Increase in awareness about data security and privacy presents new opportunities in the coming years.
PORTLAND, PORTLAND, OR , UNITED STATES , August 19, 2022 /EINPresswire.com/ — Surge in demand for network security and privacy and rise in number of cyber-based attacks and frauds drive the growth of the global network security firewall market.
The global network security firewall industry generated $3.48 billion in 2020, and is estimated to generate $24.34 billion by 2030, witnessing a CAGR of 21.6% from 2020 to 2030.
Based on deployment type, the on premise segment accounted for the largest share in 2020, contributing to more than half of the global network security firewall market, and is projected to maintain its lead position during the forecast period. This is due to advancements in on premise technologies and adoption of new IoT-based techniques and competition among SMEs. However, the cloud segment is expected to portray the largest CAGR of 23.6% from 2021 to 2030, owing to cost efficiency, importance of cybersecurity, and highly automated nature of cloud security.
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Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global network security firewall market, and is expected to maintain its dominance by 2030. This is due to rapid advancements in mobile security technologies and huge investments in data security with rise in cyber-attacks. However, Asia-Pacific is projected to witness the fastest CAGR of 23.3% during the forecast period, owing to the rapid advancements in mobile security technologies and several government initiations toward digitalization in developing countries.
Based on component, the solution segment held the highest market share in 2020, accounting for nearly three-fourths of the global network security firewall market, and is estimated to maintain its leadership status…