Boosting market growth: cyber crime surge drives next-gen firewall demand.

The next-generation firewall market is expected to grow at a CAGR of 10.48% from 2021 to 2028, driven by the increasing rate of cyber attacks globally. The surge in cybercrime complaints and the sophistication of these incidents necessitate the use of next-generation firewalls to counter potential security breaches. Next-generation firewalls offer multi-layered security and advanced features such as data center firewalls, firewalls-as-a-service, and rugged firewalls. Market collaborations and product launches have also contributed to the growth of the next-generation firewall market. Some key players in this market include Cisco, Palo Alto Networks, Fortinet, Sophos, Forcepoint, Juniper Networks, Sangfor Technologies, Check Point Software Technologies, Huawei Technologies, and SonicWall. Large enterprises and the BFSI sector hold a significant share in the market. North America commands a substantial portion of the market due to the high number of cyberattacks in the region. The presence of key players and government initiatives to counter cyber threats are expected to further accelerate the growth of the next-generation firewall market.