in 2017 and is anticipated to retain its top status during the period 2018–2025. At the same time, the SMEs segment would showcase the fastest CAGR of 15.5% throughout the estimate period.
Based on type, the hardware segment held the largest market share in 2017, pegging at half of the total revenue. Simultaneously, the cloud-based segment is predicted to register a CAGR of 14.9% throughout the period.
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Based on geography, North America accounted for more than one-third of the total market share in 2017 and is expected to dominate throughout the forecast period. The Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 14.6% through 2018–2025.
The key market players analyzed in the global next-generation firewall market report include Check Point, Forcepoint, Cisco, Juniper Networks, Fortinet, Huawei, Barracuda Networks, Palo Alto Networks, SonicWall, and Sophos. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Key Findings of the Next-Generation Firewall Market:
- Based on component, the solution segment led the next-generation firewall market size in terms of revenue in 2017.
- Based on type, the hardware based firewalls accounted for the highest NGFW market share in 2017.
- Based on region, North America generated the highest revenue in 2017.
- Based on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the forecast period.
- Based on region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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