Global Smart Firewall Market Highlights over 2020-2030
The global smart firewall market is estimated to garner a significant CAGR over the forecast period, i.e., 2021–2030. The growth of the market can be attributed to the security provided by smart firewall against improper connection attempts, port scans, and intrusions, and blocks cybercriminals and other unauthorized traffic. The rising incidences of cybercrimes is estimated to drive the market growth. Moreover, the increasing trend of IoT (Internet of Things) among common public, with global IoT market crossing the revenue share of over USD 200 billion in 2019, along with rising internal and external privacy breaches through internet, is expected to boost the market growth. As per the statistics by the World Bank, in 2017, 48.997% of the global population used internet. As per our analysis, in 2019, this share reached approximately 51%, with over 4 billion internet users in the world.
The global smart firewall market is segmented by type into cloud, hardware, and virtual, out of which, the cloud segment is anticipated to hold the notable share in the market during the forecast period on account of increasing adoption of cloud-based technology as it is cost saving, automatically integrated, reliable, and has unlimited storage capacity. On the basis of service, the market is segmented into professional, support & maintenance, and others, out of which, the professional segment is anticipated to hold a substantial share throughout the forecast period, as professional service providers provide a customized and selectively tailored security solution to end-users, to meet their goals. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Smart Firewall Market Regional Synopsis
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 estimated to garner largest share over the forecast period on the back of increasing adaptation of novel technologies by the government as well as the public, in countries, such as, the U.S. and Canada. Moreover, the high preference of smart firewall amongst the major companies for the security of their sensitive data and consumer privacy, is estimated to boost the growth of the regional market. Furthermore, the growing IT sector in the U.S., with over 30% of the global tech market, is also estimated to promote the market growth. The IT sector expenditure in the U.S. crossed USD 4.5 trillion in 2019, holding the largest share in the world.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on the back of growing telecom sector and evolving technology, along with stringent government regulations for protection against cybercrimes. Moreover, growing IoT market in countries, such as, China, and India, is estimated to boost the market growth. The total expenditure on Internet of Things of China valued over USD 170 billion in 2019. Additionally, there are over 850 million internet users in China, and around 565 million internet users in India, as of 2020.
The global smart firewall market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global smart firewall market includes the following segments:
By Type
- Cloud
- Hardware
- Virtual
By Service
- Professional
- Support & Maintenance
- Others
By End -User
- Government
- Healthcare
- BFSI
- Others
Growth Drivers
- Rising Use of Cloud Computing, Artificial Intelligence, and Other Technologies
- Increasing Advantages of Smart Firewall
Challenges
- High Costs of Systems
- Lack of Preventive Maintenance of the Firewall
Top Featured Companies Dominating the Market
- Check Point Software Technologies Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Palo Alto Networks, Inc.
- Huawei Technologies Co., Ltd.
- Dell Inc.
- Juniper Networks, Inc.
- Cellusys Limited
- Openmind Networks Limited
- Telecom Italia Sparkle S.p.A.
- Route Mobile Limited
- NetNumber Inc.
