According to the research report titled ‘Network Security Firewall Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Deployment, available with Market Study Report, global network security firewall market was valued at USD 3,473.7 million in 2019 and is expected to grow at a CAGR of 12.3% from 2020 to 2027 to reach USD 8,813.7 million by 2027.
 

Cyber-attacks are getting more sophisticated as well as frequent across the globe, particularly in Europe and North America. By the year 2025, Europe’s economic development and competitiveness is anticipated to spur with proliferation of smart systems in leading social and financial sectors including, energy, transportation, public service, and healthcare. Besides this, the integration and enforcement of smart infrastructure is likely to add traction to the demand of security measures in the coming years. Also, Asia-Pacific is likely to be a target for cybercriminals due to the increasing vulnerability because of IoT connectivity. There is an increase in number of internet users coupled with greater interconnectivity among 4G devices and higher mobile network traffic boosting the need for security solutions.
 

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The criticality of network security may become crucial as higher sophistication of malicious hacking is anticipated in the coming years. In recent times, there has been a notable growth in emergence of network security threats that are putting pressure on the organizations to improve their network security. The increasing vulnerabilities, and advancements in digital transformation are the factors driving the global network security firewall market.
 

The network managers in various industries are emphasizing on security infrastructure due to the rising trend of cyber threat. The companies are upgrading their plans to overcome potential network threats like network-based ransomware, DDoS attacks, and insider threats. Companies are focusing on offering network security firewall in system to avoid its malfunctioning is fueling the market growth.
 

With respect to components, the market is segmented into solution and services. Based on the solutions, the market is further segmented into signaling firewall and SMS firewall. With regards to the SMS, the market is further divided into A2P SMS and P2A SMS. Based on signaling, the market is bifurcated into diameter, SIP firewall, SS7 firewall, GTP firewall, and others. In terms of the deployment type, the market is fragmented into on-premises and cloud. With respect to the regional overview, the network security firewall market is bifurcated into Europe, Asia-Pacific (APAC), North America, Middle East & Africa (MEA), and South America (SAM). 
 

The key market players operating in the global network security firewall market are ANAM Technologies, Cisco Systems, Inc., Adaptive Mobile Security, Cellusys, AMD Telecom SA, Omobio Pvt. Ltd., Openmind Networks, Mobelium Inc SAP SE, and Symsoft among others.