Cisco, Check Point, Sophos Among Major Next-Gen Firewall Vendors

The next-generation global firewall market is expected to grow from almost $ 2.4 billion this year to $ 4.279 billion in 2022, with a compound annual growth rate of 12.3 percent between Cisco Systems, Check Point Software, and Sophos among the leading providers.

That's according to a new MarketsandMarkets report. Other leading vendors include Fortinet, Palo Alto Networks, Barracuda Networks, Forcepoint, Zscaler, Juniper Networks and WatchGuard Technologies.

The main forces driving the market are the increased adoption of bringing their own device (BYOD) and Internet of Things (IoT), increasing internal and external threats, and basic improvements in firewall offerings. For these reasons, companies are deploying next-generation firewall services to protect networks and endpoints from cyber threats.

The professional services segment is expected to have the largest share and dominate the market between 2017 and 2022, as more companies are taking offers to protect their enterprise infrastructure from advanced threats such as ransomware, APT, zero-day attacks, malware and Authorized. The service market is growing as individuals, SMEs and large enterprises are concerned about secure access to their network devices.

Vertical banking, financial services and insurance (BFSI) are expected to grow at the fastest rate in the next-generation firewall market. Increasing digital identities across all sizes of organizations, and the growing trend of BYOD and IoT are triggering massive growth in advanced cyber attacks.

North America is expected to have the largest market share and will dominate the market over the next five years due to the presence of a large number of vendors in this region. Asia Pacific, on the other hand, offers potential growth opportunities as there is a large presence of SMEs in this region that are becoming next-generation firewall services to defend themselves against APT.