North America Network Security Firewall Market Forecast to 2027 - COVID-19 Impact and Analysis - by Component (Solution and Services) and Deployment (On-Premise and Cloud)

The North America network security firewall market is expected to grow from US$ 1067.7 million in 2018 to US$ 2414.0 million by 2027; it is estimated to grow at a CAGR of 9.6% from 2019 to 2027.

The increasing deployment of IoT in industries is resulting in network security threats such as the IOT Botnets. The Botnets enables hackers to get access into IOT devices such as smart watch, fire alarm etc. In 2016, the leaked Mirai code created a highly effective horde of bots resulting in array of distributed denial of services (DDos) attacks. The development of such bots is compelling technology companies to implement network security measures in their systems, which is fueling the network security firewall market in North America. Substantial growth in SMS firewall demand is one of the other factors boosting the demand for network security firewall. The COVID-19 pandemic has been foreseen to have a disruptive impact on the US and Canadian economies in the next few financial quarters. Due to the shutdown of businesses and the fall in the demand of network security firewall in the first quarter of 2020, the market is significantly impacted. Moreover, due to the falling GDP, the market will have negative impact on the growth rate of network security firewall market.

The solution segment led the network security firewall market, based on component type, in 2018. The network security firewall solutions are deployed in systems to safeguard all the critical information and protect it from hackers. The major advantage of using solution segment is increase in advanced technologies across the region The security of critical and important information of organizations, especially the financial institutions and telecom sector, is a major factor driving the acceptance of network security firewall in North America. Another factor for acceptance of security firewall is to increase the overall operational efficiency by improving the availability and reliability depending on the hardware used, which is ultimately drives the network security firewall market.

The overall North America network security firewall market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America network security firewall marketwith respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The primary respondents typically associated with this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America network security firewall market. Adaptive Mobile Security; AMD Telecom S.A.; ANAM Technologies; Cellusys; Cisco Systems, Inc.; Mobileum Inc.; Openmind Networks; SAP SE; and Symsoft AB (Sinch) are among the key the market players in North America.