Smart Firewall Market size was valued at USD 9.18 billion in 2023 and is set to cross USD 31.32 billion by 2036, expanding at more than 9.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart firewall is evaluated at USD 9.91 billion.
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 smart firewall market growth.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
9.9% |
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Base Year Market Size (2023) |
USD 9.18 billion |
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Forecast Year Market Size (2036) |
USD 31.32 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Service |
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End -User |
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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 is poised to account for largest revenue share by 2036, on the back of increasing adaptation of novel technologies by the government as well as the public, in 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 smart firewall 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.
· December 03, 2020: Dell Technologies to bring intrinsic security in the forefront with new PC security solutions.
· April 08, 2021: Palo Alto Networks, Inc. announced the launch of Checkov 2.0 with dependency awareness, for open-source cloud infrastructure scanner.
Author Credits: Abhishek Verma
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