Firewalls are network security systems that assess and control incoming and outgoing network traffic. They can be set up based on predetermined security rules to fit every situation. Both large and small businesses alike will use these systems as trusted barriers between their internal and external networks. Having provided firewall services for quite some time, RHYNO Networks is constantly monitoring the state of the market so that we can deliver effective solutions for our clients. Here’s an overview of the firewall market for 2022 and beyond and our managed firewall services.
The Firewall Market & Managed Firewall Services
The global network security firewall was estimated at $4.3 billion in 2021. The compound annual growth rate (CAGR) currently sits at 14.9%, with the market value expected to reach $8.6 billion by 2026. Several countries are continuing to drive growth from using firewall services. Check out the following trends:
- The US had $249.4 million of the market in 2020.
- China is projected to reach a market size of $580.1 million by 2027, with a CAGR of 21.4%
- Japan and Canada should grow by 20% and 18.4% annually, come 2027
- Germany’s market share value could grow by 15% annually
Industries that benefit the most from firewall use include health care, manufacturing, government, retail, education, and communications.
Key Market Trends
The next generation of firewall services are designed to protect businesses that perform with a high volume of sensitive transactions and important data. The banking and financial sectors are prime examples of industries that deal with these types of transactions on a daily basis. Next-gen firewall protections support their needs to maintain the uptime as well as protect critical business functions and data. The firewall solutions are designed by keeping in mind the applications to end the tug of war that occurs between protection and performance from the pressing data privacy threat that affects the industry.
With the inception of blockchain technologies, there has been a rapid increase in the adoption of digital currencies throughout the world. There’s never been a more important moment in time to secure these gateways, as they are completely web-based methods of transactions. This trend is expected to generate much growth in the market. In terms of who dominates the global market, this crown currently belongs to the North American region. We can attribute this to the high preference of businesses for the security of the high volume of important data that they use, as well as the adoption of top-performing network security solutions by the organization. Firewall services will further assist businesses in overcoming the consequences of negligence that pertain to data security, which could also impact the demand for the next gen firewall market.
A Competitive Arena
The firewall landscape appears to be highly competitive. A wide variety of small and big players in both the domestic and international market have benefited from its implementation. The market is moderately embedded with the key strategies adopted by these organizations. Some of these major players include Juniper Networks Inc, Dell Technologies, Huawei Technologies Co LTD, and Check Point Software Technologies LTD, are a few of the major businesses operating in the next-gen firewall market.
Beefing Up Your Security With Our Managed Firewall Services
We hope that you gathered some valuable insight on the steady momentum in the firewall market. To learn more about how RHYNO Networks can provide your network with firewall services, contact us today to finalize your involvement!
