Network Security Firewall market is expected to reach more than $100bn by 2031

The global network security firewall market was valued at US$ 38.9 billion in 2021 and it is anticipated to grow up to US$ 101.3 billion by 2031, at a CAGR of 9.8% during the forecast period.

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Global Network Security Firewall Market by Component:

Based on component, it is bifurcated into solution and services. The solution segment is likely to dominate the market during the forecast period. This is attributed to increased deployment of SMS (short message service) firewalls for network security, anti-spam & fraud prevention, and increased adoption of A2P (Deployment Type-to-person messaging) messaging for monetization purposes. Mobile network operators can secure their networks and generate revenues from legitimate A2P use cases by deploying next-generation firewalls. Thus, numerous benefits of the solution segment boost the market's growth.

Global Network Security Firewall Market by Deployment Type:
Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is likely to hold the major share of the market. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based network security firewall software offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based network security firewall software is expected to receive the main market attraction resulting in a principle growth rate.

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Major Players:
The key players studied in the global network security firewall market are Adaptive Mobile Security Limited (Ireland), AMD Telecom S.A. (Greece), ANAM Technologies (Ireland), Cellusys Limited (Ireland), Cisco Systems, Inc. (US), Mobileum (US), Omobio (Sri Lanka), Openmind Networks Ltd (Ireland), SAP SE (Germany), and Sinch (Sweden).

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