Network Security Firewall Market Size and Growth 2031

The global network security firewall market size is expected to grow from US$ 5.25 billion in 2023 to US$ 23.81 billion by 2031; it is anticipated to expand at a CAGR of 20.8% from 2024 to 2031. The integration of artificial intelligence (AI) and machine learning (ML) technologies is likely to remain a key network security firewall market trend.

Network Security Firewall Market Analysis

The growing need for robust network security and privacy measures is a key driver for the network security firewall market. Organizations across various industries are increasingly investing in network security solutions to protect their sensitive data and prevent unauthorized access.

Network Security Firewall Market Overview

A network security firewall is a vital component in safeguarding a business's digital infrastructure against cyber threats. It acts as a barrier between an internal network and external networks, such as the Internet, by monitoring and controlling incoming and outgoing network traffic. This firewall solution ensures that only authorized and secure data packets are allowed to pass through while blocking potentially harmful or malicious traffic. In practical terms, a network security firewall functions by examining each data packet that enters or leaves the network. It analyzes the packet's source, destination, and content, comparing it against predefined security rules and policies. These rules can be configured to allow or deny specific types of traffic based on factors such as IP addresses, port numbers, protocols, or application signatures.

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Network Security Firewall Market: Strategic Insights

Market Size Value in	US$ 2,819.3 Million in 2017
Market Size Value by	US$ 8,813.7 Million by 2027
Growth rate	CAGR of 12.3% from 2018-2027
Forecast Period	2018-2027
Base Year	2018

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Network Security Firewall Market Drivers and Opportunities

Increased demand for network security and privacy to favor network security firewall market growth

The increasing demand for robust network security and privacy measures is driven by the need to protect sensitive data and prevent unauthorized access. Organizations across various industries are recognizing the importance of investing in network security solutions to safeguard their valuable information. Network security involves creating a strategic defensive approach to secure an organization's data and resources across its network. It protects against potential threats and unauthorized access, regardless of the organization's size, industry, or infrastructure. By implementing network security measures, organizations can ensure the confidentiality, integrity, and availability of their data.

New vulnerabilities in SS7

SS7, or Signaling System No. 7, is a signaling protocol used in telecommunication networks to exchange information needed for passing calls and text messages between networks and to ensure correct billing. However, the discovery of new vulnerabilities in SS7 has raised concerns about network security and privacy. Attackers can exploit these vulnerabilities to perform malicious activities such as data theft, eavesdropping, text interception, location tracking, fraud, and denial of service. As a result, organizations are increasingly investing in robust firewall solutions to protect their networks from these risks. SS7 networks were initially designed as closed, trusted systems between telecommunications providers. However, with the proliferation of mobile devices and applications, additional communication protocols were layered on top of SS7, creating entry points for potential attacks. Hackers can exploit security vulnerabilities in the SS7 protocol to gain unauthorized access to the system, enabling them to intercept voice calls text messages, and even track the location of mobile phone users.

Network Security Firewall Market Report Segmentation Analysis

Key segments that contributed to the derivation of the network security firewall market analysis component, and deployment.

• Based on components, the market is divided into solutions and services. The solution segment held a larger market share in 2023.
• Based on deployment, the market is divided into on-premise and cloud. The on-premise segment held a larger market share in 2023.

Network Security Firewall Market Share Analysis by Geography

The geographic scope of the Network Security Firewall market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the network security firewall market in 2023. North America is poised to dominate the network security firewall market in terms of revenue in the foreseeable future, driven by the rapid advancements in mobile security technologies within the region. This dominance is primarily attributed to the substantial investments made in data security as a response to the significant increase in cyber-attacks. In recent years, numerous organizations in North America have fallen victim to cyberattacks, prompting a heightened awareness of the importance of firewall solutions. As a result, major companies across various regional sectors have embraced the adoption of firewall technologies, thereby fueling the growth of the market.

Network Security Firewall Market Report Scope

Network Security Firewall Market News and Recent Developments

The network security firewall market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In March 2023, XM Cyber, a prominent player in the field of hybrid cloud security, unveiled its strategic collaboration with SAP. By harnessing the advanced features of XM Cyber's Exposure Management Platform and its cutting-edge attack-path technology, this partnership aims to assist businesses that rely on SAP solutions such as RISE with SAP and SAP eCommerce Cloud in smoothly transitioning their data and workflows to the cloud while minimizing risks and ensuring uncompromised security. This collaboration empowers SAP customers to leverage XM Cyber's exposure management technology, enabling them to gain comprehensive visibility across their entire attack surface, encompassing both on-premise and cloud environments. Consequently, businesses can proactively detect and neutralize potential threats before they materialize, safeguarding their critical assets and operations.

(Source: SAP SE, Press Release, 2023)

Network Security Firewall Market Report Coverage and Deliverables

The "Network Security Firewall Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles