Research Nester published a report titled “Smart Firewall Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global smart firewall market in terms of market segmentation by type, service, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global smart firewall market is anticipated to garner a significant CAGR over the forecast period, i.e., 2021–2030. On the basis of type, the market is segmented into cloud, hardware, and virtual, out of which, the cloud segment is anticipated to gain a notable market share over the forecast period, owing to the various benefits of cloud-based technology, including, automatic integration, unlimited storage, lower cost, and reliability. The market is further segmented on the basis of service, into professional, support & maintenance, and others, out of which, the professional segment is projected to gain substantial revenue over the forecast period owing to the customized and selectively designed security solutions provided by professional service provided.
The global smart firewall market is anticipated to grow on the back of increasing demand for network security against port scans, unauthorized connection attempts, data theft, and other intrusions. The rising cases of cybercrimes backed by the increasing penetration of IoT, artificial intelligence, and cloud computing, among others, is projected to raise the demand for smart firewall in the upcoming years. In fact, the rising trend of Internet of Things (IoT), with over USD 200 billion revenue generated by the IoT market in 2019, is estimated to boost the market growth. In addition to this, according to the statistics by the World Bank, internet was used by 48.997% of the global population in 2017. Based on our analysis, this share increased to approximately 51% in 2019, with over 4 billion people using internet around the globe.
Regionally, the smart firewall market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is expected to garner largest share over the forecast period, on the back of advancement in technology, increasing adoption of advanced technologies among the masses, and high R&D investment in the IT sector. The U.S. holds more than 30% of the global tech market share, with over USD 4.5 trillion expenditure in the IT sector in 2019. The growing IT sector in the region is estimated to further boost the market growth. The market in the Asia Pacific region is anticipated to experience the highest CAGR during the forecast period, on account of the growing telecom industry in countries, such as China, India, and South Korea, among others. Moreover, the increasing penetration of IoT in the region, is estimated to drive the market growth. In the year 2019, China spent over USD 170 billion in the IoT market, with over 850 million people using internet in the country. In India, over 565 million people used internet, as of 2020. Furthermore, the government policies to provide security against cybercrimes, is also projected to boost the market growth.
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Rising Cases of Privacy Breach and Data Theft to boost the Market Growth
In 2018, more than 14 billion cases of identity theft and data theft were recorded across the globe. This increased by approximately 6% in 2019.
The increasing cases of cybercrimes, from data theft, to financial frauds, identity theft, and frauds, has raised the demand for safer security solutions, especially among major organizations and institutions. This is estimated to drive the market growth throughout the forecast period.
However, high cost of systems, along with unavailability of maintenance solutions for firewall are expected to operate as key restraint to the growth of global smart firewall market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smart firewall market which includes company profiling of Check Point Software Technologies Ltd. (NASDAQ: CHKP), Palo Alto Networks, Inc. (NYSE: PANW), Huawei Technologies Co., Ltd., Dell Inc. (NYSE: DELL), Juniper Networks, Inc. (NYSE: JNPR), Cellusys Limited, Openmind Networks Limited, Telecom Italia Sparkle S.p.A. (BIT: TIT), Route Mobile Limited (NSE: ROUTE), and NetNumber Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart firewall market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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