During the projected period, the global network security firewall market is estimated to develop at a Compound Annual Growth Rate (CAGR) of 22.9 percent, from USD 3.8 billion in 2020 to USD 10.5 billion in 2025. The Network Security Firewall Market is being driven by an increase in demand for network security and privacy, the introduction of NextGen technologies for network security, new vulnerabilities in SS7, administrative regulations, and the advancement of digital transformation in the telecom industry.
The Impact of COVID-19 on the Network Security Firewall Market
Various governments and regulatory agencies have mandated both public and commercial enterprises to embrace new strategies for working remotely and keeping social distance in the wake of the COVID-19 pandemic. Since then, digital business practices have become the new Business Continuity Plan (BCP) for a variety of businesses. Companies seeking major contracts and contracts in regulated and vital sectors will almost certainly have strong Business Continuity Planning (BCP) and cyber resiliency procedures in place. To update their work cultures, companies are using concepts like bring your own device (BYOD) and work from home (WFH).
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