Network Security Firewall Market Projected to Hit $16.2 Billion by 2030

Meticulous Research®, a premier global market intelligence provider, has released a new report titled, "Network Security Firewall Market by Component (Solutions, Services), Type (Unified Threat Management, Next-generation Firewall), Deployment Mode, Organization Size, and Sector (BFSI, Retail, and Other Sectors) and Geography – Global Forecast to 2030."
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Market Insights and Growth Projections
According to Meticulous Research®, the global network security firewall market is projected to grow at a CAGR of 19.7%, reaching $16.2 billion by 2030. This growth is fueled by stringent government regulations, the increasing importance of network security in the BFSI sector, escalating demands for cybersecurity and privacy, and the digital transformation within the telecommunications industry. However, market expansion faces challenges such as insufficient preventive firewall maintenance and a general lack of awareness regarding network security solutions.
Key Market Segments
Component: The market is divided into solutions and services. Solutions are expected to hold the largest market share in 2023 due to rising cybercrime, increased R&D investments, and the comprehensive security benefits they offer. The services segment, encompassing consulting, training, support, and integration, is anticipated to grow at a higher CAGR, driven by their widespread adoption across various sectors including IT, BFSI, retail, and healthcare.
Type: The segments include packet filtering, stateful inspection firewalls, next-generation firewalls, and unified threat management (UTM). UTM is projected to lead the market share in 2023 and is also expected to grow at the highest CAGR, owing to its efficacy in countering unauthorized access and data breaches.