The Latin America, Middle East and Africa Next Generation Firewall Market would witness market growth of 15.1% CAGR during the forecast period (2023-2030).
In an era where digital transformation has become ubiquitous, organizations face a relentless barrage of cyber threats continually evolving in sophistication and scale. As the digital footprint of businesses expands, so does the attack surface, making traditional security measures increasingly inadequate. In response to these challenges, the next generation firewall (NGFW) has emerged as a pivotal technology, bridging the gap between conventional firewalls and advanced security solutions.
In addition, the adoption of next generation firewalls represents a strategic shift in cybersecurity strategies for organizations. Traditional firewalls, while effective in their time, primarily focused on monitoring and controlling incoming and outgoing network traffic based on predetermined security rules. However, the evolving threat landscape demanded a more sophisticated approach. NGFWs, born out of this necessity, combine the capabilities of traditional firewalls with advanced functionalities such as intrusion prevention, deep packet inspection, and application-layer filtering.
Several countries in the Latin America, Middle East, and Africa (LAMEA) region have been actively promoting and implementing cybersecurity initiatives to address the increasing cybersecurity challenges. As per the data from the Government of Brazil, the Government has invested in cybersecurity governance, steadily increasing the quality of the digital infrastructure. According to the International Telecommunications Union, a UN agency, Brazil jumped up 53 positions, 71st to 18th, in a ranking of 194 countries. Therefore, rising cybersecurity initiatives to stop cyber threats in various sectors of countries like Brazil and UAE will boost the demand for next generation firewalls in the LAMEA region.
The Brazil market dominated the LAMEA Next Generation Firewall Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $250.3 Million by 2030. The Argentina market is showcasing a CAGR of 15.8% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 14.8% during (2023 - 2030).
Based on Vertical, the market is segmented into BFSI, Retail & eCommerce, IT & Telecom, Government & Public Utilities, Healthcare & Lifesciences, Energy & Utilities, Education and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Type, the market is segmented into Solution (Hardware, Virtual and Cloud) and Services (Professional and Managed). Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Next Generation Firewall Market is Projected to reach USD 12.9 Billion by 2030, at a CAGR of 13.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Cisco Systems Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Barracuda Networks, Inc. (KKR & Co. Inc.), Fortinet, Inc., Sonicwall, Inc, Raytheon Technologies Corporation, Juniper Networks, Inc., Hillstone Networks, Sophos Group PLC (Thoma Bravo)
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