The major drivers in the global next-generation firewall market are the surging integration of IoT technology, escalating count of medium- and small-sized enterprises, and increasing threats of cyberattacks in a digitalized era. Hence, the market will grow at a significant pace.

The rising deployment of the IoT technology will act as a protagonist to improve the efficiency of the business model. This can be ascribed to its inherent advantages including equipment monitoring; outcome-based, asset sharing, and pay-per-use models; and drawing real-time management conclusions for security reasons.

The increasing threats to data security will spur the next-generation firewall market growth. therefore, there is a skyrocketing demand for these solutions among business corporations to curb the security threats on account of their aversion mechanisms against internet-based security threats and network-friendly procedures.

As a result, organizations’ growing worries about network and device security are driving the utilization of NGFW solutions. Apart from this, the conventional firewalls’ drawbacks will pave the way for higher revenue generation in the market.

Additionally, the increasing count of web applications will augment the next-generation firewall market growth. Retail, healthcare, aerospace and defense, and banking, financial services, and insurance (BFSI) are currently using cloud platforms for data storage, to enhance cybersecurity.

As a result of these risks, there is an inclination of end-users toward the NGFW solutions, which offer eight levels of security, such as a transport layer, application layer, network layer, and data link layer. Moreover, it also blocks the attacks via web-specific detection engines and web protocols.

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Geographically, North America will rule the next-generation firewall market in the coming years. This can be credited to the extensive government support for data security, the surging adoption of cloud computing solutions, and the existence of a large number of enterprises, including Palo Alto Networks Inc., Cisco Systems Inc., and Dell Technologies Inc. For example, $18.78 billion has been allocated under the budget of 2022 in the U.S to treat cyber threats.

Moreover, APAC will also exhibit the swiftest growth because of extensive government support, rising cyber threats, and a growing count of SMEs.

Hence, the rising adoption of IoT technology and the increasing threats of cyberattacks will create lucrative opportunities for the market players.