Hardware Firewall Market Size

Hardware Firewall Market Analysis

The hardware firewall market was valued at USD 16.94 billion in the previous year, and it is anticipated to reach USD 31.74 billion over the forecast period, registering a CAGR of 11.25%. Cyber-attackers view the epidemic as a chance to ramp up their criminal operations by taking advantage of individuals working from the susceptibility of home and relying on people's intense interest in COVID-19-related news (e.g., malicious fake COVID-19-related websites). As a result of the rising frequency and sophistication of cyber attacks, cybersecurity has gained more attention. Such attacks certainly raise concerns about the safety of infrastructure, giving rise to the hardware firewall demand.

• Hardware firewalls are anticipated to remain an important component of enterprises' and organizations' cybersecurity strategies as they adopt newer technologies and extend their digital presence.
• The future growth of the hardware firewall will most likely be driven by a variety of factors, such as increased network security threats, the growth of cloud-based services, the expansion of the Internet of Things (IoT), and the demand for more sophisticated security solutions.
• Based on industry, the IT and Telecom segment held a substantial market share of 27.64% in 2022. Due to the increasing reliance on digital communication and data transmission, the future of IT and Telecom employing hardware firewalls is expected to witness technological advancements and a greater emphasis on security.
• Additionally, advancements in performance, threat identification and mitigation capabilities, cloud integration, interaction with other security technologies, and automation are predicted in the hardware firewall market.
• Increased cloud data breaches and the growth of NGFW (next-generation firewall) across devices are increasing demand for the firewall as service solutions and services which act as a market constraint. Since there is no hardware involved in this service, maintenance is quick. Also, unlike a hardware-powered firewall, a firewall as a service does not require complex configuration. Moreover, a hardware firewall is more expensive than a software firewall since an initial investment is necessarily dependent on the degree of protection. As a result, the factor acts as a growth catalyst for the firewalls as a service industry.
• Post-COVID-19 pandemic, global enterprises face an increasing number of attacks on their networks, owing to which investments in safeguarding the network have increased worldwide. A significant share of the IT hardware investment in the network is expected to be focused on enhancing security. Over the forecast period, network security equipment such as firewalls is expected to be a key part of enterprise IT spending across the world.