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
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.
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:
Our in-depth analysis of the global smart firewall market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing privacy threats and data theft due to rising internet penetration is one of the major factors promoting the growth of the market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2030.
High cost of systems, and lack of maintenance are some of the factors estimated to hamper the market growth.
The market in the Asia Pacific is estimated to witness maximum growth opportunities during the forecast period, on the back of growing telecom industry in the region, along with high adoption of IoT.
The major players in the market are Palo Alto Networks, Inc., Huawei Technologies Co., Ltd., Dell Inc., Juniper Networks, Inc., Cellusys Limited, Route Mobile Limited, NetNumber Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, service, end-user, and by region.
The professional segment is anticipated to hold largest market size over the forecast period owing to the availability of customizable solutions provided by professional service providers to cater the varied needs of end-users.
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