Network Security Firewall Market Sustainable Growth Opening New Opportunities with CAGR of 21.6% ...
The global network security firewall market size
was valued at $3.48 billion in 2020, and is projected to reach $24.34 billion
by 2030, registering a CAGR of 21.6% from 2020 to 2030.
The adoption of network security solutions is expected to grow with
increasing internet access across all major European countries. In addition,
increase in penetration of wireless network such as emergence of high-speed
internet technology such as 4G & 5G has increased data vulnerability,
which, in turn, has boosted the demand for network security firewall solutions.
Implementation of government regulations regarding data privacy, increase in
risk of cyber threats, rise in number of data centers—which are the most important
financial generators, act as the key driving forces of the global network
security firewall market.
Increase in use of cloud computing, big data, and the Internet of Things
has altered the corporate landscape by fostering maximum agility to attain
competitiveness. However, as a result of this, concerns about unauthorized
access, data breaches, and account hijacking have grown considerably in recent
years. As a result, network security firewalls have become one of the most
important technologies for businesses to reduce data security issues. The use
of network security firewall market is rising in many companies, and is driving
their networks to safeguard data and information from security breaches and
cyber-attacks.
According to AMR analysis published in 2020, even after the economic
slowdowns caused by the COVID-19 pandemic, organizational expenditure on
network security firewalls and cybersecurity solutions increased by 2.4%
compared to prior years, while other IT investments decreased. This illustrates
those organizations and businesses are prioritizing the security of their
digital infrastructure by raising their security expenditure. Thus, all these
factors collectively are anticipated to offer remunerative opportunities for
the expansion of the global network security firewall market trends in the
future.
With the COVID cases on rise across the globe, the world relied on
online retailers and e-commerce websites for their shopping needs, as local
malls and shops remained closed amid the pandemic. This created heavy
responsibilities for the banking and financial sectors to invest heavily in
security of payment gateways to help protect these increased numbers of online
transactions. This, in turn, augmented the demand for network security firewall
solutions across the globe for the sake of safety of these personal patient
data and data analysis tools from cyber criminals. Furthermore, during the
COVID-19 pandemic, several companies instituted remote working for their
workers to help reduce the spread of coronavirus. These remote working
conditions necessitated increased data protection for corporate data. However,
with convenience and ease of use, workers can sustain high productivity.
Some of the key companies mentioned within the network security firewall
market report are Adaptive Mobile, Amd Telecom, Anam, Cellusys, Mobileum,
Netnumber, Orange, Openmind Networks, Sap Se, and Sinch.
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